U.S. Census Bureau 1

U.S. Department of Commerce

Economics and Statistics Administration

U.S. CENSUS BUREAU

Issued August 1999

1998

H131/98-A

Characteristics of Apartments

Completed: 1998

Current

Housing

Reports

1997 inflation-adjusted median rent of

$737. (See Table 2.)

• In 1998, 47 percent of the unfurnished

rental apartments had an asking rent of

$750 or more and 70 percent of these

units were absorbed (rented) within 3

months of completion. Only 19 percent

of 1998 completions had an asking rent

below $550 and 76 percent were absorbed within 3 months. Units renting

from $550 to $749 constituted 34

percent of total units built in 1998, and

75 percent were absorbed within 3

months. (These three absorption rates do

not differ significantly from one another.)

• There were no significant differences in

the 3-month absorption rates for efficiency apartments, one-bedroom apartments, two-bedroom apartments, and

apartments with three or more bedrooms

built in 1998.

• The majority (53 percent) of new rental

apartments in 1998 were built in suburban areas, followed by 41 percent built in

the nation's central cities. Only 6 percent

of rental apartments were built outside

Metropolitan Areas (MAs). There was

no significant difference between the

3-month absorption rates for rental

completions in central cities (73 percent)

and suburban areas (71 percent); however, both rates were lower than the 86

(±8) percent rate for apartments built

outside MAs. (See Table 3.)

• Of the 210,200 newly built rental apartments in 1998, 94 percent had air

conditioning available, while 76 percent

had a swimming pool available. Only 4

percent included electricity in the

monthly rent. (See Table 4.)

HIGHLIGHTS1

• Preliminary estimates from the Survey of

Market Absorption show that during

1998, a total of 210,200 privately financed, nonsubsidized, unfurnished,

rental apartments in buildings of five units

or more were completed in permit-issuing

areas in the United States. This estimate

is an 11 (±9) percent increase over the

189,200 rental completions in 1997, and

a 10 (±9) percent increase over the

191,300 such units completed in 1996.

The 1998 total was the largest number

of privately financed, nonsubsidized,

unfurnished rental apartments completed

since 1990. (See Table 8.)

• The majority (55 percent) of these new

units were built in the South, followed by

the West with 23 percent. The Midwest

ranked third with 17 percent of rental

completions, while the fewest (5 percent)

were built in the Northeast. (See Table 1.)

• Two-bedroom units were the predominant

size built, accounting for about 50 percent

of newly constructed rental apartments,

compared with 34 percent for onebedroom units. Larger apartments, those

with three or more bedrooms ranked third

at 14 percent, while efficiencies (no bedrooms) accounted for only 3 percent of

rental completions. This pattern is similar

to the one observed in 1997.

• The median monthly asking rent for all

unfurnished rental apartments completed

in 1998 was $735, which was not significantly different from the $724 median rent

for rental apartments completed in 1997,

nor did it differ significantly from the

Annual

1Numbers in parentheses represent the 90-percent

confidence interval. Details may not sum to totals because of rounding.

Questions regarding these data may be directed to Alan Friedman, Housing and Household Economic Statistics Division,

telephone: 301-457-3199. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402.

U.S. Department of Housing

and Urban Development
2 U.S. Census Bureau

• About 34,300 condominium and cooperative apartments were completed in 1998, not significantly

different from the 35,800 such completions in 1997.

Within 3 months, 79 percent (±7) percent had been

sold (absorbed). More of these units were built in the

South (47 percent) than in any other region of the

country. The West, with 27 percent of newly constructed condominiums and cooperatives, had a

significantly higher proportion than the Northeast (10

percent), but was not significantly different from the

Midwest (17 percent). (The latter two percentages did

not differ significantly from each other.) (See Table 5.)

• The median asking price for all condominium apartments built in 1998 was $117,800, not significantly

different from the $118,900 asking price in 1997, nor

the 1997 inflation-adjusted median asking price of

$121,000. Eighty-nine (±6) percent of all new condominiums built in 1998 had two bedrooms or more.

(See Table 6.)

• There were no significant differences in the number

of newly built condominium units with an asking

price below $100,000, those between $100,000 and

$149,000, and those with an asking price of

$150,000 or more, nor was there any significant

difference in the 3-month absorption rate for units in

each of these price ranges.

• Approximately 273,900 apartments in all residential

buildings with five units or more were completed in

1998, which was 26,800 (±18,190) more than the

247,100 such units completed in 1997 (Table 8).

Seventy-seven percent of 1998 completions were

nonsubsidized, unfurnished, rental apartments;

7 percent were federally subsidized properties;

13 percent were condominiums and cooperatives;

1 percent were furnished rental units; and the remaining 2 percent were not in the scope of the survey.

CHARACTERISTICS OF THE DATA

 All statistics from the Survey of Market Absorption

(SOMA) are limited to apartments in newly constructed

buildings with five units or more. Absorption rates are

based on the first time an apartment is rented after

completion, or the first time a condominium or cooperative apartment is sold after completion. If apartments

initially intended to be sold as condominium or cooperative units are, instead, offered by the builder or building

owner for rent, they are counted as rental apartments.

Units categorized as federally subsidized are those built

under the two programs of the Department of Housing

and Urban Development -- Low Income Housing Assistance (Section 8) and Senior Citizens Housing Direct Loans

(Section 202) -- and all units in buildings containing

apartments in the Federal Housing Administration (FHA)

rent supplement program. The data for privately financed

units include privately owned housing subsidized by state

and local governments. Units categorized as not in the

scope of the survey include time-sharing units, continuing

care retirement units, and turnkey units (privately built

for and sold to local public housing authorities after

completion).

 Tables 1 through 4 are restricted to privately financed,

nonsubsidized, unfurnished rental apartments. Table 5 is

Table 1. Unfurnished Apartments Completed by Rent and Number of Bedrooms for the United

States and Regions:1998

[Privately financed, nonsubsidized, unfurnished, rental apartments in buildings with five units or more. Data regarding number of

bedrooms and asking rent are collected at the initial interview, i.e., 3 months following completion. Details may not sum to totals because

of rounding. Medians and percents are computed using unrounded data]

Characteristic

Number of unfurnished apartments Percent distribution

United

States Northeast Midwest South West

United

States Northeast Midwest South West

Total. . . . . . . . . . . . . . . . . . . . 210,200 10,700 35,500 115,300 48,800 100 100 100 100 100

ASKING RENT

Less than $450 . . . . . . . . . . . . . . . . 13,200 300 2,600 9,100 1,2006378 3

$450 to $549 . . . . . . . . . . . . . . . . . . 26,300 500 10,500 10,200 5,000 13 5 30 9 10

$550 to $649 . . . . . . . . . . . . . . . . . . 30,400 500 8,500 18,200 3,200 15 5 24 16 7

$650 to $749 . . . . . . . . . . . . . . . . . . 41,300 2,600 5,500 22,700 10,500 20 24 16 20 22

$750 to $849 . . . . . . . . . . . . . . . . . . 31,500 1,100 3,200 19,200 8,000 15 10 9 17 16

$850 or more . . . . . . . . . . . . . . . . . . 67,600 5,700 5,100 35,900 20,900 32 53 15 31 43

Median asking rent ............. $735 $850+ $604 $738 $805 (X) (X) (X) (X) (X)

BEDROOMS

No bedroom . . . . . . . . . . . . . . . . . . . 5,500 400 1,600 2,000 1,6003442 3

1 bedroom. . . . . . . . . . . . . . . . . . . . . 71,100 5,400 12,000 37,300 16,400 34 51 34 32 34

2 bedrooms.................... 104,200 4,000 17,300 58,600 24,300 50 37 49 51 50

3 bedrooms or more . . . . . . . . . . . . 29,400 900 4,600 17,400 6,600 14 8 13 15 14

Not applicable.

Source: U.S. Census Bureau, H131, Characteristics of Apartments Completed.

X
U.S. Census Bureau 3

restricted to privately financed, nonsubsidized, condominium and cooperative apartments, while Table 6 is

limited to privately financed, nonsubsidized condominium apartments only. Table 7 covers privately

financed, nonsubsidized, furnished, rental apartments

and Table 8 is a historical summary table which includes

all newly constructed apartments in buildings with five

units or more. Estimates published in this report are

preliminary and are subject to revision in the H-130

annual report on absorptions.

 The SOMA is a sample survey and consequently all

statistics in this report are subject to sampling variability.

Estimates derived from different samples would likely

differ from these.

 The standard error of a survey estimate is a measure

of the variation among the estimates from all possible

samples. It allows the construction of an interval with

prescribed confidence that the interval includes the

average of the estimates from all possible samples.

(Estimates of standard errors can be calculated by using

Tables A, B and C.)

 For all the statements about changes made in this

report, 90-percent confidence intervals for statistical

comparisons can be constructed by using the 90-percent

deviate shown in parentheses after the change; however,

when a 90-percent confidence interval contains zero, a

change may or may not have occurred. In addition, any

statistical findings that are not part of the tables or that

are derived by collapsing intervals within a table are also

provided with a 90-percent confidence interval.

NOTE TO DATA USERS

 The SOMA adopted new ratio estimation procedures

in 1990 to derive more accurate estimates of completions.2 This new procedure was used for the first time for

processing annual data for 1990. Caution must be used

when comparing the number of completions in 1990

and later with those in earlier years.

SAMPLE DESIGN

 The SOMA is designed to provide data concerning the

rate at which privately financed, nonsubsidized, unfurnished units in buildings with five or more units are

rented or sold (absorbed). In addition, data on characteristics of the units, such as number of bedrooms and rent

or price, are collected.

 The buildings selected for the SOMA are drawn

from those included in the Census Bureau's Survey of

Construction (SOC).3 For the SOC, the United States is

first divided into primary sampling units (PSUs), which

are stratified based on population and building permits.

The PSUs to be used for the survey are then randomly

selected from each stratum. Next, a sample of permitissuing places is chosen within each of the selected

PSUs. Finally, all newly constructed buildings with five

units or more within sampled places, as well as a

subsample of buildings with one to four units, are

included in the SOC.

 Each quarter, a sample of buildings with five units or

more in the SOC sample reported as completed during

that quarter are chosen for the SOMA. Buildings completed in nonpermit-issuing areas are excluded from

consideration. Information on the proportion of units

absorbed 3, 6, 9, and 12 months after completion is

obtained for units in buildings selected in a given

quarter in each of the next four quarters.

ESTIMATION

 Beginning with data on completions in the fourth

quarter of 1990 (which formed the base for absorptions

in the first quarter of 1991), the estimation procedure

was modified. The modified estimation procedure was

also applied to data for the other three quarters of 1990

so that annual estimates could be derived using the

same methodology for four quarters. No additional reestimation of past data has been done.

 Before this change in the estimation procedure,

unbiased quarterly estimates were formed by multiplying

the counts for each building by its base weight (the

inverse of its probability of selection) and then summing

over all buildings. The final estimate was then obtained

by multiplying the unbiased estimate by the following

ratio-estimate factor for the nation as a whole:

total units in buildings with five units or more

in permit-issuing areas as estimated by the SOC

for that quarter

total units in buildings with five units or more

as estimated by the SOMA

for that quarter

 For the modified estimation procedure, instead of

applying a single ratio-estimate factor for the entire

nation, separate ratio-estimate factors are computed for

each of the four census regions. The final estimates for

regions are obtained by multiplying the unbiased

regional estimates by the corresponding ratio-estimate

2See ESTIMATION.

3See the January 1999 issue of “Housing Starts,” Current Construction

Reports, Series C20, for details of this survey.
4 U.S. Census Bureau

factors. The final national estimate is obtained by

summing the final regional estimates.

 This procedure produces estimates of the units

completed in a given quarter which are consistent with

published figures from the SOC and reduces, to some

extent, the sampling variability of the estimates of

totals. Annual absorption rates are obtained by computing a weighted average of the four quarterly estimates.

 Absorption rates and other characteristics of units not

included in the interviewed group or not accounted for

are assumed to be identical to rates for units where data

were obtained. The noninterviewed and not-accountedfor cases constitute less than 2 percent of the sample

housing units in this survey.

ACCURACY OF THE ESTIMATES

 There are two types of possible errors associated with

data from sample surveys: nonsampling and sampling

errors. The following is a description of the sampling

and nonsampling errors associated with the SOMA.

Nonsampling Errors

 In general, nonsampling errors can be attributed to

many sources: inability to obtain information about all

cases in the sample, difficulties with definitions, differences in interpretation of questions, inability or unwillingness of the respondents to provide correct information, and errors made in processing the data. These

nonsampling errors also occur in complete censuses.

Although no direct measurements of the biases have

been obtained, we think that most of the important

response and operational errors were detected during

review of the data for reasonableness and consistency.

Sampling Errors

 The particular sample used for this survey is one of

many possible samples of the same size that could have

been selected using the same design. Even if the same

questionnaires, instructions, and interviewers were used,

estimates from different samples would likely differ from

each other. The deviation of a sample estimate from the

average of all possible samples is defined as the sampling error. The standard error of a survey estimate

attempts to provide a measure of this variation among

the estimates from the possible samples and, thus, is a

measure of the precision with which an estimate from a

sample approximates the average result from all possible samples.

 As calculated for this survey, the standard error also

partially measures the variation in the estimates due to

errors in responses and by the interviewers (nonsampling errors), but it does not measure, as such, any

systematic biases in the data. Therefore, the accuracy of

the estimates depends on the standard error, biases, and

some additional nonsampling errors not measured by

the standard error. As a result, confidence intervals

around estimates based on this sample reflect only a

portion of the uncertainty that actually exists. Nonetheless, such intervals are extremely useful because they do

capture all of the effect of sampling error and, in this

case, some nonsampling error as well.

 If all possible samples were selected, each of them

was surveyed under essentially the same general

conditions, there were no systematic biases, and an

estimate and its estimated standard error were calculated from each sample, then:

• Approximately 68 percent of the intervals from one

standard error below the estimate to one standard

error above the estimate (i.e., the 68-percent confidence interval) would include the average result from

all possible samples.

• Approximately 90 percent of the intervals from 1.6

standard errors below the estimate to 1.6 standard

errors above the estimate (i.e., the 90-percent

confidence interval) would include the average result

from all possible samples.

• Approximately 95 percent of the intervals from two

standard errors below the estimate to two standard

errors above the estimate (i.e., the 95-percent

confidence interval) would include the average result

from all possible samples.

 This report uses a 90-percent confidence level as its

standard for statistical significance.

 For very small estimates, the lower limit of the

confidence interval may be negative. In this case, a

better approximation to the true interval estimate can be

achieved by restricting the interval estimate to positive

values, that is, by changing the lower limit of the interval

estimate to zero.

 The reliability of an estimated absorption rate (i.e., a

percentage) computed by using sample data for both the

numerator and denominator depends on both the size of

the rate and the size of the total on which the rate is

based. Estimated rates of this kind are relatively more

reliable than the corresponding estimates of the numerators of the rates, particularly if the rates are 50 percent

or more.
U.S. Census Bureau 5

• The length of the interval that contains the median.

In this example, the median lies between $450 and

$549. The length of the interval is $100.

• The estimated proportion of the base falling in the

interval that contains the median. In this example,

50 percent. The standard error of the median is

obtained by using the following approximation:

 For this example, the standard error of the median

of $535 is:

 Therefore, 1.6 standard errors equals $24. Consequently, an approximate 90-percent confidence interval

for the median asking rent of $535 is between $511

and $559 ($535 ± $24).

 Tables A, B, and C present approximations to the

standard errors of various estimates shown in the report.

Table A presents standard errors for estimated totals,

and Tables B and C present standard errors of estimated

percentages for rental apartments and for condominiums, respectively. In order to derive standard errors that

would be applicable to a wide variety of items and could

be prepared at moderate cost, a number of approximations were required. As a result, the tables of standard

errors provide an indication of the order of magnitude of

the standard errors rather than the precise standard

error for any specific item. Standard errors for values not

shown in Tables A, B, or C can be obtained by linear

interpolation.

ILLUSTRATIVE USE OF THE

STANDARD ERROR TABLES

 Table 2 of this report shows that there were 12,000

one-bedroom apartments built in the Midwest. Table A

shows the standard error of an estimate of this size to

be approximately 1,730. To obtain a 90-percent confidence interval, multiply 1,730 by 1.6 and add and

subtract the result from 12,000 yielding limits of 9,230

and 14,770. The average estimate of these units completed in 1998 in the Midwest may or may not be

included in this computed interval, but one can say that

the average is included in the constructed interval with a

specified confidence of 90 percent.

 Table 2 also shows that the rate of absorption after

3 months for these apartments in the Midwest is

63 percent. Table B shows the standard error on a

63 percent rate on a base of 12,000 to be approximately

6.9 percent. Multiply 6.9 by 1.6 (yielding 11) and add

and subtract the result from 63. The 90-percent confidence interval for the absorption rate of 63 percent is

from 52 percent to 74 percent.

 Table 2 shows that the median asking rent for these

estimated 12,000 one-bedroom apartments built in the

Midwest was $535. The standard error of this median is

about $15.

 Several statistics are needed to calculate the standard

error of a median.

• The base of the median—the estimated number of

units for which the median has been calculated. In

this example, 12,000.

• The estimated standard error from Table B of a

50-percent characteristic on the base of the median

(σ50%). In this example, the estimated standard error

of a 50-percent characteristic with the base of 12,000

is about 7.5 percent.

7.5 x = $15 100

50

estimated proportion

of the base falling within

the interval containing

the sample median

 standard error of median = σ50% x

length of interval

containing the

sample median
Figure 1.

Percent Distribution of New Unfurnished Rental and New Condominium

and Cooperative Units Completed by Region: 1998

*Northeast median asking rent is $850 or more.

Source: U.S. Census Bureau, H131, Characteristics

of Apartments Completed.

Midwest

17%

Northeast

5%

West

23%

South

55%

Unfurnished Rental

Apartments

Midwest

17%

Northeast

10%

West

27%

South

47%

Condominium and Cooperative

Apartments

Source: U.S. Census Bureau, H131, Characteristics of Apartments Completed.

Figure 2.

Median Asking Rent/Price for Unfurnished Rental and

Condominium Apartments Completed in 1998

Percent

United

States

Northeast* Midwest South West

0

100

200

300

400

500

600

700

800

900

6 U.S. Census Bureau

0

50

100

150

200

250

United

States

Northeast* Midwest South West

*Northeast median asking price is $200,000 or more.
Table 2. Unfurnished Apartments Completed and 3-Month Absorption Rate by Rent and Number of

Bedrooms for the United States and Regions: 1998

[Privately financed, nonsubsidized, unfurnished, rental apartments in buildings with five units or more. Data regarding number of bedrooms and asking rent are collected at the initial interview, i.e., 3 months following completion. Details may not sum to totals because of

rounding. Medians and percents are computed using unrounded data]

Characteristic

Number of unfurnished apartments Percent absorbed within 3 months

United

States Northeast Midwest South West

United

States Northeast Midwest South West

Total.................... 210,200 10,700 35,500 115,300 48,800 73 75 74 70 77

Less than $450 .............. 13,200 300 2,600 9,100 1,200 82 99 90 78 93

$450 to $549 .................. 26,300 500 10,500 10,200 5,000 73 70 68 74 82

$550 to $649 .................. 30,400 500 8,500 18,200 3,200 77 91 74 78 76

$650 to $749 .................. 41,300 2,600 5,500 22,700 10,500 74 62 78 72 78

$750 to $849 .................. 31,500 1,100 3,200 19,200 8,000 71 61 79 67 77

$850 or more .................. 67,600 5,700 5,100 35,900 20,900 69 81 69 64 75

Median asking rent ............. $735 $850+ $604 $738 $805 (X) (X) (X) (X) (X)

No bedroom ................. 5,500 400 1,600 2,000 1,600 70 85 86 67 55

Less than $650 ................ 3,000 - 1,400 1,400 200 83 (X) 91 77 77

$650 or more .................. 2,500 400 100 600 1,400 54 85 38 44 50

Median asking rent . . . . . . . . . . . . . $611 $850+ $454 $565 $850+ (X) (X) (X) (X) (X)

1 bedroom................... 71,100 5,400 12,000 37,300 16,400 72 68 63 73 77

Less than $450 ................ 6,200 200 800 4,300 900 83 100 85 81 91

$450 to $549 .................. 12,400 400 6,000 4,000 2,000 61 62 51 73 67

$550 to $649 .................. 13,300 400 3,500 8,000 1,300 74 91 73 74 74

$650 to $749 .................. 17,500 2,000 700 8,600 6,200 75 53 72 76 81

$750 to $849 .................. 8,000 700 200 5,400 1,700 76 59 92 76 82

$850 or more .................. 13,700 1,800 700 7,000 4,200 68 79 76 62 73

Median asking rent ............. $670 $738 $535 $677 $713 (X) (X) (X) (X) (X)

2 bedrooms.................. 104,200 4,000 17,300 58,600 24,300 72 80 79 68 78

Less than $450 ................ 5,300 100 800 4,200 200 79 98 93 75 100

$450 to $549 .................. 10,700 100 3,800 4,200 2,600 84 100 91 71 92

$550 to $649 .................. 13,900 100 4,400 8,100 1,400 80 90 79 81 72

$650 to $749 .................. 20,100 500 4,400 12,100 3,200 71 85 78 68 71

$750 to $849 .................. 18,100 200 1,600 10,700 5,500 66 44 74 61 76

$850 to $949 .................. 12,900 700 800 7,200 4,100 67 69 50 64 74

$950 or more .................. 23,100 2,200 1,500 12,000 7,400 70 85 65 62 80

Median asking rent ............. $760 $950+ $642 $756 $837 (X) (X) (X) (X) (X)

3 bedrooms or more .......... 29,400 900 4,600 17,400 6,600 76 95 77 73 80

Less than $450 . . . . . . . . . . . . . . . . 300 - 200 100 (Z) 78 (X) 64 100 (Z)

$450 to $549 .................. 2,100 (Z) 200 1,600 300 85 (Z) 84 83 100

$550 to $649 .................. 2,500 (Z) 300 1,600 500 76 (Z) 40 79 93

$650 to $749 .................. 3,300 100 400 1,900 900 79 100 83 77 78

$750 to $849 .................. 5,400 200 1,400 3,100 800 77 100 81 76 73

$850 to $949 .................. 3,200 (Z) 500 2,000 700 68 (Z) 64 67 75

$950 or more .................. 12,600 500 1,500 7,100 3,500 74 90 84 69 80

Median asking rent ............. $884 $950+ $832 $871 $950+ (X) (X) (X) (X) (X)

- Represents zero. X Not applicable. Z Fewer than 50 units or less than one-half of one percent.

Source: U.S. Census Bureau, H131, Characteristics of Apartments Completed.

7

U.S. Census Bureau
Table 3. Unfurnished Apartment Completed and 3-Month Absorption Rate by Rent and Number of

Bedrooms for the United States and Inside or Outside Metropolitan Areas: 1998

[Privately financed, nonsubsidized, unfurnished, rental apartments in buildings with five units or more. Data regarding number of bedrooms and asking rent are collected at the initial interview, i.e., 3 months following completion. Details may not sum to totals because of

rounding. Medians and percents are computed using unrounded data]

Characteristic

Number of unfurnished apartments Percent absorbed within 3 months

United

States

Inside MA

Outside MA

United

States

Inside MA

Outside MA

In central

city

Not in

central city

In central

city

Not in

central city

Total ......................... 210,200 85,400 111,700 13,100 73 73 71 86

Less than $450 .................... 13,200 3,600 7,400 2,200 82 90 75 93

$450 to $549 ........................ 26,300 12,100 12,500 1,700 73 83 60 96

$550 to $649 ........................ 30,400 12,700 14,500 3,300 77 76 74 93

$650 to $749 ........................ 41,300 14,400 23,600 3,200 74 73 73 78

$750 to $849 ........................ 31,500 11,500 18,400 1,600 71 69 71 78

$850 or more ........................ 67,600 31,100 35,300 1,200 69 68 70 72

Median asking rent ................... $735 $749 $740 $633 (X) (X) (X) (X)

No bedroom ....................... 5,500 4,000 900 700 70 70 57 91

Less than $650 ...................... 3,000 2,000 300 700 83 83 70 91

$650 or more ........................ 2,500 1,900 600 - 54 55 50 (X)

Median asking rent . . . . . . . . . . . . . . . . . . . $611 $631 $734 $541 (X) (X) (X) (X)

1 bedroom ........................ 71,100 28,700 39,100 3,300 72 74 68 94

Less than $450 ...................... 6,200 1,900 3,800 600 83 92 77 96

$450 to $549 ........................ 12,400 4,900 6,400 1,200 61 74 44 97

$550 to $649 ........................ 13,300 4,600 7,300 1,400 74 75 70 91

$650 to $749 ........................ 17,500 5,700 11,600 200 75 82 71 100

$750 to $849 ........................ 8,000 3,500 4,500 - 76 77 75 (X)

$850 or more ........................ 13,700 8,200 5,500 (Z) 68 63 76 (Z)

Median asking rent ................... $670 $702 $667 $545 (X) (X) (X) (X)

2 bedrooms ....................... 104,200 41,600 55,800 6,800 72 73 71 82

Less than $450 ...................... 5,300 700 3,300 1,300 79 88 72 91

$450 to $549 ........................ 10,700 6,000 4,400 300 84 91 73 96

$550 to $649 ........................ 13,900 6,400 6,100 1,500 80 79 76 97

$650 to $749 ........................ 20,100 7,200 10,100 2,900 71 65 74 76

$750 to $849 ........................ 18,100 6,600 10,900 500 66 63 68 68

$850 to $949 ........................ 12,900 4,700 8,100 (Z) 67 66 66 (Z)

$950 or more ........................ 23,100 10,100 12,900 200 70 71 70 -

Median asking rent ................... $760 $759 $786 $658 (X) (X) (X) (X)

3 bedrooms or more ............... 29,400 11,200 15,900 2,300 76 75 75 85

Less than $450 . . . . . . . . . . . . . . . . . . . . . . 300 100 200 (Z) 78 99 71 (Z)

$450 to $549 ........................ 2,100 500 1,500 100 85 75 88 100

$550 to $649 ........................ 2,500 1,400 1,100 (Z) 76 69 85 (Z)

$650 to $749 ........................ 3,300 1,400 1,700 100 79 77 79 100

$750 to $849 ........................ 5,400 1,300 3,000 1,100 77 74 77 83

$850 to $949 ........................ 3,200 1,500 1,300 300 68 68 71 57

$950 or more ........................ 12,600 4,900 7,000 700 74 77 70 97

Median asking rent ................... $884 $904 $883 $835 (X) (X) (X) (X)

- Represents zero. X Not applicable. Z Fewer than 50 units or less than one-half of one percent.

Source: U.S. Census Bureau, H131, Characteristics of Apartments Completed.

8

U.S. Census Bureau
Table 4. Unfurnished Apartments Completed and 3-Month Absorption Rate by Amenities

and Utilities for the United States: 1998

[Privately financed, nonsubsidized, unfurnished, rental apartments in buildings with five units or more. Data regarding features and utilities are collected at the initial interview, i.e., 3 months following completion. Details may not sum to totals because of rounding. Percents

are computed using unrounded data]

Characteristic Number Percent

Percent absorbed

within 3 months

Total ........................................................ 210,200 100 73

AMENITIES

Swimming pool

Available

Included in rent ................................................... 157,200 75 70

At extra cost ..................................................... 2,600 1 79

Not available ....................................................... 50,400 24 81

Parking

Available

Included in rent ................................................... 201,200 96 72

At extra cost ..................................................... 6,200 3 75

Not available ....................................................... 2,800 1 90

Air-conditioning

Available......................................................... 197,200 94 72

Not available ..................................................... 13,000 6 77

Dishwasher

Available......................................................... 199,500 95 73

Not available ..................................................... 10,800 5 72

UTILITIES

Electricity

Included in rent ................................................... 7,600 4 58

At extra cost ..................................................... 202,700 96 73

Gas

Available

Included in rent ................................................... 21,700 10 75

At extra cost ..................................................... 83,100 40 73

Not available ....................................................... 105,400 50 72

Source: U.S. Census Bureau, H131, Characteristics of Apartments Completed.

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U.S. Census Bureau
Table 5. Condominium and Cooperative Apartments Completed and 3-Month Absorption Rate by

Number of Bedrooms and Geography: 1998

[Privately financed, nonsubsidized, condominium and cooperative apartments in buildings with five units or more. Data regarding number

of bedrooms are collected at the initial interview, i.e., 3 months following completion. Details may not sum to totals because of rounding.

Percents are computed using unrounded data]

Characteristic Number Percent

Percent absorbed

within 3 months

Total ........................................................ 34,300 100 79

BEDROOMS

Fewer than 2 bedrooms ............................................. 5,700 17 58

2 bedrooms ........................................................ 21,400 62 84

3 bedrooms or more ................................................ 7,200 21 83

REGION

Northeast .......................................................... 3,400 10 33

Midwest ........................................................... 5,400 17 88

South ............................................................. 16,100 47 84

West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,300 27 83

AREA

Inside metropolitan area ............................................. 26,700 78 76

In central city..................................................... 12,300 36 79

Not in central city (suburbs) ........................................ 14,400 42 74

Outside metropolitan area ........................................... 7,600 22 89

Source: U.S. Census Bureau, H131, Characteristics of Apartments Completed.

10

U.S. Census Bureau
Table 6. Condominium Apartments Completed and 3-Month Absorption Rate by Asking Price,

Number of Bedrooms, and Geography: 1998

[Privately financed, nonsubsidized, condominium apartments in buildings with five units or more. Data regarding number of bedrooms

and asking price are collected at the initial interview, i.e., 3 months following completion. Details may not sum to totals because of rounding. Medians and percents are computed using unrounded data]

Characteristic Number Percent

Percent absorbed

within 3 months

Median

asking price

Total .............................................. 31,400 100 83 $117,800

ASKING PRICE

Less than $75,000 ........................................ 3,200 10 83 (X)

$75,000 to $99,999........................................ 8,900 28 86 (X)

$100,000 to $124,999 ..................................... 5,100 16 84 (X)

$125,000 to $149,999 ..................................... 4,400 14 85 (X)

$150,000 to $199,999 ..................................... 4,100 13 80 (X)

$200,000 or more ......................................... 5,800 18 77 (X)

BEDROOMS

Fewer than 2 bedrooms.................................... 3,600 12 77 $122,300

2 bedrooms .............................................. 20,800 66 84 $107,900

3 bedrooms or more....................................... 7,000 22 82 $147,700

REGION

Northeast ................................................ 1,300 4 60 $200,000+

Midwest.................................................. 5,100 16 87 $130,900

South .................................................... 15,800 50 84 $103,000

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,300 29 83 $120,400

AREA

Inside metropolitan area ................................... 24,100 77 81 $128,800

In central city ........................................... 11,900 38 79 $146,200

Not in central city (suburbs) .............................. 12,200 39 84 $118,800

Outside metropolitan area .................................. 7,300 23 89 $90,000

X Not applicable.

Source: U.S. Census Bureau, H131, Characteristics of Apartments Completed.

Table 7. Furnished Apartments Completed and 3-Month Absorption Rate by Asking Rent, Number of

Bedrooms, and Geography: 1998

[Privately financed, nonsubsidized, furnished, rental apartments in buildings with five units or more. Data regarding number of bedrooms

and asking rent are collected at the initial interview, i.e., 3 months following completion. Details may not sum to totals because of rounding. Medians and percents are computed using unrounded data]

Characteristic Number Percent

Percent absorbed

within 3 months

Median

asking rent

Total .............................................. 3,000 100 67 $850+

ASKING RENT

Less than $750 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 21 95 (X)

$750 or more ............................................. 2,400 79 59 (X)

BEDROOMS

Fewer than 2 bedrooms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 27 79 $850+

2 bedrooms or more....................................... 2,200 73 62 $950+

REGION

Northeast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 3 - $850+

Midwest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (Z) (Z) (Z) (Z)

South .................................................... 1,600 53 91 $850+

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 44 41 $850+

AREA

Inside metropolitan area ................................... 2,200 72 89 $850+

In central city ........................................... 1,500 48 91 $850+

Not in central city (suburbs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 24 85 $850+

Outside metropolitan area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 28 94 $850+

X Not applicable. Z Fewer than 50 units or less than one-half of one percent.

Source: U.S. Census Bureau, H131, Characteristics of Apartments Completed.

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U.S. Census Bureau
Table 8. Total Apartments Completed in Buildings With Five Units or More: 1970 to 1998

[Details may not sum to totals because of rounding. Percents are computed using unrounded data]

Year

Total

Unfurnished

apartments

Furnished

apartments

Condominiums and

cooperatives

Federally

subsidized Other1

Number Percent Number Percent Number Percent Number Percent Number Percent

1998............. 273,900 210,200 77 3,000 1 34,300 13 19,900 7 6,400 2

1997............. 247,100 189,200 77 3,000 1 35,800 15 14,100 6 5,000 2

1996............. 251,300 191,300 76 2,400 1 36,900 15 14,200 6 6,400 3

1995............. 212,400 155,000 73 1,600 1 36,400 17 13,700 6 5,700 3

1994............. 154,900 104,000 67 1,100 1 34,400 22 11,800 8 3,600 2

1993............. 124,800 77,200 62 2,700 2 32,000 26 7,700 6 5,200 4

1992............. 155,200 110,200 71 700 (Z) 31,100 20 7,000 5 6,000 4

1991............. 216,500 165,300 76 2,800 1 35,300 16 9,600 4 3,500 2

1990............. 294,400 214,300 73 2,900 1 52,600 18 13,800 5 10,800 4

1989............. 337,900 246,400 73 4,900 1 59,700 18 19,800 6 7,200 2

1988............. 388,600 284,500 73 4,300 1 76,200 20 15,200 4 8,400 2

1987............. 474,200 345,600 73 7,900 2 92,300 19 17,000 4 11,300 2

1986............. 550,200 407,600 74 11,600 2 101,700 18 23,300 4 6,000 1

1985............. 533,300 364,500 68 7,400 1 135,800 25 12,000 2 13,700 3

1984............. 506,000 313,200 62 9,800 2 143,600 28 28,500 6 10,700 2

1983 ............ 370,700 191,500 52 4,700 1 111,800 30 47,700 13 15,100 4

1982............. 288,200 117,000 41 5,400 2 107,900 37 48,000 17 10,000 3

1981............. 332,500 135,400 41 6,000 2 112,600 34 66,100 20 12,500 4

1980............. 418,900 196,100 47 9,700 2 122,800 29 79,900 19 10,500 3

1979............. 439,300 241,200 55 12,100 3 91,800 21 87,500 20 6,700 2

1978............. 362,700 228,700 63 11,200 3 54,500 15 54,100 15 14,300 4

1977............. 289,400 195,600 68 16,200 6 43,000 15 26,000 9 8,700 3

1976............. 258,200 157,000 61 12,800 5 46,300 18 32,000 12 10,000 4

1975............. 371,400 223,100 60 11,100 3 84,600 23 38,900 10 13,800 4

1974............. 685,400 405,500 59 20,700 3 159,000 23 75,400 11 25,000 4

1973............. 774,800 531,700 69 36,200 5 98,100 13 82,000 11 26,800 3

1972............. 718,200 497,900 69 37,700 5 57,300 8 93,800 13 31,400 4

1971............. 583,400 334,400 57 32,200 6 49,100 8 104,800 18 63,000 11

1970............. 526,000 328,400 62 48,200 9 72,500 14 55,900 11 21,000 4

Z Fewer than 50 units or less than one-half of one percent.

1

Other includes time-sharing units, continuing-care retirement units, and turnkey units (privately built for and sold to local public housing authorities

subsequent to completion).

Source: U.S. Census Bureau, H131, Characteristics of Apartments Completed.

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U.S. Census Bureau
Table A. Standard Errors for Estimates of Apartments in Buildings With Five Units or More:

Completions in 1998

Estimated number

Standard error

Estimated number

Standard error

Rental apartments

Condominium

apartments Rental apartments

Condominium

apartments

500 . . . . . . . . . . . . . . . . . . . . 300 200 25,000............... 2,500 2,900

800 . . . . . . . . . . . . . . . . . . . 400 300 35,000............... 2,900 3,500

1,000 . . . . . . . . . . . . . . . . . . 500 400 50,000............... 3,500 4,200

2,000 . . . . . . . . . . . . . . . . . . 700 600 75,000............... 4,300 5,200

3,000 . . . . . . . . . . . . . . . . . . 900 800 100,000 ............. 5,000 6,100

4,000 .................. 1,000 1,000 150,000 ............. 6,100 7,500

5,000 .................. 1,100 1,200 250,000 ............. 7,900 (X)

10,000 ................. 1,600 1,800 350,000 ............. 9,300 (X)

15,000 ................. 1,900 2,200 450,000 ............. 10,600 (X)

20,000 ................. 2,200 2,600 600,000 ............. 12,200 (X)

X Not applicable.

Note: See page 5 for instructions on the use of this table.

Source: U.S. Census Bureau, H131, Characteristics of Apartments Completed.

Table B. Standard Errors of Estimated Percentages for Rental Apartments: Completions in 1998

Estimated percentages 500 800 1,000 5,000 10,000 20,000 50,000 75,000 100,000 150,000 350,000 600,000

98 or 2. . . . . . . . . . . . . . . . . . . . 9.9 7.8 7.0 3.1 2.2 1.6 1.0 0.8 0.7 0.6 0.4 0.3

95 or 5. . . . . . . . . . . . . . . . . . . . 15.4 12.1 10.9 4.9 3.4 2.4 1.5 1.3 1.1 0.9 0.6 0.4

90 or 10. . . . . . . . . . . . . . . . . . . 21.1 16.7 14.9 6.7 4.7 3.3 2.1 1.7 1.5 1.2 0.8 0.6

80 or 20. . . . . . . . . . . . . . . . . . . 28.2 22.3 14.4 8.9 6.3 4.5 2.8 2.3 2.0 1.6 1.1 0.8

75 or 25. . . . . . . . . . . . . . . . . . . 30.5 24.1 21.6 9.6 6.8 4.8 3.0 2.5 2.2 1.8 1.2 0.9

60 or 40. . . . . . . . . . . . . . . . . . . 34.5 27.3 24.4 10.9 7.7 5.5 3.5 2.8 2.4 2.0 1.3 1.0

50 . . . . . . . . . . . . . . . . . . . . . . . . 35.2 27.8 24.9 11.1 7.9 5.6 3.5 2.9 2.5 2.0 1.3 1.0

Note: See page 5 for instructions on the use of this table.

Source: U.S. Census Bureau, H131, Characteristics of Apartments Completed.

Table C. Standard Errors of Estimated Percentages for Condominium Apartments: Completions in

1998

Estimated percentages 500 800 1,000 3,000 5,000 10,000 15,000 25,000 50,000 75,000 100,000 150,000

98 or 2. . . . . . . . . . . . . . . . . . . . 12.5 9.9 8.9 5.1 4.0 2.8 2.3 1.8 1.3 1.0 0.9 0.7

95 or 5. . . . . . . . . . . . . . . . . . . . 19.5 15.4 13.8 8.0 6.2 4.4 3.6 2.8 1.9 1.6 1.4 1.1

90 or 10. . . . . . . . . . . . . . . . . . . 26.8 21.2 19.0 11.0 8.5 6.0 4.9 3.8 2.7 2.2 1.9 1.5

80 or 20. . . . . . . . . . . . . . . . . . . 35.8 48.3 25.3 14.6 11.3 8.0 6.5 5.1 3.6 2.9 2.5 2.1

75 or 25. . . . . . . . . . . . . . . . . . . 38.7 30.6 27.4 15.8 12.2 5.7 7.1 5.5 3.9 3.2 2.7 2.2

60 or 40. . . . . . . . . . . . . . . . . . . 43.8 34.6 31.0 17.9 13.9 9.8 8.0 6.2 4.4 3.6 3.1 2.5

50 . . . . . . . . . . . . . . . . . . . . . . . 44.7 35.4 31.6 18.3 14.1 10.0 8.2 6.3 4.5 3.7 3.2 2.6

Note: See page 5 for instructions on the use of this table.

Source: U.S. Census Bureau, H131, Characteristics of Apartments Completed.

13

U.S. Census Bureau