Rents falling in Lincoln? Skeptical housing advocate

LINCOLN, Neb. (Nebraska Examiner) — As the average rent in most states was up this time of year compared to last year, rent in a slice of major cities — including Lincoln — is believed to have fallen. That’s according to Rent.com’s latest national analysis.

In its February rent report, the online apartment locator said January rent for a one-bedroom unit in Lincoln was down 6.8% from the same month a year ago.

The average price of $992 there was higher than the $983 reported for an average one-bedroom apartment in Omaha, a city that would have seen an average price increase of 3% a year ago.

Rent.com bases its reports on data from Apartment Guide and Rent.com’s Multi-Family Rental Property Inventory, focusing on the 100 largest cities nationwide.

“Hearing the Opposite”

Additionally, Lincoln was among three cities — joining Pittsburgh and Kansas City, Mo. — that made Rent.com’s Top 10 lists for lower rents for two-bedroom apartments as well as one-bedroom units. .

Nancy Petitto, a Lincoln-based housing advocate for Civic Nebraska, said falling rents aren’t something her team hears or sees as they work on affordable housing issues.

“Organizers in our neighborhoods hear the opposite,” she said.

From Petitto’s perspective, she said, rising new developments in parts of Lincoln appear to have driven up rents overall.

Among the markets analyzed in the Rent.com data, rents for one-bedroom units increased in 81% of cities, and for two-bedroom units they increased in 76% of cities.

Looking at statewide data, more than 95% of states saw rent increases for both apartment types, according to the report.

Rising prices of homes for sale

Meanwhile, an update on the housing market for sale in the Lincoln and Omaha areas shows the median sale price of a home has jumped nearly 15% so far this year compared to at the same time last year.

The number of homes on the market available for sale fell nearly 16% from the same time last year, according to recently released data from the Great Plains regional MLS area.

The report says 2022 started where 2021 left off. Last year, he said, nationwide home sales hit their highest level since 2006, despite a shortage of homes for sale. Buyers have been spurred in large part by low mortgage rates, according to real estate groups.

Nebraska Examiner is part of States Newsroom, a grant-supported network of news outlets and a coalition of donors as a 501c(3) public charity. Nebraska Examiner maintains editorial independence. Contact editor Cate Folsom with questions: [email protected] Follow Nebraska Examiner on Facebook and Twitter.

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