The percentage of new apartment units that were absorbed within three months after completion was up one percentage point in the fourth quarter, according to the Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA). The survey covers new units in multifamily residential buildings with five or more units. The number of new multifamily units completed was 77,380 in the fourth quarter, the lowest quarterly completions since the second quarter of 2022 (76,630).
Apartments
The percentage of apartments absorbed within three months after completion was 49% for those completed in the fourth quarter of 2025. This was the sixth consecutive quarter for which new apartments were absorbed at a rate below 50%. The median asking rent for apartments completed in the fourth quarter was $2,034, up 4.5% from $1,946 last year. This also marks the first quarter where the median asking rent topped $2,000.
Along with the three-month absorption rate and completions, SOMA also reports absorption rates at six, nine, and twelve months after completion. For apartments completed six months ago (97,210 units), 68% have been absorbed into the market. For apartments completed (93,140 units) nine months ago, 80% have been absorbed. For those completed twelve months ago (92,760 units), 90% have been absorbed into the multifamily market.
Condominiums and Cooperative Units
The three-month absorption rate for new condominiums and cooperative units rose to 70%. Total completions of new condominiums and cooperative units, according to SOMA, was 4,831 in the fourth quarter of 2025.
