New Apartments Are Sitting Vacant for Months, Giving Renters More Power
By: Mark Worley | Published: 2025-05-30 12:00:00 | Source: www.redfin.com
- 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…
