{"id":79973,"date":"2025-05-30T05:00:27","date_gmt":"2025-05-30T12:00:27","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79973"},"modified":"2025-05-29T15:13:03","modified_gmt":"2025-05-29T22:13:03","slug":"rental-absorption-q1-2025","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/rental-absorption-q1-2025\/","title":{"rendered":"New Apartments Are Sitting Vacant for Months, Giving Renters Power to Negotiate Concessions"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">49% of newly built apartments completed in the fourth quarter of 2024 were rented within three months\u2014the fifth consecutive quarter with an absorption rate below 50%.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">New apartments are being completed at near-record levels, with the increase in supply keeping rents down and providing renters with more opportunities to negotiate concessions.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Larger 3+ bedroom apartments are renting out slightly faster than other bedroom types.<\/span><\/i><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Less than half (49%) of newly built apartments completed in the fourth quarter of 2024 were rented within three months, up slightly from 47% the previous quarter.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It was the fifth consecutive quarter that the rental absorption rate was below 50%, a speed that continues to lag behind pre-pandemic norms.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-zJtQp\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Less Than Half of Newly Built Apartments Are Rented Within 3 Months\u00a0\" src=\"https:\/\/datawrapper.dwcdn.net\/zJtQp\/2\/\" height=\"400\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Multiple Lines\" 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,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">This is 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 2012. The most recent data available covers apartments completed in the fourth 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 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;\">8.2%<\/span><\/a><span style=\"font-weight: 400;\"> in the first quarter of 2025, tied with the previous quarter for the highest level since the start of 2021.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Apartments are taking longer to rent because there are record numbers of them coming onto the market. Nearly 125,000 new apartments were completed in the fourth quarter\u2014the second highest number on record\u2014following the previous quarter\u2019s all-time high (142,900).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The increase in supply has created a much healthier market for renters, with asking rents <\/span><a href=\"https:\/\/www.redfin.com\/news\/rental-tracker-april-2025\/\"><span style=\"font-weight: 400;\">dropping slightly<\/span><\/a><span style=\"font-weight: 400;\"> recently after remaining largely stable over the past two years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cRenters are in a relatively rare position where they can finally benefit from market conditions rather than scramble to keep up with them,\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;\">. \u201cWith more apartments available, renters can afford to be a little more picky about where they want to live and are in a stronger position to negotiate for concessions like flexible lease terms, lower rents or free parking.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Approvals for multifamily construction permits have dropped to <\/span><a href=\"https:\/\/www.redfin.com\/news\/multifamily-construction-permits-2025\/\"><span style=\"font-weight: 400;\">pre-pandemic levels<\/span><\/a><span style=\"font-weight: 400;\">, however, indicating that new apartment supply will start to taper off in coming months. That is likely to eventually lead to higher absorption rates and an uptick in asking rents.<\/span><\/p>\n<h3><b>3+ bedroom apartments filling up at fastest rate<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Larger 3+ bedroom apartments completed in the fourth quarter were rented at the fastest rate among different bedroom types, with 53% leased out within three months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That rate was unchanged from a year ago, even though there was a 58.6% year-over-year increase in the number of apartments being completed.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><b>Apartments completed in Q4 2024<\/b><\/td>\n<td><b>YoY change in apartments completed<\/b><\/td>\n<td><b>Absorption rate for apartments completed in Q4 2024<\/b><\/td>\n<td><b>YoY change in absorption rate\u00a0<\/b><\/td>\n<td><b>Median asking rent of new apartments (Q4 2024)<\/b><\/td>\n<td><b>YoY change in median asking rent for new apartments<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Studio<\/b><\/td>\n<td><span style=\"font-weight: 400;\">9,912<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">47%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,726<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>1 beds<\/b><\/td>\n<td><span style=\"font-weight: 400;\">60,320<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,736<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>2 beds<\/b><\/td>\n<td><span style=\"font-weight: 400;\">47,240<\/span><\/td>\n<td><span style=\"font-weight: 400;\">49.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,063<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>3+ beds<\/b><\/td>\n<td><span style=\"font-weight: 400;\">8,610<\/span><\/td>\n<td><span style=\"font-weight: 400;\">58.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">53%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">No change<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,423<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.5%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">The absorption rate for more common 1-bedroom apartments was 44%, up from 40% a year ago. That was the same rate recorded for 2-bedroom apartment types, up from 41% a year ago.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Studio apartments recorded the biggest absorption rate increase across the different bedroom types, with 47% rented within three months, up from 38% a year ago.<\/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>49% of newly built apartments completed in the fourth quarter of 2024 were rented within three months\u2014the fifth consecutive quarter with an absorption rate below 50%. New apartments are being completed at near-record levels, with the increase in supply keeping rents down and providing renters with more opportunities to negotiate concessions. Larger 3+ bedroom apartments [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":79974,"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":[623,39,562,88],"coauthors":[682],"class_list":["post-79973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rental-market","tag-national","tag-new-construction","tag-rental-report","tag-renting"],"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 Are Sitting Vacant for Months, Giving Renters More Power<\/title>\n<meta name=\"description\" content=\"Less than half (49%) of newly built apartments completed in the fourth quarter of 2024 were rented within three months, up slightly from 47% the previous quarter. 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