U.S. Census Bureau 1

U.S. Department of Commerce

Economics and Statistics Administration

U.S. CENSUS BUREAU

H131/01-A

Characteristics of Apartments

Completed: Annual 2001

Current

Housing

Reports

1Details may not sum to totals because of rounding.

Questions regarding these data may be directed to Housing and Household Economic Statistics Division, telephone: 301-763-3199.

For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402.

U.S. Depa rtment of Housing

and Urban Development

INTRODUCTION

The Survey of Market Absorption (SOMA)

measures how soon privately financed,

nonsubsidized, unfurnished units in buildings

with five or more units are rented or sold

(absorbed) after completion. In addition, the

survey collects data on characteristics such as

number of bedrooms, asking rent, and asking

price.

HIGHLIGHTS1

• Preliminary estimates from the Survey of

Market Absorption show that during 2001,

a total of 192,400 privately financed,

nonsubsidized, unfurnished, rental apartments in buildings of five units or more

were completed in permit-issuing areas in

the United States. This total represented

significantly fewer unfurnished rental units

than those completed in each of the

previous 3 years 33,700 fewer than the

estimated 226,100 unfurnished rental units

completed in 2000; 33,500 fewer than the

estimated 225,900 completed in 1999;

and 17,500 fewer than the estimated

209,900 completed in 1998. The numbers of unfurnished rental apartments

completed in these 3 years (1998 to 2000)

were the highest since 1990 (see Table 8.)

• One-half (50 percent) of these new units

were built in the South, followed by the

West with 25 percent, the Midwest with

16 percent, and the Northeast with

8 percent. The difference between the

Midwest (16 percent) and the Northeast

(8 percent) was not statistically significant

(see Table 1).

• Two-bedroom units were the predominant

size built, accounting for about 51 percent of

newly constructed rental apartments, compared with 33 percent for one-bedroom units.

Larger apartments, those with three or more

bedrooms ranked third at 14 percent, while

efficiencies (no bedrooms) accounted for only

2 percent of rental completions. This pattern

is similar to the one observed in 2000 (see

Table 1).

• The median monthly asking rent for all

unfurnished rental apartments completed in

2001 was $877, which was $36 higher than

$841 median rent for unfurnished apartments

completed in 2000. However, the 2001

median did not differ significantly from the

2000 inflation-adjusted median asking rent

of $864 (see Table 2).

• In 2001, 40 percent of unfurnished rental

apartments completed had an asking rent of

$950 or more. The shares of units renting

for $750 to $849 (15 percent) and from

$850 to $949 (14 percent) were significantly

higher than the share of completions of

apartments renting for $550 to $649

(11 percent). Only 8 percent of 2001

completions had an asking rent below $550,

constituting the smallest category of rental

completions.

• The 3-month absorption rate for unfurnished

apartments renting for less than $550

(73 percent) was 13 percentage points higher

than the 3-month absorption rate for those

renting from $750 to $849 and those renting

from $850 to $949 (60 percent). There

were no other statistically significant differences in the 3-month absorption rates among

rental categories (see Table 2).

Issued July 2002
2 U.S. Census Bureau

• No significant differences existed among the 3-month

absorption rates by apartment size. Efficiency

apartments, one-bedroom apartments, two-bedroom

apartments, and apartments with three or more

bedrooms built in 2001 all had statistically the same

absorption rate (see Table 2).

• More (52 percent) new rental apartments in 2001

were completed in suburban areas than were built in

the nation's central cities (42 percent). Only

6 percent of rental apartments were built outside

metropolitan areas (MAs) (see Table 3).

• The 3-month absorption rate for unfurnished rental

apartments completed outside metropolitan areas in

2001 (75 percent) was 11 percentage points higher

than the 3-month absorption rate for those completed in central cities (64 percent) and 12 percentage points higher than the 3-month absorption rate

for those completed in the suburbs. The difference

between the 3-month absorption rate for unfurnished

rental apartments in the central city and those in the

suburbs was not statistically significant (see Table 3).

• Of the 192,400 newly built rental apartments in

2001, 95 percent had air conditioning available,

while 75 percent had a swimming pool available.

Only 5 percent included electricity in the monthly

rent, and 10 percent included the cost of natural gas

for heating (see Table 4).

• About 45,800 condominium and cooperative

apartments were completed in 2001, significantly

higher than the 36,100 such completions in 2000.

Within 3 months, 73 percent of the units completed

in 2000 had been sold (absorbed). The Northeast

(11 percent) and Midwest (17 percent), which were

not significantly different from one another, had the

fewest condominium and cooperative completions.

The West was next with 30 percent of such completions. The South had the most new condominiums

and cooperatives built in 2001, with 42 percent of

completions (see Table 5).

• The median asking price for all condominium

apartments built in 2001 was $183,700

$39,300 higher than the median asking price of

$144,400 for units built in 2000 and $35,300

higher than the 2000 inflation-adjusted median

asking price of $148,400. Eighty-nine percent of

all new condominiums built in 2001 had two

bedrooms or more (see Table 6).

• The number of newly built condominiums with

asking prices above $250,000 (15,600) was

significantly higher than the number built in other

price ranges. Comparisons of 3-month absorption

rates for units in each of the asking price ranges

showed no significant differences (see Table 6).
U.S. Census Bureau 3

• Approximately 281,000 apartments in all residential

buildings with five units or more were completed in

2001. This estimate did not differ significantly from

the 300,000 such units completed in 2000 (Table 8).

Sixty-eight percent of 2001 completions were

nonsubsidized, unfurnished rental apartments;

9 percent were federally subsidized units; 2 percent

were furnished rental units; and the remaining

4 percent were not in the scope of the survey (see

Table 8).

CHARACTERISTICS OF THE DATA

All statistics from the 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 (Section 8, Low Income

Housing Assistance and Section 202, Senior Citizens

Housing Direct Loans) and all units in buildings containing

apartments in the Federal Housing Administration (FHA)

rent supplement program. The data on 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

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 that 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, Market Absorption of Apartments annual report.

The SOMA is a sample survey and consequently all

statistics in this report are subject to sampling variability.

Estimates derived from different samples would differ

from one another. The standard error of a survey estimate is a measure of the variation among the estimates

from all possible samples. The methodology for calculating standard errors is explained in the section on Accuracy of the Estimates.

3See the January 2001 issue of “Housing Starts,” Current Construction

Reports, Series C20, for details of this survey.

2See ESTIMATION.

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 in

processing annual data for 1990. Please use caution when

comparing completions in 1990 and following years with

those in earlier years.

SAMPLE DESIGN

The U.S. Census Bureau designed the survey 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, the

survey collects data on characteristics such as number of

bedrooms, rent, and price.

Buildings for the survey came 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 permit-issuing 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.

For the SOMA, the Census Bureau selects, each quarter,

a sample of buildings with five or more units that have

been reported in the SOC sample as having been completed during that quarter. The SOMA does not include

buildings completed in nonpermit-issuing areas. Information is then obtained on the proportion of units absorbed

3, 6, 9, and 12 months after completion 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 basis for absorptions in the

first quarter of 1991), the Census Bureau modified the

estimation procedure and applied the modified estimation

procedure to data for the other three quarters of 1990 so

that one could derive annual estimates using the same

methodology for four quarters. The Census Bureau has

not performed any additional re-estimation of past data.
4 U.S. Census Bureau

Before the estimation procedure changed, the Census

Bureau had formed unbiased quarterly estimates by

multiplying the counts for each building by its base weight

(the inverse of its probability of selection) and then

summing over all buildings. Multiplying the unbiased

estimate by the following ratio-estimate factor for the

country as a whole provides the following estimate:

total units in buildings with five units or more in

permit-issuing areas as estimated by 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

country, the Census Bureau computes separate ratioestimate factors for each of the four census regions.

Multiplying the unbiased regional estimates by the

corresponding ratio-estimate factors provides the final

estimates for regions. The Census Bureau obtains the

final estimates for the country by summing the final

regional estimates.

This procedure produces estimates of the units completed in a given quarter that 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

Two types of possible errors are associated with data

from sample surveys: nonsampling and sampling errors.

The following is a description of the nonsampling and

sampling 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,

the Census Bureau thinks 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.
U.S. Census Bureau 5

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.

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

Table B and C present standard errors of estimated

percentages for rental apartments and condominiums,

respectively. 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 about 7,400

1-bedroom apartments built in the Midwest in 2001.

Table A shows the standard error of an estimate of this

size to be approximately 1,340. To obtain a 90-percent

confidence interval, multiply 1,340 by 1.6 and add and

subtract the result from 7,400 yielding limits of 5,260

and 9,540. The average estimate of these units completed in 2001 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 1-bedroom apartments in the Midwest

is 71 percent. Table B shows the standard error on a

71 percent rate on a base of 7,400 to be approximately

8.6 percent. Multiply 8.6 by 1.6 (yielding 13.8) and add

For this example, the standard error of the median of

$579 is:

9.6 x = $53 100

18

Therefore, 1.6 standard errors equals $85. Consequently, an approximate 90-percent confidence interval

for the median asking rent of $579 is between $494 and

$664 ($579 plus or minus $85).

and subtract the result from 71. The 90-percent confidence interval for the absorption rate of 71 percent is

from 57 percent to 85 percent.

Table 2 also shows that the median asking rent for these

estimated 7,400 one-bedroom apartments built in the

Midwest was $579. The standard error of this median is

about $53.

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, 7,400.

• 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 7,400

is about 9.6 percent.

• The length of the interval that contains the median. In

this example, the median lies between $550 and

$649. The length of the interval is $100.

• The estimated proportion of the base falling in the

interval that contains the median: in this example,

18 percent. (1,300 units completed in the Midwest

renting for $550 to $649 divided by 7,400 units

completed in the Midwest). The standard error of the

median is obtained by using the following approximation:

standard error of median = σ50% x

length of interval containing the sample median

estimated proportion of the

base falling within the

interval containing the

sample median
6 U.S. Census Bureau
Table 2. Unfurnished Apartments Completed and 3-Month Absorption Rate by Rent and Number

of Bedrooms for the United States and Regions: 2001

[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 ................... 192,400 16,300 31,500 96,600 48,000 64 83 67 60 64

Less than $550 .............. 15,000 2,100 4,400 7,000 1,500 73 98 63 69 84

$550 to $649 .................. 20,600 200 6,800 12,100 1,500 63 98 76 54 70

$650 to $749 .................. 25,100 400 4,200 15,900 4,700 66 50 63 68 62

$750 to $849 .................. 28,100 100 5,000 16,500 6,600 60 43 59 60 63

$850 to $949 .................. 26,400 2,700 4,200 13,900 5,600 60 97 55 52 65

$950 or more .................. 77,100 10,900 6,800 31,300 28,200 65 77 77 60 63

Median asking rent ............. $877 $950+ $756 $831 $950+ (X) (X) (X) (X) (X)

No bedroom ................. 3,800 1,000 300 1,100 1,400 67 74 41 65 70

Less than $750 . ............... 1,600 200 200 700 500 78 89 50 76 88

$750 or more .................. 2,200 800 100 400 900 59 70 15 47 60

Median asking rent ............. $950+ $950+ $550- $654 $950+ (X) (X) (X) (X) (X)

1 bedroom................... 63,800 6,000 7,400 32,400 18,000 67 77 71 65 64

Less than $550 . ............... 8,400 1,900 3,300 2,900 300 78 99 70 74 68

$550 to $649 .................. 6,800 100 1,300 4,700 700 71 100 83 66 79

$650 to $749 .................. 11,400 100 1,400 7,500 2,400 65 - 69 67 58

$750 to $849 .................. 11,100 100 500 7,100 3,400 63 41 52 62 66

$850 to $949 .................. 6,900 100 300 4,200 2,400 60 51 62 55 68

$950 or more .................. 19,100 3,700 600 6,000 8,800 66 68 75 68 64

Median asking rent ............. $797 $950+ $579 $765 $942 (X) (X) (X) (X) (X)

2 bedrooms.................. 97,200 8,600 17,300 48,600 22,800 63 89 62 58 62

Less than $550 . ............... 4,300 (Z) 900 3,000 400 64 (Z) 41 71 64

$550 to $649 .................. 11,200 100 5,000 5,700 500 61 94 72 52 42

$650 to $749 .................. 10,800 200 2,300 6,200 2,100 69 74 68 70 64

$750 to $849 .................. 14,300 - 3,800 8,500 1,900 60 (X) 62 57 66

$850 to $949 .................. 17,000 2,600 3,400 8,300 2,800 59 100 52 48 62

$950 to $1,049 ................. 10,800 2,900 600 5,500 1,800 70 96 56 56 73

$1,050 or more................. 28,800 2,800 1,400 11,300 13,300 61 73 61 60 60

Median asking rent ............. $897 $999 $762 $860 $1,050+ (X) (X) (X) (X) (X)

3 bedrooms or more . . ........ 27,600 700 6,500 14,600 5,800 63 70 78 54 70

Less than $550 . ............... 1,400 - (Z) 700 600 63 (X) (Z) 28 99

$550 to $649 .................. 2,100 - 500 1,500 100 45 (X) 100 20 100

$650 to $749 .................. 2,600 (Z) 500 2,100 (Z) 55 (Z) 20 62 (Z)

$750 to $849 .................. 2,700 - 600 900 1,200 55 (X) 50 67 49

$850 to $949 .................. 2,300 (Z) 600 1,400 300 69 (Z) 74 65 81

$950 to $1,049 ................. 2,900 100 700 1,900 200 63 - 91 54 77

$1,050 or more................. 13,600 600 3,500 6,300 3,200 69 83 84 58 68

Median asking rent ............. $1,042 $1,050+ $1,050+ $995 $1,050+ (X) (X) (X) (X) (X)

- Represents zero. X Not applicable. Z Fewer than 50 units or less than one-half of 1 percent.

Source: U.S. Census Bureau, Survey of Market Absorption, 2001.

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: 2001

[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 metropolitan areas

Outside

metropolitan areasUnited

States

Inside metropolitan areas

Outside

metropolitan areasIn central

city

Not in

central city

In central

city

Not in

central city

Total . . . ...................... 192,400 79,900 100,200 12,300 64 64 63 75

Less than $550 .................... 15,000 6,500 6,600 1,900 73 79 73 51

$550 to $649 . . . ..................... 20,600 8,700 8,900 3,000 63 73 54 62

$650 to $749 . . . ..................... 25,100 9,400 13,000 2,700 66 61 65 85

$750 to $849 . . . ..................... 28,100 11,200 16,400 500 60 65 56 100

$850 to $949 . . . ..................... 26,400 9,300 16,500 700 60 58 59 100

$950 or more ........................ 77,100 34,800 38,800 3,500 65 62 67 83

Median asking rent ................... $877 $894 $881 $696 (X) (X) (X) (X)

No bedroom ....................... 3,800 2,900 800 - 67 69 59 (X)

Less than $750 . . .................... 1,600 1,100 400 - 78 77 78 (X)

$750 or more ........................ 2,200 1,800 400 - 59 64 39 (X)

Median asking rent ................... $950+ $950+ $724 (X) (X) (X) (X) (X)

1 bedroom . ....................... 63,800 31,700 31,500 600 67 64 69 85

Less than $550 . . .................... 8,400 3,500 4,800 100 78 78 78 100

$550 to $649 . . . ..................... 6,800 4,400 1,900 500 71 70 71 83

$650 to $749 . . . ..................... 11,400 4,900 6,600 (Z) 65 58 69 (Z)

$750 to $849 . . ..................... 11,100 4,200 6,900 - 63 62 63 (X)

$850 to $949 . . . ..................... 6,900 3,700 3,200 - 60 56 64 (X)

$950 or more ........................ 19,100 11,000 8,100 - 66 64 69 (X)

Median asking rent ................... $797 $823 $785 $596 (X) (X) (X) (X)

2 bedrooms ....................... 97,200 35,000 55,000 7,300 63 62 62 73

Less than $550 . . .................... 4,300 1,700 1,300 1,300 64 75 48 65

$550 to $649 . . . ..................... 11,200 3,700 5,700 1,900 61 75 57 45

$650 to $749 . . . ..................... 10,800 3,600 4,800 2,400 69 64 60 95

$750 to $849 . . . ..................... 14,300 5,700 8,100 500 60 66 53 100

$850 to $949 . . . ..................... 17,000 4,100 12,500 400 59 58 58 100

$950 to $1,049 ...................... 10,800 2,600 8,300 - 70 59 73 (X)

$1,050 or more . . . ................... 28,800 13,700 14,400 700 61 56 67 60

Median asking rent ................... $897 $920 $911 $667 (X) (X) (X) (X)

3 bedrooms or more................ 27,600 10,400 12,800 4,400 63 71 53 76

Less than $550 . . .................... 1,400 700 200 500 63 97 92 6

$550 to $649 . . . ..................... 2,100 400 1,200 600 45 77 9 98

$650 to $749 . . . ..................... 2,600 800 1,500 300 55 58 64 -

$750 to $849 . . . ..................... 2,700 1,300 1,400 - 55 67 43 (X)

$850 to $949 . . . ..................... 2,300 1,300 700 200 68 66 61 100

$950 to $1,049 ...................... 2,900 1,000 1,500 300 63 69 52 100

$1,050 or more . . . ................... 13,600 4,800 6,300 2,500 69 71 59 88

Median asking rent ................... $1,042 $1,017 $1,041 $1,050+ (X) (X) (X) (X)

- Represents zero. X Not applicable. Z Fewer than 50 units or less than one-half of 1 percent.

Source: U.S. Census Bureau, Survey of Market Absorption, 2001.

8

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

and Utilities for the United States: 2001

[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 3months

Total ........................................................ 192,400 100 64

AMENITIES

Swimming pool

Available

Included in rent ................................................... 143,000 74 63

At extra cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 1 79

Not available ....................................................... 48,500 25 66

Parking

Available

Included in rent ................................................... 182,600 95 64

At extra cost . . . .................................................. 6,300 3 63

Not available ....................................................... 3,400 2 69

Airconditioning

Available. . ....................................................... 183,500 95 64

Not available . . . .................................................. 8,900 5 61

Dishwasher

Available. . ....................................................... 186,800 97 63

Not available . . . .................................................. 5,600 3 86

UTILITIES

Electricity

Included in rent ................................................... 10,600 5 58

At extra cost . . . .................................................. 181,800 95 64

Gas

Available

Included in rent ................................................... 19,000 10 64

At extra cost . . . .................................................. 80,300 42 68

Not available ....................................................... 93,100 48 60

Source: U.S. Census Bureau, Survey of Market Absorption, 2001.

9

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

Number of Bedrooms and Geography: 2001

[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 ........................................................ 45,800 100 73

BEDROOMS

Fewer than 2 bedrooms ............................................. 5,300 12 67

2 bedrooms ........................................................ 24,700 54 73

3 bedrooms or more ................................................ 15,900 35 74

REGION

Northeast .......................................................... 5,100 11 81

Midwest . . . ........................................................ 7,800 17 56

South ............................................................. 19,200 42 76

West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,700 30 75

AREA

Inside metropolitan areas . . .......................................... 40,100 87 70

In central city..................................................... 17,800 39 62

Not in central city (suburbs) ........................................ 22,300 49 77

Outside metropolitan areas .......................................... 5,800 13 91

Source: U.S. Census Bureau, Survey of Market Absorption, 2001.

10

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

Number of Bedrooms, and Geography: 2001

[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 .............................................. 45,100 100 73 $183,700

ASKING PRICE

Less than $100,000 ....................................... 7,900 18 69 (X)

$100,000 to $124,999 . . ................................... 4,900 11 81 (X)

$125,000 to $149,999 . . ................................... 4,700 11 72 (X)

$150,000 to $199,999 . . ................................... 7,400 17 75 (X)

$200,000 to $249,999 . . ................................... 4,500 10 79 (X)

$250,000 or more ......................................... 15,600 35 71 (X)

BEDROOMS

Fewer than 2 bedrooms.................................... 5,100 11 68 $193,100

2 bedrooms .............................................. 24,300 54 74 $176,000

3 bedrooms or more. . ..................................... 15,700 35 75 $192,000

REGION

Northeast ................................................ 5,100 11 81 $250,000+

Midwest.................................................. 7,600 17 56 $151,900

South . . .................................................. 18,700 41 77 $217,900

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,700 30 75 $142,600

AREA

Inside metropolitan areas . . ................................ 39,300 87 71 $186,200

In central city . .......................................... 17,300 38 63 $250,000+

Not in central city (suburbs) .............................. 22,000 49 77 $157,100

Outside metropolitan areas . ................................ 5,800 13 91 $171,600

X Not applicable.

Source: U.S. Census Bureau, Survey of Market Absorption, 2001.

11

U.S. Census Bureau
Table 7. Furnished Apartments Completed and 3-Month Absorption Rate by Asking Rent, Number

of Bedrooms, and Geography: 2001

[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 .............................................. 4,500 100 87 $950+

ASKING RENT

Less than $750 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 6 86 (X)

$750 or more . . . .......................................... 4,200 94 87 (X)

BEDROOMS

Fewer than 2 bedrooms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 5 96 $750

2 bedrooms or more. . ..................................... 4,200 95 86 $1,050+

REGION

Northeast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - (X) (X)

Midwest.................................................. 1,300 28 100 $950+

South . . .................................................. 2,900 65 80 $950+

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 6 97 $660

AREA

Inside metropolitan areas . . ................................ 3,500 79 90 $950+

In central city . .......................................... 3,100 70 90 $950+

Not in central city (suburbs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 8 90 $950+

Outside metropolitan areas . ................................ 1,000 21 77 $950+

- Represents zero. X Not applicable.

Source: U.S. Census Bureau, Survey of Market Absorption, 2001.

12

U.S. Census Bureau
Table 8. Total Apartments Completed in Buildings With Five Units or More: 1970 to 2001

[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

2001. ............ 281,000 192,400 68 4,500 2 45,800 16 26,600 9 11,800 4

2000. ............ 300,000 226,100 75 2,900 1 35,700 12 25,200 8 10,100 3

1999. ............ 291,800 225,900 77 7,700 3 34,200 12 13,600 5 10,400 4

1998. ............ 273,900 209,900 77 3,000 1 34,500 13 20,000 7 6,600 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 1 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, Survey of Market Absorption, 2001.

13

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

Completions in 2001

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, Survey of Market Absorption, 2001.

Table B. Standard Errors of Estimated Percentages for Rental Apartments: Completions in 2001

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, Survey of Market Absorption, 2001.

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

in 2001

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, Survey of Market Absorption, 2001.

14

U.S. Census Bureau