{"id":79004,"date":"2024-12-16T05:00:45","date_gmt":"2024-12-16T13:00:45","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79004"},"modified":"2024-12-13T14:32:45","modified_gmt":"2024-12-13T22:32:45","slug":"new-rentals-absorption-q3","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/new-rentals-absorption-q3\/","title":{"rendered":"New Apartments Fill Up Slower, Returning to Pre-Pandemic Speeds Amid Construction Boom"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">52% of U.S. apartments were rented within three months, down from 54% a quarter earlier.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Newly-built 3+ bedroom apartments rented out faster in the third quarter 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;\">Just over half (52%) of newly constructed apartments completed in the second quarter were rented out within three months.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The absorption rate, referring to the percentage of new apartments rented out within three months of being finished, was the second-lowest seasonally adjusted share since mid-2020. The rate was down slightly from 54% the previous quarter and eight percentage points lower than a year earlier.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-Y9t6t\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Newly Built Apartments Filling Up at Second Slowest Pace Since 2020\" src=\"https:\/\/datawrapper.dwcdn.net\/Y9t6t\/1\/\" 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. Regions are divided using Census <\/span><a href=\"https:\/\/www2.census.gov\/geo\/pdfs\/maps-data\/maps\/reference\/us_regdiv.pdf\"><span style=\"font-weight: 400;\">definitions<\/span><\/a><span style=\"font-weight: 400;\">. The most recent data available measures apartments that were completed in the second quarter of 2024, and either rented or not rented within three months of then.\u00a0<\/span><\/p>\n<h2><b>Absorption rate returns to pre-pandemic levels as apartment completions rise<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The absorption rate over the past two quarters has returned to the 50-55% rate seen in the late 2010s, prior to wild fluctuations during the pandemic where demand rose dramatically in certain areas of the country\u2014especially the Sun Belt.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The absorption rate has slowed due to the boom in new apartment construction in areas where the pandemic demand spiked between 2020-2022. This led to the highest level of new apartment completions in at least 12 years in the second quarter.\u00a0<\/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;\">8%<\/span><\/a><span style=\"font-weight: 400;\"> in the third quarter, the highest rate since the first quarter of 2021, another sign that supply continues to outpace demand.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThanks to the apartment construction boom, many Americans will remain renters or become renters in <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-predictions-2025\/\"><span style=\"font-weight: 400;\">2025<\/span><\/a><span style=\"font-weight: 400;\">,\u201d 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;\">. \u201cMany new buildings started during the pandemic are due to come online in coming months. With increased supply, owners are likely to continue offering concessions or even reduced rent to fill their newly completed buildings more quickly.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s worth noting, however, that apartment construction is slowing. This is highlighted in Census data showing that the number of new apartments <\/span><a href=\"https:\/\/www.census.gov\/construction\/nrc\/pdf\/newresconst.pdf\"><span style=\"font-weight: 400;\">under construction<\/span><\/a><span style=\"font-weight: 400;\"> at the end of October was down nearly 20% from a year earlier. The number of permits issued for new apartment buildings was also down around 20%.<\/span><\/p>\n<h2><b>New apartments filling up quickly in the Northeast, taking longer in the South and Midwest<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Two thirds (67%) of newly constructed apartments completed in the second quarter in the Northeast region were filled within three months, up from 58% a year earlier.\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td>\n<p style=\"text-align: center;\"><b>Absorption Rate\u00a0<\/b><\/p>\n<p style=\"text-align: center;\"><b>Q3 2024<\/b><\/p>\n<\/td>\n<td style=\"text-align: center;\"><b>Absorption Rate\u00a0<\/b><\/p>\n<p><b>Q3 2023<\/b><\/td>\n<td style=\"text-align: center;\"><b>2023\u21922024 Difference\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Northeast<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">67%<\/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;\">+9 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Midwest<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">51%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">61%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-10 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">South<\/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 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;\">West<\/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;\">72%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-14 ppts<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Meanwhile, new apartments filled up slowest in the South, with the absorption rate dropping to 51%, down five percentage points year over year. The South has been at the heart of the recent construction boom, with developers scrambling to meet the demand from high levels of pandemic-driven migration to many Sun Belt metros, especially in Florida and Texas. Emphasizing this, there were nearly as many new apartments completed in the South region in the second quarter as the other three regions combined.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The West region saw the absorption rate drop the most from a year earlier, down 14 percentage points to 58%.<\/span><\/p>\n<h2><b>3+ bedroom apartments fill up fastest; absorption rate slips for other bedroom types<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">New three-plus-bedroom apartments\u2014the rarest bedroom type\u2014were rented out the fastest in the third quarter, with 63% rented out within three months, up from 56% a year earlier. This came despite a 48.6% rise in completions.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">New Apartment Absorption Rate and Completions by Bedroom Count\u00a0<\/span><\/i><\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><\/td>\n<td style=\"text-align: center;\"><b>Absorption Rate<\/b><\/td>\n<td style=\"text-align: center;\"><b>Absorption Rate YoY<\/b><\/td>\n<td style=\"text-align: center;\"><b>Completions\u00a0<\/b><\/td>\n<td style=\"text-align: center;\"><b>Completions YoY<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Studio<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">50%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-13 ppts<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8,858<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">1 Bedroom<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">52%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-10 ppts<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">54,130<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">21%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2 Bedrooms<\/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;\">-3 ppts<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">46,860<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">26.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3+ Bedrooms<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">63%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">+7 ppts<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8,770<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">48.6%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Studio apartments saw the biggest slowdown, with only 50% rented out within three months, down 13 percentage points from a year ago.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Completions of more common one- and two-bedroom apartments rose 21% and 26.1% respectively in the second quarter year over year, leading to a slower absorption rate for both categories.\u00a0<\/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>52% of U.S. apartments were rented within three months, down from 54% a quarter earlier. Newly-built 3+ bedroom apartments rented out faster in the third quarter than other bedroom types. One-bedroom and two-bedroom apartments rented out slower as completions climbed by more than 20%. Just over half (52%) of newly constructed apartments completed in the [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":79006,"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 center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[563],"tags":[20,623,697],"coauthors":[682,115],"class_list":["post-79004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rental-market","tag-housing-affordability","tag-national","tag-rentals"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New Apartments Fill Up Slower, Returning to Pre-Pandemic Speeds<\/title>\n<meta name=\"description\" content=\"Just over half (52%) of newly constructed apartments completed in the second quarter were rented out within three months. 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