US Multifamily Absorption Rate Falls in Q1
Multifamily Absorption Rate Remains Below 50%
According to the Census Bureau’s latest Survey of Market Absorption of New Multifamily Units (SOMA), with analysis by the National Association of Home Builders (NAHB), the share of new apartment units absorbed within three months after completion fell five percentage points in Q1.
The survey covers new units in multifamily buildings with five or more units. Multifamily completions declined to 73,510 in Q1 from 77,980 in 2025Q4.
The three-month absorption rate for new apartments fell to 41% in Q1, marking the seventh consecutive quarter below 50% and the lowest rate since 2023Q4. The median asking rent was $2,034, up 6.5% from $1,909 a year earlier.
The three-month absorption rate for new condominiums and cooperative units rose to 70%. Condominium and co-op completions totaled 3,879 units in Q1.
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