The share of recent residence items that had been absorbed inside three months after completion was up one proportion level within the fourth quarter, in accordance with the Census Bureau’s newest launch of the Survey of Market Absorption of New Multifamily Items (SOMA). The survey covers new items in multifamily residential buildings with 5 or extra items. The variety of new multifamily items accomplished was 77,380 within the fourth quarter, the bottom quarterly completions because the second quarter of 2022 (76,630).
Flats
The share of flats absorbed inside three months after completion was 49% for these accomplished within the fourth quarter of 2025. This was the sixth consecutive quarter for which new flats had been absorbed at a price under 50%. The median asking hire for flats accomplished within the fourth quarter was $2,034, up 4.5% from $1,946 final 12 months. This additionally marks the primary quarter the place the median asking hire topped $2,000.
Together with the three-month absorption price and completions, SOMA additionally experiences absorption charges at six, 9, and twelve months after completion. For flats accomplished six months in the past (97,210 items), 68% have been absorbed into the market. For flats accomplished (93,140 items) 9 months in the past, 80% have been absorbed. For these accomplished twelve months in the past (92,760 items), 90% have been absorbed into the multifamily market.
Condominiums and Cooperative Items
The three-month absorption price for brand new condominiums and cooperative items rose to 70%. Whole completions of recent condominiums and cooperative items, in accordance with SOMA, was 4,831 within the fourth quarter of 2025.
