1027 ET - Less than half--49%--of newly built apartments completed in 4Q of 2024 were rented within three months, up slightly from 47% the previous quarter, Redfin says. This was the fifth consecutive quarter that the rental absorption rate was below 50%, a speed that continues to lag behind pre-pandemic norms. The rental vacancy rate for buildings with five or more units was 8.2% in 1Q of 2025. Apartments are taking longer to rent because there are record numbers of them coming onto the market. Nearly 125,000 new apartments were completed in 4Q--the second highest number on record--following the previous quarter's all-time high of 142,900. The increase in supply has created a much healthier market for renters, with asking rents dropping slightly recently after remaining largely stable over the past two years. (chris.wack@wsj.com)
(END) Dow Jones Newswires
May 30, 2025 10:27 ET (14:27 GMT)
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