{"id":78628,"date":"2024-10-01T05:00:03","date_gmt":"2024-10-01T12:00:03","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78628"},"modified":"2024-10-01T13:09:22","modified_gmt":"2024-10-01T20:09:22","slug":"new-rentals-absorption-q2","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/new-rentals-absorption-q2\/","title":{"rendered":"Newly Built Apartments Are Starting to Fill Up Faster, But At a Slower Pace Than Last Year"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">54% of U.S. apartments that were completed in the first quarter rented within three months, up from 47% a quarter earlier.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Newly-built studio apartments rented out faster than other bedroom types.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">One-bedroom and two-bedroom apartments rented out slower as completions climbed by more than 20%.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">More than half (54%) of newly constructed apartments completed in the first quarter were rented out within three months, bouncing back from a four-year-low of 47% a quarter earlier.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s still the second-lowest seasonally adjusted share recorded in a quarter since mid-2020 and down from 58% a year earlier.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-fFDZZ\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Newly Built Apartments Filling Up Slower Than a Year Ago\" src=\"https:\/\/datawrapper.dwcdn.net\/fFDZZ\/4\/\" height=\"443\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s according to a Redfin analysis of the U.S. Census Bureau\u2019s seasonally adjusted absorption rate data for unfurnished, unsubsidized, privately financed rental apartments in buildings with five or more units, dating back to the first quarter of 2012. The most recent data available measures apartments that were completed in the first quarter of 2024, and either rented or not rented within three months of then.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The uptick from the previous quarter\u2014which saw the slowest absorption rate of any quarter since the start of 2020\u2014may be a sign that building owners are attracting renters with <\/span><a href=\"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/\"><span style=\"font-weight: 400;\">more affordable rents<\/span><\/a><span style=\"font-weight: 400;\"> and concessions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The absorption rate for new apartments has been slower this year than the previous two years because of a spike in new apartment buildings being <\/span><a href=\"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\/\"><span style=\"font-weight: 400;\">built<\/span><\/a><span style=\"font-weight: 400;\">\u2014especially in Sun Belt metros that became popular destinations during the pandemic.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0\u201cWith only around half of new apartments renting out within three months, not only do renters have more choices, they also likely have the ability to negotiate a better deal,\u201d\u00a0<\/span><span style=\"font-weight: 400;\">said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThere\u2019s a huge number of new apartments opening up, and building owners are competing with one another to fill them up quickly.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nationally, the rental vacancy rate for buildings with five or more units was <\/span><a href=\"https:\/\/www.census.gov\/housing\/hvs\/data\/histtab3.xlsx\"><span style=\"font-weight: 400;\">7.8%<\/span><\/a><span style=\"font-weight: 400;\"> in the second quarter, up from 7.4% a year earlier, further indicating that supply is slightly outpacing demand.<\/span><\/p>\n<h3><b>Studio apartments filling up faster as completions fall<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">With less inventory available, studios filled up slightly faster than other bedroom types, with 58% rented out within three months, up from 42% a year earlier.\u00a0 Studio apartments were the only type to see completions fall in the first quarter, dropping 7.1% from a year earlier.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-3MTbt\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Completions of 1BR and 2BR Apartments Up More Than 20%\" src=\"https:\/\/datawrapper.dwcdn.net\/3MTbt\/2\/\" height=\"457\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">In comparison, 53% of new one-bedroom and two-bedroom apartments were rented out within three months, down from 58% a year earlier. Completions for both categories jumped more than 20% in the first quarter, year over year.<\/span><\/p>\n<p><strong><i>Percentage of New Apartments Rented Within 3 Months<\/i><\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td>\n<p style=\"text-align: center;\"><b>Q1 2024<\/b><\/p>\n<\/td>\n<td style=\"text-align: center;\"><b>Q1 2023<\/b><\/td>\n<td>\n<p style=\"text-align: center;\"><b>2023 \u2192 2024\u00a0<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Studio<\/span><\/p>\n<\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">58%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">42%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">+16 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">One-Bedroom<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">53%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">58%<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">-5 ppts<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Two-Bedrooms<\/span><\/p>\n<\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">53%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">58%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-5 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Three-Plus-Bedrooms<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">53%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">65%<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">-12 ppts<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-size: 16px; font-weight: 400;\">New three-plus-bedroom apartments\u2014the rarest bedroom type\u2014saw the biggest slowdown from a year earlier, with 53% rented out within three months, down from 65% a year earlier. This came after a modest rise in completions (+5%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Please note that absorption rate data by bedroom type is not seasonally adjusted.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>54% of U.S. apartments that were completed in the first quarter rented within three months, up from 47% a quarter earlier. Newly-built studio apartments rented out faster than other bedroom types. One-bedroom and two-bedroom apartments rented out slower as completions climbed by more than 20%. More than half (54%) of newly constructed apartments completed in [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":78629,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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