Des Moines multifamily market fundamentals remain strong in 2026, with rising occupancy, rent growth and continued apartment development. Explore Hubbell Realty’s portfolio performance and newest communities across Central Iowa.
Greater Des Moines continues to prove why it remains one of the Midwest’s most attractive multifamily investment markets. Despite an active development cycle that has added hundreds of new apartment homes across the metro, occupancy is steady, rents are growing and investor confidence remains strong. According to CBRE’s 2026 Mid-Year Des Moines Multifamily Market Review, metro occupancy increased to 93.7%, average asking rents climbed to $1,216 per month, and demand has largely kept pace with new supply entering the market.
For multifamily investors, developers and residents, those metrics reinforce a trend we’ve been seeing firsthand at Hubbell Realty Company: quality apartment communities in desirable locations continue to attract strong demand across Central Iowa.
A Market Built on Strong Fundamentals
During the first half of 2026, the Des Moines metro delivered 723 new apartment units, while maintaining improving occupancy and achieving 2.9% year-over-year asking rent growth. CBRE also reports more than 3,100 units currently under construction and another 4,700 units planned, demonstrating ongoing confidence in the region’s long-term economic and population growth.
Investors are paying attention thanks to an number of distinguishing market features:
- Strong population growth
- Diverse employment sectors
- Relative affordability compared to peer markets
- Stable rent growth
- Consistent demand for quality rental housing
These factors have positioned the metro as one of the Midwest’s most attractive destinations for multifamily capital.
“We’re seeing the Des Moines market mature in all the right ways. New supply is entering the market, but demand continues to follow. That’s exactly what long-term investors want to see: healthy absorption supported by real population and employment growth.”
– Derek Haugen, Vice President, Indigo Living
Hubbell’s Portfolio Continues to Demonstrate Strength
While metro-wide occupancy sits at 93.7%, Hubbell Realty’s stabilized multifamily portfolio remains exceptionally strong. As of July 31, 2026, Hubbell’s stabilized portfolio of more than 8,200 apartment homes achieved:
- 94.1% occupied
- 96.5% leased
- Positive year-over-year occupancy growth
- Strong performance across both market-rate and affordable housing communities
Across the portfolio, communities across downtown Des Moines to Waukee including Somerset, Stonegate Crossing, Meadowlark, Sutton Hill, Centennial Crossing and Riverpoint Lofts continue to demonstrate the appeal of well-located, professionally managed housing throughout the region. This performance underscores an important reality for multifamily partners: even amid elevated construction activity, thoughtfully designed communities in high-growth submarkets continue to attract residents.
“Residents today have more choices than ever, which means operators have to focus relentlessly on experience, service and community. We’ve found that when those fundamentals are done well, occupancy follows.”
New Communities Expanding Housing Options Across Central Iowa
Hubbell Realty continues to invest in strategic growth areas throughout the metro, delivering new housing options where demand remains strongest.
LINC IV at Gray’s Station
As the newest phase of the transformative Gray’s Station neighborhood in downtown Des Moines, LINC at Gray’s Station added 135 units in 2026 and is already demonstrating strong leasing momentum. Current leasing has exceeded 75% only months into the lease up period, as residents continue to seek walkable urban living connected to downtown amenities and outdoor recreation.
Take a virtual tour of Gray’s Station
Siena Crossing | Ankeny
Located in one of Iowa’s fastest-growing communities, Siena Crossing represents Hubbell’s continued investment in Ankeny’s thriving apartment market. CBRE identifies Ankeny as one of the metro’s most active multifamily submarkets, accounting for more than 400 units currently under construction. Siena Crossing is aptly located across the street from the sprawling DMACC Ankeny Campus and only a half mile from The District at Prairie Trail entertainment district.
Callaway at Holland Pointe | Norwalk
Emerging growth markets are also creating exciting opportunities. Callaway at Holland Pointe brings 148 new apartment homes to Norwalk, a community that continues to experience strong population growth and increasing housing demand. CBRE notes that Norwalk currently has one of the highest levels of construction activity relative to its existing inventory, highlighting the market’s expansion potential.
Together, these developments reflect Hubbell Realty’s commitment to delivering housing options that meet the evolving needs of Central Iowa residents while creating long-term value for investors and stakeholders.
What This Means for Multifamily Partners
As interest rates stabilize and transaction activity is expected to accelerate during the second half of 2026, many investors are closely evaluating markets with durable fundamentals and long-term growth potential. CBRE projects continued investment interest in Des Moines due to its affordability, economic stability and sustained population growth. The combination of the following creates a compelling thesis for the region:
- Rising occupancy
- Positive rent growth
- Strong absorption
- Increasing population
- Significant employment expansion
- Ongoing development activity
“The most encouraging metric isn’t necessarily occupancy or rent growth. It’s that demand continues to absorb new inventory across multiple submarkets. That gives confidence not only for today’s communities, but for the developments shaping Des Moines over the next decade.”
Looking Ahead
The Greater Des Moines multifamily market continues to evolve, but its foundation remains remarkably strong. As new communities come online, employers expand and residents continue choosing Central Iowa for its quality of life and affordability, demand for professionally managed apartment communities remains robust.
At Hubbell Realty, we’re proud to play a leading role in that growth through a high-performing portfolio, strategic new development and a long-term commitment to creating places where people want to live.
As the market enters the second half of 2026, one thing remains clear: Des Moines continues to stand out as a market worth watching for residents, developers and multifamily investors alike.
