US Multifamily Absorption Rate Holds Steady in 2025Q2

According to the US Census Bureau’s latest Survey of Market Absorption of New Multifamily Units (SOMA), with analysis by the National Association of Home Builders (NAHB), the percentage of new apartment units absorbed within three months after completion held steady in 2025Q2.

The survey covers new units in multifamily residential buildings with five or more units. The number of new multifamily units completed rose marginally in 2025Q2 and remained above 90,000 units for the seventh consecutive quarter.

The percentage of apartments absorbed within three months has remained below 50% for four straight quarters. SOMA data has never previously recorded more than two consecutive quarters with absorption rates below 50%.

In 2025Q2, the three-month absorption rate stood at 47%, meaning 47% of the 93,680 units completed during the quarter were rented within three months of completion.

The median asking rent in 2025Q2 was $1,860, up 5.3% from $1,766 a year earlier. However, asking rents have declined from $1,941 for units completed in 2024Q4.

In addition to the three-month absorption rate, SOMA reports absorption rates six, nine, and twelve months after completion. Of the 93,400 apartments completed six months ago, 70% have been absorbed. Of the 125,100 apartments completed nine months ago, 85% have been absorbed. For the 142,700 units completed twelve months ago, 91% have been absorbed into the multifamily market.