According to data from the U.S. Census Bureau’s Survey of Market Absorption (SOMA) the absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first 3-months following completion) remained essentially flat at 58% in the 3rd Qtr. of 2019, from 57% in the 3rd Qtr. of 2018. The number of apartments completed in the 3rd Qtr. of 2019 totaled to 69,890, down from 3rd Qtr. of 2018 total of 75,870. The median asking rent was little changed, from $1654 in the 3rd Qtr. of 2019, from $1,634 in the 3rd Qtr. of 2018. The SOMA also collects data on condominium completions and absorption rates. Condominium completions in the 3rd Qtr. were significantly higher – 9,169 than they were in the 3rd Qtr. of 2018 – 4,957. However, the absorption rate of condominiums fell slightly, going from 68% in the 3rd Qtr. of 2019. The median asking sales price of condominiums was $465,300 in the 3rd Qtr. of 2019, down -15% from the asking sales price of $545,800 3rd Qtr. of 2018.
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Absorption Rate for Apartments Remained Stable in Q3 2019