CURRENT HOUSING REPORTS

Characteristics

of Apartments

Completed: 1996

H131/96-A

Issued July 1997

HIGHLIGHTS1

x Preliminary estimates from the Survey of Market Absorption show that during 1996, a total of 191,500 privately

financed, nonsubsidized, unfurnished, rental apartments

in buildings of five units or more were completed in

permit-issuing areas in the United States. This was a 23

(±11) percent increase over the 155,600 completions in

1995, and an 84 (±18) percent increase over the 103,800

such units completed in 1994. It was the largest number

of privately financed, nonsubsidized, unfurnished rental

apartments completed since 1990. (See Table 8.)

x The majority (51 percent) of these units were built in the

South, followed by the West with 27 percent. Next was

the Midwest with 19 percent, while the fewest (3 percent)

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

x Two-bedroom units were the predominant size built,

accounting for about 53 percent of newly constructed

rental apartments, compared with 31 percent for onebedroom units. Three-or-more bedroom apartments ranked

third at 15 percent, while efficiencies accounted for only

1 percent of rental completions. This pattern is similar to

1995.

x The median monthly asking rent for unfurnished rental

apartments completed in 1996 was $671, which was not

significantly different than the median of $654 for rental

apartments completed in 1995, nor did it differ significantly from the inflation-adjusted 1995 median of $673.

In 1996, about 54 percent of unfurnished rental apartments rented for more than $650 and 69 percent were

absorbed within 3 months of completion. About 79

percent of the 10 percent of the 1996 completions with

an asking rent below $450 were absorbed in 3 months,

while 75 percent of the remaining 36 percent of units

renting from $450 to $649 were absorbed in 3 months.

(The latter two absorption rates did not differ significantly

from one another but both were were higher than the

rate for units renting for $650 or more.) (See Table 2.)

x There were no significant differences among the 3-month

absorption rates for two-bedroom apartments (71 percent), one-bedroom apartments, (73 percent), efficiency

apartments (72 percent), and three-or-more-bedroom

apartments (75 percent).

x Forty-seven percent of new rental apartments in 1996

were built in suburban areas, the same as were built

in the nation’s central cities. The remaining 6 percent

were built outside Metropolitan Areas (MAs). About 88

percent of new apartments outside MAs were 88 percent

absorbed in 3 months on the market, which was higher

than the rates for those completed in central cities (73

percent) and suburban areas (69 percent). (The latter

two rates were not significantly different from one another.)

(See Table 3.)

x Of the 191,500 newly built rental apartments in 1996, 91

percent had air conditioning available, while 73 percent

had a swimming pool available. Only 3 percent included

electricity in the monthly rent. (See Table 4.)

x About 36,900 cooperative and condominium apartments

were completed in 1996, not significantly different from

the 36,200 such completions in 1995. Within 3 months,

81 percent (±7) percent had been sold (absorbed). More

(42 percent) of these units were built in the South than in

any other region of the country. The West, with 27

percent of newly constructed cooperatives and condominiums, had a significantly higher proportion than the

Midwest (13 percent), but not higher than the Northeast

(18 percent). (The latter two percentages did not differ

significantly from one another.) (See Table 5.)

x The median asking price for all condominium apartments built in 1996 was $116,000, not significantly

different from the $114,000 asking price in 1995, nor the

1995 inflation-adjusted median asking price of $117,400.

Ninety (±5) percent of all new condominiums built in

1996 had two bedrooms or more. The majority (53

percent) of new condominiums were built in suburban

areas and 82 percent were absorbed in 3 months. Thirty

percent were built in central cities, followed by 17

percent built outside of metropolitan areas. The 3-month

absorption rate of 93 percent for units built outside of

1

Numbers in parentheses represent the 90-percent confidence interval. Details may not sum to totals because of rounding.

U.S. Department of Commerce

Economics and Statistics Administration

BUREAU OF THE CENSUS

U.S. Department of Housing

and Urban Development
metropolitan areas was not significantly different from

that of the suburbs, but exceeded the rate in central

cities (71 percent). (There was no significant difference

between the 3-month absorption rates for units built in

central cities and in the suburbs.) (See Table 6.)

x Completions of apartments in all residential buildings

with five units or more increased by about 18 (±9)

percent between 1995 and 1996 from 212,400 to

251,300 units (Table 8). The number of apartments

completed in 1996 was the largest since 1990, when

294,400 apartments were built. Seventy-six (±2) percent

of 1996 completions were nonsubsidized, unfurnished,

rental apartments, 6 (±1) percent were in federally

subsidized properties, 15 (±2) percent were cooperatives and condominiums, 1 (±0.5) percent were furnished rental units, and the remaining 2 (±0.6) percent

were not in the scope of the survey.

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

Regions: 1996

[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 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....................... 191,500 6,100 37,300 97,000 51,100 100 100 100 100 100

ASKING RENT

Less than $350 ................ 4,300 1,000 400 1,300 1,500 2 17 1 1 3

$350 to $449 .................. 14,900 100 6,000 6,400 2,400 8 1 16 7 5

$450 to $549 .................. 32,700 1,100 13,800 14,300 3,500 17 17 37 15 7

$550 to $649 .................. 36,300 900 8,400 18,600 8,400 19 14 23 19 16

$650 to $749 .................. 34,600 1,300 2,700 16,900 13,600 18 22 7 17 27

$750 or more .................. 68,800 1,700 5,900 39,500 21,700 36 28 16 41 42

Median asking rent ............. $671 $649 $538 $696 $721 (X) (X) (X) (X) (X)

BEDROOMS

No bedroom ................... 2,700 300 800 900 6001521 1

1 bedroom..................... 59,400 3,200 8,400 33,300 14,500 31 52 23 34 29

2 bedrooms.................... 101,000 2,300 22,400 48,400 27,900 53 38 60 50 55

3 bedrooms or more ............ 28,400 300 5,700 14,300 8,000 15 6 15 15 16

X Not applicable.

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 cooperative or condominium

apartment is sold after completion. If apartments initially

intended to be sold as cooperative or condominium 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

following programs of the Department of Housing and

Urban Development: Low Income Housing Assistance (Section 8), 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 subsequent to completion).

Tables 1 through 4 are restricted to privately financed,

nonsubsidized, unfurnished rental apartments. Table 5 is

restricted to privately financed, nonsubsidized, cooperative

and condominium 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 an 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 us to construct 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.)

2
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,

we are uncertain whether or not the change has 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 Survey of Market Absorption 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 the processing of annual data for 1990.

Caution must be used when comparing 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, unfurnished, nonsubsidized 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 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.

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 sample 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 for 1990 could be derived using the same

methodology for four quarters. No additional re-estimation

of past data is planned.

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 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-accounted-for 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

2

See ESTIMATION above.

3

See the January 1997 issue of ′′Housing Starts,′′ Construction

Reports, Series C20, for details of this survey.

3
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 believe

that most of the important response and operational errors

were detected during the 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 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 both 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:

x 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 of all possible

samples.

x 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 of all

possible samples.

x 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 of 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.

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 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 1 of this report shows that 14,900 units completed

in 1996 rented for $350 to $449. Table A shows the

standard error of an estimate of this size to be approximately 1,900. To obtain a 90-percent confidence interval,

multiply 1,900 by 1.6 and add and subtract the result from

14,900 yielding limits of 11,860 and 17,940. The average

estimate of these units completed in 1996 renting for $350

to $449 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 shows that the rate of absorption after 3 months

for units renting renting between $350 and $449 is 82

percent. Table B shows the standard error on a 82 percent

rate on a base of 14,900 to be approximately 5.0 percent.

Multiply 5.0 by 1.6 (yielding 8) and add and subtract the

result from 82. The 90-percent confidence interval for the

absorption rate of 82 percent is from 74 to 90.

Table 2 also shows that the median asking rent for an

estimated 101,000 two-bedroom unfurnished rental apartments was $677. The standard error of this median is

about $15.

4
Several statistics are needed to calculate the standard

error of a median.

x The base of the median — the estimated number of units

for which the median has been calculated. In this

example, 101,000.

x 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 a base of 101,000 is about 2.5

percent.

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

this example, the median lies between $650 and $749.

The length of the interval is $100.

x The estimated proportion of the base falling in the

interval that contains the median. In this example, 17

percent. The standard error of the median is obtained by

using the following approximation:

length of interval containing

the sample median

standard error of median = σ50% x

estimated proportion of the base

falling within the interval

containing the sample median

For this example, the standard error of the median of

$677 is:

2.5 2

100

17 5 $15

Therefore, 1.6 standard errors equals $24. This means

that an approximate 90-percent confidence interval for the

median asking rent of $677 would be between $653 and

$701 ($677 plus or minus $24).

5
Figure 1.

Percent Distribution of New Unfurnished Rental and New Cooperative

and Condominium Units Completed, by Region: 1996

Northeast

18%

Midwest

South 13%

42%

West

27%

Northeast

3%

Midwest

19%

South

51%

West

27%

Unfurnished rental

apartments

Cooperative and condominium

apartments

450

500

550

600

650

700

750

800

United Northeast Midwest South West

States

Figure 2.

Median Asking Rent/Price for Unfurnished Rental and

Condominium Apartments Completed in 1996

0

50

100

150

200

Dollars Thousands of dollars

United Northeast Midwest South West

States

Unfurnished rental aparments asking rent Condominium apartments asking price

6













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

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










Table 2. Unfurnished Apartments Completed and 3-Month Absorption Rate by Rent and Number of Bedrooms

for the United States and Regions: 1996

[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 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........................ 191,500 6,100 37,300 97,000 51,100 72 61 77 70 75

Less than $350 ................ 4,300 1,000 400 1,300 1,500 70 18 83 79 96

$350 to $449 .................. 14,900 100 6,000 6,400 2,400 82 69 80 81 93

$450 to $549 .................. 32,700 1,100 13,800 14,300 3,500 78 73 79 76 85

$550 to $649 .................. 36,300 900 8,400 18,600 8,400 73 49 79 69 77

$650 to $749 .................. 34,600 1,300 2,700 16,900 13,600 69 55 86 66 72

$750 or more .................. 68,800 1,700 5,900 39,500 21,700 69 91 65 68 70

Median asking rent ............. $671 $649 $538 $696 $721 (X) (X) (X) (X) (X)

No bedroom ................... 2,700 300 800 900 600 72 97 71 73 61

Less than $550 ................ 1,100 200 300 300 200 80 97 97 74 56

$550 or more .................. 1,600 (Z) 500 600 400 66 (Z) 59 72 64

Median asking rent ............. $588 $350- $585 $614 $661 (X) (X) (X) (X) (X)

1 bedroom..................... 59,400 3,200 8,400 33,300 14,500 73 59 80 72 74

Less than $350 ................ 1,900 900 200 700 200 43 (Z) 64 77 98

$350 to $449 .................. 6,500 (Z) 2,800 3,200 400 85 52 90 79 92

$450 to $549 .................. 8,600 1,000 2,400 3,600 1,600 72 72 82 63 76

$550 to $649 .................. 14,000 300 1,300 8,500 3,900 74 68 87 71 77

$650 to $749 .................. 14,000 400 200 7,500 5,800 73 96 58 72 73

$750 or more .................. 14,400 500 1,400 9,800 2,600 72 93 57 74 70

Median asking rent ............. $640 $519 $498 $659 $670 (X) (X) (X) (X) (X)

2 bedrooms.................... 101,000 2,300 22,400 48,400 27,900 71 62 76 68 74

Less than $350 ................ 1,800 - (Z) 500 1,300 93 (X) (Z) 80 98

$350 to $449 .................. 7,900 - 3,100 3,000 1,700 81 (X) 71 82 97

$450 to $549 .................. 19,300 100 9,500 8,800 1,000 81 83 82 79 92

$550 to $649 .................. 16,900 500 5,700 7,200 3,500 68 30 77 60 74

$650 to $749 .................. 16,800 700 1,700 7,500 6,900 68 37 89 63 71

$750 to $849 .................. 14,900 600 800 6,900 6,500 67 98 87 63 65

$850 or more .................. 23,500 400 1,500 14,500 7,100 67 79 28 67 74

Median asking rent ............. $677 $738 $534 $712 $744 (X) (X) (X) (X) (X)

3 bedrooms or more ............ 28,400 300 5,700 14,300 8,000 75 50 78 72 77

Less than $350 . . . . . . . . . . . . . . . . (Z) - - (Z) (Z) (Z) (X) (X) (Z) (Z)

$350 to $449 . . . . . . . . . . . . . . . . . . 200 (Z) - (Z) 200 85 (Z) (X) (Z) 85

$450 to $549 .................. 4,500 - 1,800 1,800 900 79 (X) 59 92 94

$550 to $649 .................. 4,800 (Z) 1,100 2,700 900 87 (Z) 88 82 94

$650 to $749 .................. 3,600 200 800 1,800 700 61 33 86 51 69

$750 to $849 .................. 3,600 - 500 1,600 1,600 73 (X) 65 75 72

$850 or more .................. 11,700 100 1,500 6,400 3,700 73 81 95 67 72

Median asking rent ............. $779 $701 $642 $799 $832 (X) (X) (X) (X) (X)

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

7
Table 3. Unfurnished Apartments Completed and 3-Month Absorption Rate by Rent and Number of Bedrooms

for the United States and Inside or Outside Metropolitan Areas: 1996

[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 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

(suburbs)

In central

city

Not in

central city

(suburbs)

Total ............................ 191,500 89,600 90,600 11,200 72 73 69 88

Less than 350 ....................... 4,300 900 3,000 400 70 85 66 71

$350 to $449 ........................ 14,900 5,800 6,900 2,200 82 83 83 78

$450 to $549 ........................ 32,700 14,500 12,500 5,700 78 79 69 96

$550 to $6492 ....................... 36,300 20,500 14,100 1,800 73 70 73 98

$650 to $7492 ....................... 34,600 17,700 16,700 100 69 69 69 83

$750 or more ........................ 68,800 30,200 37,500 1,000 69 73 66 57

Median asking rent ................... $671 $667 $703 $502 (X) (X) (X) (X)

No bedroom ......................... 2,700 1,700 900 (Z) 72 75 65 (Z)

Less than $550 ...................... 1,100 900 200 (Z) 80 80 81 (Z)

$550 or more ........................ 1,600 900 700 - 66 71 61 (X)

Median asking rent ................... $588 $547 $750+ $350- (X) (X) (X) (X)

1 bedroom .......................... 59,400 29,500 28,400 1,500 73 75 70 93

Less than $350 ...................... 1,900 300 1,300 300 43 77 30 67

$350 to $449 ........................ 6,500 2,400 3,500 600 85 79 86 100

$450 to $549 ........................ 8,600 5,600 2,400 600 72 70 67 100

$550 to $649 ........................ 14,000 7,500 6,400 - 74 74 74 (X)

$650 to $749 ........................ 14,000 6,000 8,000 - 73 78 68 (X)

$750 or more ........................ 14,400 7,700 6,800 - 72 74 70 (X)

Median asking rent ................... $640 $635 $657 $426 (X) (X) (X) (X)

2 bedrooms ......................... 101,000 44,300 49,700 7,100 71 71 68 93

Less than $350 ...................... 1,800 200 1,600 (Z) 93 86 94 (Z)

$350 to $449 ........................ 7,900 2,800 3,400 1,700 81 90 79 70

$450 to $549 ........................ 19,300 6,600 8,400 4,400 81 81 70 100

$550 to $649 ........................ 16,900 10,100 5,800 900 68 64 69 100

$650 to $749 ........................ 16,800 8,900 7,800 100 68 66 69 100

$750 to $849 ........................ 14,900 5,700 9,200 - 67 70 64 (X)

$850 or more ........................ 23,500 10,000 13,500 - 67 73 63 (X)

Median asking rent ................... $677 $677 $721 $493 (X) (X) (X) (X)

3 bedrooms or more.................. 28,400 14,200 11,700 2,500 75 77 72 72

Less than $350 . . . . . . . . . . . . . . . . . . . . . . (Z) (Z) - (Z) (Z) (Z) (X) (Z)

$350 to $449 . . . . . . . . . . . . . . . . . . . . . . . . 200 200 - - 85 85 (X) (X)

$450 to $549 ........................ 4,500 2,200 1,600 700 79 91 68 67

$550 to $649 ........................ 4,800 2,300 1,700 800 87 86 83 96

$650 to $749 ........................ 3,600 2,800 800 (Z) 61 61 62 (Z)

$750 to $849 ........................ 3,600 1,700 1,800 100 73 70 74 100

$850 or more ........................ 11,700 4,900 5,800 900 73 78 71 53

Median asking rent ................... $779 $734 $847 $625 (X) (X) (X) (X)

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

8
Table 4. Unfurnished Apartments Completed and 3-Month Absorption Rate by Amenities and Utilities for the

United States: 1996

[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]

Characteristic Number Percent

Percent absorbed

within 3 months

Total ............................................................ 191,500 100 72

AMENITIES

Swimming pool

Åvailable

Included in rent.................................................... 137,800 72 71

At extra cost ...................................................... 1,300 1 36

Not available ....................................................... 52,400 27 76

Parking

Åvailable

Included in rent.................................................... 189,600 99 72

At extra cost ...................................................... 1,300 1 81

Not available . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 (Z) 54

Air-conditioning

Åvailable ......................................................... 174,700 91 72

Not available ...................................................... 16,800 9 75

Dishwasher

Åvailable ......................................................... 180,700 94 73

Not available ...................................................... 10,800 6 61

UTILITIES

Electricity

Included in rent.................................................... 6,100 3 70

At extra cost ...................................................... 185,400 97 72

Gas

Åvailable

Included in rent.................................................... 11,200 6 77

At extra cost ...................................................... 82,600 43 75

Not available ....................................................... 97,600 51 70

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

9
Table 5. Cooperative and Condominium Apartments Completed and 3-Month Absorption Rate by Number of

Bedrooms and Geography: 1996

[Privately financed, nonsubsidized, cooperative and condominium 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]

Characteristic Number Percent

Percent absorbed

within 3 months

Total ............................................................ 36,900 100 81

BEDROOMS

Fewer than 2 bedrooms ............................................. 3,700 10 83

2 bedrooms ........................................................ 27,200 74 82

3 bedrooms or more ................................................ 6,000 16 75

REGION

Northeast .......................................................... 6,600 18 92

Midwest ........................................................... 5,000 13 69

South ............................................................. 15,500 42 87

West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,900 27 68

AREA

Inside Metropolitan Area ............................................. 30,700 83 78

In central city...................................................... 11,100 30 71

Not in central city (suburbs)......................................... 19,600 53 82

Outside Metropolitan Area ........................................... 6,300 17 93

10
Table 6. Condominium Apartments Completed and 3-Month Absorption Rate by Asking Price, Number of Bedrooms, and Geography: 1996

[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 are computed

using unrounded data]

Characteristic Number Percent

Percent absorbed

within 3 months

Median

asking price

Total ................................................. 36,600 100 81 $116,000

ASKING PRICE

Less than $50,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 1 97 (X)

$50,000 to $74,999........................................ 4,200 11 93 (X)

$75,000 to $99,999........................................ 9,600 26 82 (X)

$100,000 to $149,999 ..................................... 12,900 35 80 (X)

$150,000 to $199,999 ..................................... 5,900 16 79 (X)

$200,000 or more ......................................... 3,600 10 66 (X)

BEDROOMS

Fewer than 2 bedrooms.................................... 3,700 10 83 $106,300

2 bedrooms .............................................. 27,000 74 82 $111,700

3 bedrooms or more....................................... 5,900 16 75 $151,800

REGION

Northeast ................................................ 6,500 18 93 $137,400

Midwest.................................................. 4,800 13 68 $118,800

South .................................................... 15,300 42 88 $91,900

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,900 27 68 $130,800

AREA

Inside Metropolitan Area ................................... 30,300 83 78 $124,500

In central city ............................................ 11,000 30 71 $137,500

Not in central city (suburbs) ............................... 19,300 53 82 $120,500

Outside Metropolitan Area.................................. 6,300 17 93 $80,000

X Not applicable.

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

and Geography: 1996

[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 are computed using unrounded data]

Characteristic Number Percent

Percent absorbed

within 3 months

Median

asking rent

Total ................................................. 2,400 100 90 $486

ASKING RENT

Less than $550 ........................................... 1,500 65 88 (X)

$550 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 35 92 (X)

BEDROOMS

Fewer than 2 bedrooms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 36 100 $463

2 bedrooms or more....................................... 1,500 64 84 $756

REGION

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

Midwest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 26 100 $447

South .................................................... 1,500 63 84 $552

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 12 100 $487

AREA

Inside Metropolitan Area ................................... 2,000 83 91 $451

In central city ............................................ 1,800 76 90 $447

Not in central city (suburbs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 7 98 $750+

Outside Metropolitan Area. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 17 84 $750+

- Represents zero. X Not applicable.

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Table 8. Total Apartments Completed in Buildings With Five Units or More: 1970 to 1996

[Details may not sum to totals due to rounding]

Year

Total

Unfurnished

apartments

Furnished

apartments

Cooperatives and

condominiums

Federally

subsidized Other1

Number Percent Number Percent Number Percent Number Percent Number Percent

1996............. 251,300 191,500 76 2,400 1 36,900 15 14,300 6 6,200 2

1995............. 212,400 155,000 73 1,600 1 36,400 17 13,700 7 5,700 2

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 13 35,300 16 9,600 4 3,500 2

1990............. 294,400 214,300 73 2,900 15 52,600 18 13,800 5 10,800 4

1989............. 337,900 246,400 73 4,900 15 59,700 18 19,800 6 7,200 2

1988............. 388,600 284,500 73 4,300 17 76,200 20 15,200 4 8,400 2

1987............. 474,200 345,600 73 7,900 29 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 38 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).

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Table A. Standard Errors for Estimates of Apartments in Buildings With Five Units or More: Completions in 1996

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 4 for instructions on the use of this table.

Table B. Standard Errors of Estimated Percentages for Rental Apartments: Completions in 1996

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 4 for instructions on the use of this table.

Table C. Standard Errors of Estimated Percentages for Condominium Apartments: Completions in 1996

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 4 for instructions on the use of this table.

13