Nebraska Rent Report – February 2020

• The average monthly rent in Omaha was $938 in February, $32 more than one year prior.
• Bellevue apartments are the most expensive in the state, renting for $1,063, while apartments in Omaha have the cheapest rents, $938 per month. 
• The national average rent in February 2020 was $1,468, up 3.2% compared to the same time last year according to data from Yardi Matrix.

Renting in the largest city in Nebraska

Apartments in Omaha rented for $938 on average in February. Rents in the largest Nebraska city saw a year-over-year increase of 3.5%, or $32, compared to this time last year and a month-over-month increase of 0.5% ($5) compared to January.

Renting in Nebraska in February 2020

The average rent in Nebraska cities is lower than the national average rent. The fastest growing rents in February were in Papillion, where rental apartment prices increased by 4.4% year over year, or $41. Omaha apartments saw the second highest annual increase, 3.5%, making the average rate $32 higher than last year. The slowest rising rents were in Lincoln, where prices increased by 1.8% ($17) since February last year.

Bellevue apartments are the state’s most expensive for renters, with an average rent of $1,063, followed by apartments in Lincoln, where the average monthly rent is $980. On the other hand, the cheapest place to rent an apartment of the cities analyzed is Omaha, with an average apartment rent of $938.

The February national average rent went up by 3.2% year-over-year

The average apartment rent was $1,468 in February, up $46 since last year, according to apartment data from Yardi Matrix. February apartment rents maintained the same pace as in January, rising by 3.2% year-over-year. Overall, rents are growing a bit slower than the same time last year, when they were rising at a 3.5% yearly rate.

To compare the rental market in Nebraska with other cities in the U.S., you can also check our national February rent report.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.