Location: Omaha-Council Bluffs, NE | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,440 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,790 |
| 3 Bedrooms | $2,370 |
| 4 Bedrooms | $2,690 |
| 5 Bedrooms | $3,120 |
| 6 Bedrooms | $3,494 |
| 7 Bedrooms | $3,774 |
| 8 Bedrooms | $3,963 |
U.S. Census Bureau data (2024)
The ZIP code 68102 in Omaha, Nebraska, presents a dynamic rental market with clear indications of supply and demand balance. The Fair Market Rent (FMR) for the area stands at $1470 for fiscal year 2024, while the Zillow Observed Rental Index (ZORI) indicates a slightly lower market rent of $1,344. This suggests that the rental market is competitive, but not excessively so, as the actual market rent is below the benchmark set by the government.
The 0.1% price-cut share is a key indicator that landlords are rarely forced to reduce rents to attract tenants, implying a steady demand for rental properties. Although the days on market (DOM) for homes is not available, the median home value of $272,533 provides insight into the overall housing costs in the area. This figure is crucial for understanding the financial landscape and how it might influence the decision-making process of potential homeowners versus renters.
A standout feature of this market is the high 84.2% renter share, which points to significant long-term housing pressure. This high percentage of renters suggests that many residents find it financially advantageous or necessary to rent rather than buy. Such a trend can be attributed to various factors including affordability issues, job mobility, or lifestyle choices. For landlords and small-portfolio investors, this means a consistent and sizable tenant pool, reducing the risk of vacancy.
In summary, the market in ZIP 68102 leans towards a scenario where demand for rentals is strong and steady, supported by a high renter share and minimal need for price reductions. The dynamics of this market favor those who invest in rental properties, offering a stable income stream without the volatility often associated with areas where supply significantly outpaces demand.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.