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Real Estate Absorption Rate
In the fourth quarter of 2009, 40,800 new, unsubsidized, unfurnished, multifamily (five or more units in structure) rental apartments were completed, down 14 percent from the previous quarter and down a statistically insignificant 6 percent from the fourth quarter of 2008. Of the apartments completed in the fourth quarter of 2009, 51 percent were rented within 3 months. The absorption rate for the fourth quarter of 2009 is a statistically insignificant 1 percentage point lower than last quarter but is up 6 percentage points from the fourth quarter of 2008. The median asking rent for apartments completed in the fourth quarter of 2009 was $1,034, a statistically insignificant decrease of 1 percent from the previous quarter and a statistically insignificant decrease of 5 percent over the fourth quarter of 2008.
In the fourth quarter of 2009, 7,000 new condominium or cooperative units were completed, down 21 percent from the previous quarter and down 60 percent from units completed in the fourth quarter of 2008. Of these, 36 percent were sold within 3 months. This absorption rate for the fourth quarter of 2009 is 10 percentage points lower than in the previous quarter and a statistically insignificant 3 percentage points lower than in the fourth quarter of 2008.
In 2009, 164,300 rental apartments were completed, and 51 percent were absorbed within 3 months. This is a 12percent increase in completions but a 1percentagepoint decrease in absorptions compared with 2008. The median asking rent of apartments completed in 2009 was $1,067, a decrease of 2.6 percent from the previous year.Also in 2009, 38,400 condominium or cooperative units were completed, a decrease of 45 percent from 2008. Of these, 40 percent were sold within 3 months. This absorption rate for 2009 is 9 percent lower than in the previous year.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. 2010 1st Quarter Real Estate Market Data – The State of US New Multifamily Units is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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