The number of rental apartments completed in the United States in 2019 remained statistically unchanged from the previous year but dropped by 15,000 from 2017.
We looked at the characteristics of newly constructed apartments spanning 2015 to 2019, including the number of units, percentage rented in the first three months after being completed, and the median rents — both nationally and by regions.
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During that period, monthly rents were about $100 higher than in 2015, even after adjusting for inflation.
The information comes from the Survey of Market Absorption of New and Multifamily Units (SOMA). The publication is a valuable tool for builders, bankers, market analysts, land planners, and government officials to measure how soon housing units are rented or sold (absorbed) after their completion.
Continue reading to learn more about:
- SOMA highlights from 2015 to 2019
- Differences between total population percentage and the percentage of new apartment unit construction in U.S. geographical regions
(Source: US Census Bureau)