Multifamily Absorption Rates Fall for Third Quarter Completions; Share of Subsidized Units Rose in 2022

The Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA) estimates that 57% of 85,530 unsubsidized, unfurnished apartments completed in the third quarter of 2023 were absorbed within the first 3 months following construction completion. For condominiums, 68% of the estimated 5,571 units completed in the third quarter of 2023 were absorbed in the… Read More ›