OMAHA, Neb., May 22, 2008 — The Omaha apartment market will continue to improve throughout the year, underpinned by only modest new construction and steady economic growth, according to a first-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Employment is forecast to expand at a subtle but positive pace, led by the educational and health services sector.
“Investors should maintain a positive outlook on Omaha’s apartment investment market, which is positioned for steady, long-term fundamental growth,” says Matthew Fitzgerald, regional manager of the Omaha office of Marcus & Millichap.
Following are some of the most significant aspects of the Omaha Apartment Research Report:
Local employers are on pace to increase payrolls 0.8 percent this year with the addition of 4,000 new jobs.
Developers are forecast to deliver 300 apartments to the Omaha metro area by year end.
Vacancy is projected to decrease 20 basis points to 5.4 percent.
Asking rents are expected to rise 3.4 percent to $691 per month.
Effective rents will advance 3.5 percent to $668 per month.
For a copy of the complete Omaha Apartment Research Report, as well as reports on other markets nationwide, visit our website at www.MarcusMillichap.com.
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