The Des Moines multifamily housing market hit a turning point this past quarter. For the first time in 15 years, average rents for apartments dropped compared to the previous year, while the number of empty units has continued to accumulate, with vacancy climbing to its highest level in the current cycle.
Apartment rents decline in Des Moines as vacancy reaches new high
Falling demand and rising supply trigger the city’s first annual rent decline in 15 years
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