Polk County Multifamily Buyer
Sell Your Commercial Property In Polk County, IA
Polk County is central Iowa’s metro core, home to Des Moines and growing suburbs such as Ankeny, Urbandale, and much of West Des Moines. Insurance, finance, and state government employers support a rental market ranging from downtown lofts to large suburban garden complexes.
- Clear feedback on your deal, typically within 48 hours
- 5 to 100+ units, stabilized or distressed, listed or off-market
- Owners, agents, and brokers welcome — every conversation is confidential
We buy:Tired landlordsEstate & trust sales1031 exchangesDeferred maintenanceHigh vacancyPartnership splits
Cities We Cover: Des Moines · Ankeny · West Des Moines · Johnston · Urbandale — County seat: Des Moines
Polk County
Where We Buy In Polk County
We evaluate apartment buildings of 5+ units across Polk County — in each city below, plus smaller towns and unincorporated areas countywide.
Local Market Data
Polk County Apartment Market
Figures gathered October 2026 from public market data.
If you plan to sell commercial property in Polk County, IA, start with the size of the renter base. Polk County holds 67,049 renter households, 32.6% of all occupied homes, per the Census Bureau's 2020-2024 American Community Survey. Des Moines alone counts 35,599 renter households, about 53.1% of that county total, and West Des Moines and Johnston add two more cities where apartment demand runs strong.
Apartment buildings carry much of that demand. Some 51,884 Polk County housing units, or 23.7% of the stock, sit in buildings with five or more units. Median gross rent reached $1,149, up 26.3% from the 2015-2019 survey. Rental vacancy stands at 5.5%, a tight market, and HUD's FY2027 two-bedroom Fair Market Rent for the area is $1,360. Rents, vacancy and tax treatment also shift from one Polk County city to the next.
A fast-growing capital county
Polk County grew 4.9% to 503,175 residents between the 2015-2019 and 2020-2024 Census surveys, adding 23,563 people.5,259 more renter households
Renter households in Polk County rose 8.5%, from 61,790 to 67,049, over the same five-year comparison period.A growing apartment stock
Polk County added 7,312 units in buildings of five or more units since 2015-2019, a 16.4% increase in that stock.Who rents in Polk County
Renters head 67,049 of the 205,358 occupied households in Polk County, a 32.6% share in the 2020-2024 ACS. Owners still outnumber them, holding 138,309 households. Most of that renter base lives in Des Moines, which counts 35,599 renter households, about 53.1% of the Polk County total, and holds roughly 49.8% of the county's units in 5+ unit buildings.
Suburban Polk County cities lean more toward owners. Urbandale's renter share runs 21.9% and Ankeny's 28.7%, both below the countywide rate. West Des Moines, with 13,742 renter households and a 42.6% renter share, and Johnston, with 2,705 renter households, round out the renter pool covered in the table below.
Rents, growth and affordability
Polk County's median gross rent climbed 26.3%, from $910 to $1,149, between the 2015-2019 and 2020-2024 surveys. Population grew more slowly over the same span, up 4.9% to 503,175 residents, a gain of 23,563 people. Renter households rose 8.5%, adding 5,259 households.
Supply kept some pace. Units in 5+ unit buildings in Polk County grew 16.4%, an increase of 7,312 units, and median household income rose 23.6% to $83,576. Still, 46.2% of Polk County renters paid 30% or more of income on gross rent in the 2020-2024 ACS. HUD's FY2027 two-bedroom Fair Market Rent for the Des Moines-West Des Moines area is $1,360, effective October 1, 2026, which runs $211 above the county's median gross rent.
Rental vacancy in Polk County sits at 5.5%, a tight figure that favors owners holding apartment stock near Des Moines and West Des Moines. Buyers in this market tend to underwrite rent growth more than lease-up risk.
City-by-city comparison
Des Moines dominates the Polk County apartment stock, with 26.5% of its housing units in 5+ unit buildings and the lowest median gross rent on the table. West Des Moines runs the highest renter share and apartment density among the covered cities.
| City | Median gross rent | Renter share | Share of units in 5+ buildings | Rental vacancy |
|---|---|---|---|---|
| Des Moines | $1,090 | 39.5% | 26.5% | 5.0% |
| Ankeny | $1,319 | 28.7% | 21.6% | 7.7% |
| West Des Moines | $1,237 | 42.6% | 39.2% | 5.1% |
| Johnston | $1,338 | 29.2% | 28.0% | 10.0% |
| Urbandale | $1,211 | 21.9% | 17.1% | 7.9% |
Rent ranges from $1,090 in Des Moines to $1,338 in Johnston. Johnston also posts the table's highest vacancy at 10.0%, while Des Moines and West Des Moines run tighter at 5.0% and 5.1%. Ankeny and Urbandale, the fastest-growing Polk County suburbs, sit closer to owner-occupied housing than the countywide renter mix.
Property taxes and assessment in Polk County
Iowa reassesses all real property in odd-numbered years, with each parcel valued as of January 1, per the Iowa Department of Revenue. The state's 2025 equalization order sets the commercial rollback at 44.5345% on a property unit's first $150,000 of value and 90.0000% above that threshold, and Polk County apartment buildings fall under this same commercial limitation.
Multiresidential property, Iowa's class for 5+ unit apartment buildings, begins moving toward the lower residential rollback with the 2027 assessment year, adding 3 percentage points to the residential rate in 2027 and 6 points in 2028 and after. Polk County taxes are due September 30 and March 31 each year.
Owners can appeal a Polk County assessment through informal review in April, then the local board of review, and finally the Property Assessment Appeal Board or district court. Polk County does not set one flat levy; your city, school district and other taxing bodies each add their own rate, so pull the full statement before you price a sale.
What this means if you sell in Polk County
When you sell commercial property in Polk County, IA, you sell into a renter pool that holds 32.6% of all households and keeps growing faster than the owner-occupied side. The 5.5% rental vacancy rate is tight, so buyers will test your rent roll against that backdrop rather than assume high turnover.
Taxes come next. Buyers underwrite the post-sale commercial rollback, not your current bill, because Polk County reassesses every odd-numbered year as of January 1. Rent control is not a factor: Iowa Code 364.3(9) bars any city, including Des Moines, from limiting rent on residential or commercial property.
As a multifamily buyer in Polk County, we review 5+ unit buildings from Des Moines to West Des Moines as they stand today. Send a current rent roll, a T-12 and the latest Polk County tax statement, and we will price the building on those numbers.
Local Knowledge
Selling Multifamily In Iowa
What we factor into every Polk County offer:
More about Iowa →- Confirm the commercial rollback; Polk County's first $150,000 of value is taxed at a lower rate than value above it.
- Rental vacancy runs 5.5% in Polk County; document trailing occupancy to support your asking price.
- Iowa caps security deposits at two months' rent, returned within 30 days of lease termination.
- Multiresidential buildings shift toward the lower residential tax rate starting with the 2027 assessment year.
Property Tax
Property Tax In Polk County For Apartment Owners
Homeowners in Polk County pay a median of $4,396 a year in property tax on a median home value of $262,100, an effective rate of about 1.68%, according to the Census Bureau’s 2020-2024 American Community Survey. That is above the Iowa statewide average of 1.33%.
How property tax works in Iowa: classes, assessment and appeals →Estimate a building’s tax bill with the property tax calculator →
- Those figures describe owner-occupied homes. An apartment building can be assessed on a different basis or in a different class, so its bill as a share of value may differ.
- A sale can reset the assessed value. Before you price a Polk County building, check how Iowa reassesses property after a transfer and model the buyer’s new tax bill.
- Pull the actual tax bill from the Polk County assessor or tax collector. City, school and special-district levies stack on top of the county rate.
Seller Guides
Your Situation, Handled — Polk County
Learn More
Taxes & Rules For Polk County Property
The Iowa rules that shape any deal in Polk County: what a sale costs in tax, how buildings are taxed, what landlords must follow, and how to defer gains.
Our Buy Box
What We Buy In Polk County
Asset Type
Multifamily, 5+ Units
Apartment buildings and income-producing residential.
Size
5 – 100+ Units
Sweet spot: 15–25 units.
Condition
Stabilized To Distressed
Value-add, mismanaged, and high-vacancy properties welcome.
Deal Types
Listed Or Off-Market
Direct-to-owner, pocket listings, portfolios.
How Selling To Us Works
- 01
Submit The Deal
Send the address, unit count, asking price, and a rent roll or T-12 if you have them.
- 02
Initial Review
We review it against our buy box and give clear feedback — typically within 48 hours.
- 03
Underwriting & LOI
If it fits, we underwrite in detail and submit a written letter of intent.
- 04
Diligence & Close
Inspections and financing on the agreed timeline, then a professional, predictable closing.
Polk County Seller FAQ
Does Polk County have rent control?
No. Iowa Code 364.3(9) bars any city from adopting or enforcing an ordinance that limits rent charged for private residential or commercial property. Polk County and its cities, including Des Moines, set rents by lease terms and market conditions, which buyers weigh when they underwrite an apartment building's income.
How much have rents risen in Polk County?
Median gross rent in Polk County rose from $910 in the 2015-2019 survey to $1,149 in 2020-2024, a 26.3% gain, per the Census Bureau's American Community Survey. HUD's FY2027 two-bedroom Fair Market Rent for the Des Moines-West Des Moines area is $1,360.
How are apartment buildings taxed in Polk County?
Iowa's 2025 equalization order sets the commercial rollback at 44.5345% on a property unit's first $150,000 of value and 90.0000% above that threshold. Assessments reset in odd-numbered years as of January 1, so a sale price can feed the next Polk County appraisal.
What happens to security deposits when I sell an apartment building in Polk County?
Under Iowa Code 562A.12, a successor owner takes over tenant deposits at closing, and tenants have 20 days to object to the stated amount. Sellers should document deposits accurately before transfer to avoid bad-faith penalties up to twice the monthly rent.
How do I sell commercial property in Polk County, IA?
Send the address, unit count, and any financials. We review Polk County apartment buildings of 5+ units, give feedback typically within 48 hours, and follow with a written letter of intent if it fits.
Do you buy apartment buildings throughout Polk County?
Yes. We evaluate multifamily properties across Polk County, including Des Moines, Ankeny, West Des Moines, Johnston, and Urbandale, as well as smaller towns and unincorporated areas. Every property is reviewed on its own fundamentals.
What size Polk County properties do you buy?
Apartment buildings and income-producing residential properties with 5 or more units. Our sweet spot is 15–25 units, and we review larger communities with capital partners.
Will you buy a property that needs work or has high vacancy?
Yes. We underwrite value-add, mismanaged, and distressed properties as they are today — no repairs or lease-up required before selling.
Can I sell rental property in Polk County with tenants in place?
Yes. We buy apartment buildings with tenants in place and keep existing leases intact. As a commercial real estate buyer focused on 5+ unit properties, we underwrite the current rent roll as it stands.
What do I need to sell my apartment building in Polk County?
An address and unit count are enough to start. A current rent roll and trailing twelve-month statement let us move to a written offer faster.
How do property taxes factor into a Polk County offer?
Property is assessed at the county level (the county seat is Des Moines), within Iowa rules. Iowa now taxes multi-residential property under the residential class, and assessments are updated in odd-numbered years. We underwrite using current classification and values.
Submit A Deal
Have A Property In Polk County?
Tell us about it. Owners, agents, brokers, and deal finders are all welcome — conversations are confidential.
