Tag Archive for ‘SOMA’

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 ›

Apartment Absorption Declined While Completions Increased in Q3 2020

The U.S. Census Bureau’s Survey of Market Absorption (SOMA) shows that the absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) fell by 5 percentage points to 51 percent in the third quarter of 2020 (from 56 percent in the third quarter of 2019) (Figure 1). The number of apartments completed rose… Read More ›

Apartment Absorption Steady but Rent Prices Fall

The U.S. Census Bureau’s Survey of Market Absorption (SOMA) shows that the absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) inched up to 60 percent in the second quarter of 2020 (from 55 percent in the second quarter of 2019) (Figure 1). Meanwhile, the number of apartments completed fell slightly, from… Read More ›

Absorption Rate for Apartments Remained Stable in Q3 2019

Data from the U.S. Census Bureau’s Survey of Market Absorption (SOMA) show that the absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) remained essentially flat at 58 percent in the third quarter of 2019 (from 57 percent in the third quarter of 2018) (Figure 1). The number of apartments completed in… Read More ›