- 49% of newly built apartments completed in the fourth quarter of 2024 were rented within three months—the 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 are renting out slightly faster than other bedroom types.
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.
It was the fifth consecutive quarter that the rental absorption rate was below 50%, a speed that continues to lag behind pre-pandemic norms.
This is according to a Redfin analysis of the U.S. Census Bureau’s 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.
The rental vacancy rate for buildings with five or more units was 8.2% in the first quarter of 2025, tied with the previous quarter for the highest level since the start of 2021.
They are priced to high to afford on 40 hr a week check
cant afford one unless you are a section eight