Tag Archive for ‘Absorption Rate’

Absorption of New Multifamily Units Rises as Completions Near 100K in Second Quarter of 2023

The most recent release of the Census Bureaus’ Survey of Market Absorption of New Multifamily Units (SOMA) reported that of the 99,290 unfurnished, unsubsidized apartments completed in the second quarter of 2023, 65% were absorbed into the market in the first three months following completion. 83% of 3,467 condominiums completed in the second quarter were absorbed within the first three… Read More ›

Multifamily Absorption Rates Move Higher

Data from the Census Bureau’s latest Survey of Market Absorptions of New Multifamily Units (SOMA) indicates that demand for newly completed multifamily units remains solid as mortgage rates continue to climb. Only an estimated 39% of the 82,310 unfurnished apartment units completed in the first quarter of 2023 are available for rent three months past construction completion. For condominiums, an… Read More ›

Apartment Absorptions Slightly Weaker in Fourth Quarter of 2022

Data from the Census Bureau’s latest Survey of Market Absorptions of New Multifamily Units (SOMA) indicates that multifamily market demand has softened as the percentage of apartments absorbed within the first 3 months of completion fell to 59.0% after six consecutive quarters of above 60.0% percent absorption. The absorption rate of unfurnished, unsubsidized apartments (the share rented out in the… Read More ›

Apartment Absorption Rate Falls but Remains above 60%

Data from the Census Bureau’s latest Survey of Market Absorptions of New Multifamily Units (SOMA) indicates that the multifamily market continues to have high demand with apartment completions reaching their highest level since the third quarter of 2021. The absorption rate of new condominiums reached 82.0%, the best rate since the third quarter of 2013. With low single-family housing supply… Read More ›

Apartment Absorption Rate Reaches 25-year High

Data from the Census Bureau’s latest Survey of Market Absorptions of New Multifamily Units (SOMA) indicates that the multifamily market remained strong during the second quarter of 2022 due to high demand. With low single-family housing supply and increased unaffordability of for-sale housing, many would-be buyers have turned to or remained in the multifamily rental market. The absorption rate of… Read More ›

Rent Price Increased for Fifth Consecutive Quarter

Data from the Survey of Market Absorption of Apartments (SOMA), produced by the Census Bureau, suggest continued improvement for the multifamily sector in the first quarter of 2022 due to strong demand and low vacancy rates. However, the decline in the number of apartment and condominium completions in the first quarter of 2022 reflects the ongoing supply chain challenges. The… Read More ›

Apartment Absorption Continued to Soar while Condo Absorption Flat

Data from the Survey of Market Absorption of Apartments (SOMA), produced by the Census Bureau, suggest continued improvement for the multifamily sector in the third quarter of 2021 due to strong demand and low vacancy rates. The absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) surged by 25 percentage points to… Read More ›

Apartment Absorption Surged while Condominium Absorption Remained Steady

Data from the Survey of Market Absorption of Apartments (SOMA), produced by the Census Bureau, suggest continued improvement for the multifamily sector in the second quarter of 2021 due to strong demand and low vacancy rates. The absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) rose by 15 percentage points to… Read More ›