The U.S. Census Bureau’s Survey of Market Absorption (SOMA) tracks the share of apartments and condominiums that are rented within three months of completion. In an analysis of these data, NAHB’s Eye on Housing reports that apartment absorption remained steady in the third quarter of 2017 while condominium absorption increased from previous quarters.
During the third quarter, 77,900 unfurnished, unsubsidized rental apartments were completed and 58% of these were rented within three months. Median asking rent was $1,383, about $131 less than median rent the year prior. Eye on Housing reports:
Condominium completions amounted to 3,200 units in the third quarter of 2017, a 52 percent decrease from the units completed in the third quarter of 2016 (6,700 units). While the number of condominium completions dropped year-over-year, the absorption rate ticked up: a 78 percent absorption rate in the third quarter of 2017 compared to 70 percent in the third quarter of 2016.
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