CURRENT HOUSING REPORTS

Characteristics

of Apartments

Completed: 1997

H131/97-A

Issued July 1998

HIGHLIGHTS1

x Preliminary estimates from the Survey of Market Absorption show that during 1997, a total of 189,700 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 not significantly different from the 191,300 completions in 1996, but is a 22 (±11) percent increase over the

155,000 such units completed in 1995. Along with 1996

completions, 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 new units were built in

the South, followed by the West with 27 percent. The

Midwest ranked third in terms of rental completions with

18 percent, while the fewest (4 percent) were built in the

Northeast. (See Table 1.)

x Two-bedroom units were the predominant size built,

accounting for about 52 percent of newly constructed

rental apartments, compared with 30 percent for onebedroom units. Three-or-more bedroom apartments ranked

third at 15 percent, while efficiencies (no bedroom)

accounted for only 4 percent of rental completions. This

pattern is similar to the one observed in 1996.

x The median monthly asking rent for all unfurnished

rental apartments completed in 1997 was $724, which

was $52 (±22) higher than the median of $672 for rental

apartments completed in 1996, and $37 (±22) higher

than the inflation-adjusted 1996 median of $687. In

1997, 45 percent of the unfurnished rental apartments

had an asking rent of $750 or more and 71 percent were

absorbed within 3 months of completion. Only 19 percent of completions had an asking rent below $550 and

were 77 percent absorbed within 3 months, while 74

percent of the remaining units renting from $550 to $749

(36 percent) were absorbed within 3 months. (None of

these three absorption rates differed significantly from

one another.) (See Table 2.)

x The 3-month absorption rate for one-bedroom apartments completed in 1997 was 77 percent. This rate was

higher than both the rates for efficiency apartments (61

percent), and three-or-more bedroom apartments (67

percent), but not significantly different from the 74 percent 3-month absorption rate for two-bedroom apartments. There was no significant difference among the

3-month absorption rates for efficiency apartments, twobedroom apartments, and three-or-more bedroom apartments.

x The majority (53 percent) of new rental apartments in

1997 were built in suburban areas, followed by 40

percent built in the nation’s central cities. Only 7 percent

of new rental completions were built outside Metropolitan Areas (MAs). There was no significant difference

among the 3-month absorption rates for rental completions in central cities (74 percent), suburban areas (73

percent), and outside MAs (72 percent). (See Table 3.)

x Of the 189,700 newly-built rental apartments in 1997, 92

percent had air conditioning available, while 69 percent

had a swimming pool available. Only 5 percent included

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

x About 35,800 condominium and cooperative apartments

were completed in 1997, not significantly different from

the 36,900 such completions in 1996. Within 3 months,

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

of these units were built in the South (45 percent) than in

any other region of the country. The West, with 30

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

the Midwest (13 percent) or the Northeast (12 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 1997 was $119,700, not significantly

different from the $115,800 asking price in 1996, nor the

1996 inflation-adjusted median asking price of $118,500.

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

1997 had two bedrooms or more. There were no significant differences in the number of newly built condominium units with an asking price below $100,000, those

1

Numbers in parentheses represent the 90-percenst 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

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.
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

the units in these respective price ranges. (See Table 6.)

x Approximately 247,000 apartments in all residential buildings with five units or more were completed in 1997, not

significantly different from the 251,300 such units completed in 1996 (Table 8). Seventy-seven (±2) percent of

1997 completions were nonsubsidized, unfurnished, rental

apartments; 6 (±1) percent were in federally subsidized

properties; 15 (±2) percent were condominiums and

cooperatives; 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: 1997

[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. . . . . . . . . . . . . . . . . . . . 189,700 7,600 34,500 96,000 51,500 100 100 100 100 100

ASKING RENT

Less than $450 . . . . . . . . . . . . . . . . 14,300 200 3,100 8,800 2,300 8299 4

$450 to $549 . . . . . . . . . . . . . . . . . . 22,500 100 7,500 11,300 3,700 12 1 22 12 7

$550 to $649 . . . . . . . . . . . . . . . . . . 29,800 200 9,000 13,800 6,800 16 3 26 14 13

$650 to $749 . . . . . . . . . . . . . . . . . . 37,600 1,900 5,700 18,000 12,000 20 25 17 19 23

$750 to $849 . . . . . . . . . . . . . . . . . . 26,300 400 2,600 14,000 9,300 14 6 8 15 18

$850 or more . . . . . . . . . . . . . . . . . . 59,100 4,800 6,700 30,200 17,400 31 62 20 31 34

Median asking rent ............. $724 $850+ $624 $728 $760 (X) (X) (X) (X) (X)

BEDROOMS

No bedroom . . . . . . . . . . . . . . . . . . . 7,400 2,200 800 2,200 2,200 4 29 2 2 4

1 bedroom. . . . . . . . . . . . . . . . . . . . . 55,900 1,400 6,800 31,800 16,000 30 18 20 33 31

2 bedrooms. . . . . . . . . . . . . . . . . . . . 98,500 2,500 22,400 48,300 25,400 52 32 65 50 49

3 bedrooms or more . . . . . . . . . . . . 27,900 1,600 4,500 13,800 7,900 15 21 13 14 15

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 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

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 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 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.)

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

2

U.S. Census Bureau, the Official StatisticsTM Jun. 24, 1998
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 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 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 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 4 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 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 permitissuing 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

in interpretation of questions; inability or unwillingness of

the respondents to provide correct information; and errors

made in processing the data. These nonsampling errors

2

See ESTIMATION above.

3

See the January 1998 issue of ′′Housing Starts,′′ Construction

Reports, Series C20, for details of this survey.

3

U.S. Census Bureau, the Official StatisticsTM Jun. 24, 1998
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 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 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 inter

vals 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 from 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 from 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 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.

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 6 of this report shows that there were 15,000

condominium apartments built in the South. Table A shows

the standard error of an estimate of this size to be

approximately 2,200. To obtain a 90-percent confidence

interval, multiply 2,200 by 1.6 and add and subtract the

result from 15,000 yielding limits of 11,480 and 18,520. The

average estimate of these units completed in 1997 in the

South 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 6 also shows that the rate of absorption after 3

months for these condominiums in the South is 88 percent.

Table C shows the standard error on a 88 percent rate on

a base of 15,000 to be approximately 5.2 percent. Multiply

5.2 by 1.6 (yielding 8) and add and subtract the result from

88. The 90-percent confidence interval for the absorption

rate of 88 percent is from 80 to 96.

4

U.S. Census Bureau, the Official StatisticsTM Jul. 13, 1998
Table 3 shows that the median asking rent for an

estimated 25,800 one-bedroom apartments built in central

cities was $675. The standard error of this median is about

$27.

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, 25,800.

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 25,800 is about 5.2 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, 19

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

$675 is:

5.2 2

100

19 = $27

Therefore, 1.6 standard errors equals $43. This means

that an approximate 90-percent confidence interval for

the median asking rent of $675 would be between $632

and $718 ($675 plus or minus $43).

5

U.S. Census Bureau, the Official StatisticsTM Jun. 24, 1998
Figure 1.

Percent Distribution of New Unfurnished Rental and New Condominium

and Cooperative Units Completed, by Region: 1997

Northeast

12%

Midwest

South 13%

45%

West

30%

Northeast

4%

Midwest

18%

South

51%

West

27%

Unfurnished rental

apartments

Condominium and cooperative

apartments

0

100

200

300

400

500

600

700

800

900

United Northeast* Midwest South West

States

Figure 2.

Median Asking Rent/Price for Unfurnished Rental and

Condominium Apartments Completed in 1997

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, Survey of Market Absorption, 1997

Source: U.S. Bureau of the Census, Survey of Market Absorption, 1997

* Northeast median asking rent is $850 or more












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

for the United States and Regions: 1997

[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. . . . . . . . . . . . . . . . . . . . 189,700 7,600 34,500 96,000 51,500 73 55 81 73 73

Less than $450 . . . . . . . . . . . . . . . . 14,300 200 3,100 8,800 2,300 81 55 75 84 80

$450 to $549 . . . . . . . . . . . . . . . . . . 22,500 100 7,500 11,300 3,700 75 51 83 72 71

$550 to $649 . . . . . . . . . . . . . . . . . . 29,800 200 9,000 13,800 6,800 72 77 74 72 71

$650 to $749 . . . . . . . . . . . . . . . . . . 37,600 1,900 5,700 18,000 12,000 75 38 85 76 74

$750 to $849 . . . . . . . . . . . . . . . . . . 26,300 400 2,600 14,000 9,300 72 98 91 67 74

$850 or more . . . . . . . . . . . . . . . . . . 59,100 4,800 6,700 30,200 17,400 71 56 85 71 71

Median asking rent ............. $724 $850+ $624 $728 $760 (X) (X) (X) (X) (X)

No bedroom . . . . . . . . . . . . . . . . . . . 7,400 2,200 800 2,200 2,200 61 22 99 82 64

Less than $650 . . . . . . . . . . . . . . . . 3,000 200 400 1,600 800 88 35 97 90 92

$650 or more . . . . . . . . . . . . . . . . . . 4,400 2,000 500 500 1,400 42 21 100 55 49

Median asking rent ............. $850+ $850+ $850+ $450- $850+ (X) (X) (X) (X) (X)

1 bedroom. . . . . . . . . . . . . . . . . . . . . 55,900 1,400 6,800 31,800 16,000 77 78 86 76 74

Less than $450 . . . . . . . . . . . . . . . . 5,600 (Z) 1,500 3,300 800 74 (Z) 96 69 56

$450 to $549 . . . . . . . . . . . . . . . . . . 7,800 - 2,900 3,500 1,500 75 (X) 80 73 72

$550 to $649 . . . . . . . . . . . . . . . . . . 10,600 100 700 6,500 3,400 77 100 92 77 75

$650 to $749 . . . . . . . . . . . . . . . . . . 12,000 200 300 6,500 5,100 80 96 82 78 80

$750 to $849 . . . . . . . . . . . . . . . . . . 8,500 300 400 5,000 2,900 75 99 80 74 73

$850 or more . . . . . . . . . . . . . . . . . . 11,400 800 1,100 7,100 2,500 76 65 89 77 69

Median asking rent ............. $682 $850+ $515 $690 $696 (X) (X) (X) (X) (X)

2 bedrooms. . . . . . . . . . . . . . . . . . . . 98,500 2,500 22,400 48,300 25,400 74 88 78 73 73

Less than $450 . . . . . . . . . . . . . . . . 6,200 (Z) 1,300 4,100 800 81 (Z) 43 92 86

$450 to $549 . . . . . . . . . . . . . . . . . . 12,300 (Z) 4,300 6,600 1,500 76 (Z) 85 71 67

$550 to $649 . . . . . . . . . . . . . . . . . . 14,400 200 7,200 5,000 2,000 71 66 71 68 78

$650 to $749 . . . . . . . . . . . . . . . . . . 21,400 600 4,700 10,800 5,400 76 99 85 73 73

$750 to $849 . . . . . . . . . . . . . . . . . . 13,300 100 1,400 6,200 5,600 72 94 91 65 75

$850 to $949 . . . . . . . . . . . . . . . . . . 11,000 200 700 5,500 4,600 67 87 84 67 62

$950 or more . . . . . . . . . . . . . . . . . . 19,900 1,400 2,800 10,200 5,500 78 86 80 75 79

Median asking rent ............. $726 $950+ $628 $728 $803 (X) (X) (X) (X) (X)

3 bedrooms or more . . . . . . . . . . . . 27,900 1,600 4,500 13,800 7,900 67 27 88 64 68

Less than $450 . . . . . . . . . . . . . . . . 800 (Z) (Z) 200 600 100 (Z) (Z) 99 100

$450 to $549 . . . . . . . . . . . . . . . . . . 1,400 - 300 900 200 62 (X) 76 66 33

$550 to $649 . . . . . . . . . . . . . . . . . . 4,500 - 1,100 2,200 1,300 65 (X) 85 67 46

$650 to $749 . . . . . . . . . . . . . . . . . . 3,900 1,200 700 600 1,300 50 2 87 81 58

$750 to $849 . . . . . . . . . . . . . . . . . . 4,500 (Z) 800 2,800 900 68 (Z) 97 57 73

$850 to $949 . . . . . . . . . . . . . . . . . . 4,100 (Z) 500 2,500 1,100 58 (Z) 83 44 78

$950 or more . . . . . . . . . . . . . . . . . . 8,800 400 1,200 4,700 2,600 77 97 91 72 76

Median asking rent ............. $825 $714 $770 $859 $820 (X) (X) (X) (X) (X)

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

7

U.S. Census Bureau, the Official StatisticsTM Jun. 24, 1998
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: 1997

[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 . . . . . . . . . . . . . . . . . . . . . . . . . 189,700 75,200 101,000 13,400 73 74 73 72

Less than $450 . . . . . . . . . . . . . . . . . . . . . . 14,300 4,100 6,400 3,900 81 77 88 73

$450 to $549 . . . . . . . . . . . . . . . . . . . . . . . . 22,500 11,100 8,800 2,600 75 71 78 81

$550 to $649 . . . . . . . . . . . . . . . . . . . . . . . . 29,800 13,700 13,700 2,400 72 73 71 82

$650 to $749 . . . . . . . . . . . . . . . . . . . . . . . . 37,600 13,700 22,300 1,600 75 77 72 94

$750 to $849 . . . . . . . . . . . . . . . . . . . . . . . . 26,300 10,000 14,800 1,600 72 75 73 44

$850 or more . . . . . . . . . . . . . . . . . . . . . . . . 59,100 22,700 35,000 1,300 71 74 71 37

Median asking rent ................... $724 $713 $746 $558 (X) (X) (X) (X)

No bedroom . . . . . . . . . . . . . . . . . . . . . . . . . 7,400 1,800 4,500 1,100 61 71 47 99

Less than $650 . . . . . . . . . . . . . . . . . . . . . . 3,000 1,400 500 1,100 88 77 93 99

$650 or more . . . . . . . . . . . . . . . . . . . . . . . . 4,400 500 3,900 - 42 56 41 (X)

Median asking rent ................... $850+ $502 $850+ $450- (X) (X) (X) (X)

1 bedroom . . . . . . . . . . . . . . . . . . . . . . . . . . 55,900 25,800 28,300 1,900 77 75 78 81

Less than $450 . . . . . . . . . . . . . . . . . . . . . . 5,600 1,900 3,000 700 74 73 80 52

$450 to $549 . . . . . . . . . . . . . . . . . . . . . . . . 7,800 4,400 2,500 1,000 75 66 82 100

$550 to $649 . . . . . . . . . . . . . . . . . . . . . . . . 10,600 5,400 5,000 200 77 78 77 87

$650 to $749 . . . . . . . . . . . . . . . . . . . . . . . . 12,000 5,000 7,000 - 80 83 77 (X)

$750 to $849 . . . . . . . . . . . . . . . . . . . . . . . . 8,500 3,600 4,900 - 75 73 76 (X)

$850 or more . . . . . . . . . . . . . . . . . . . . . . . . 11,400 5,600 5,800 - 76 73 79 (X)

Median asking rent ................... $682 $675 $700 $476 (X) (X) (X) (X)

2 bedrooms . . . . . . . . . . . . . . . . . . . . . . . . . 98,500 39,100 52,800 6,600 74 73 75 77

Less than $450 . . . . . . . . . . . . . . . . . . . . . . 6,200 1,600 3,000 1,600 81 81 95 58

$450 to $549 . . . . . . . . . . . . . . . . . . . . . . . . 12,300 5,300 5,500 1,500 76 76 78 68

$550 to $649 . . . . . . . . . . . . . . . . . . . . . . . . 14,400 6,900 6,000 1,600 71 69 70 82

$650 to $749 . . . . . . . . . . . . . . . . . . . . . . . . 21,400 7,500 12,400 1,600 76 72 77 98

$750 to $849 . . . . . . . . . . . . . . . . . . . . . . . . 13,300 5,600 7,400 300 72 75 70 88

$850 to $949 . . . . . . . . . . . . . . . . . . . . . . . . 11,000 4,100 6,900 - 67 69 65 (X)

$950 or more . . . . . . . . . . . . . . . . . . . . . . . . 19,900 8,100 11,700 - 78 75 80 (X)

Median asking rent ................... $726 $727 $746 $558 (X) (X) (X) (X)

3 bedrooms or more. . . . . . . . . . . . . . . . . . 27,900 8,500 15,500 3,800 67 79 64 52

Less than $450 . . . . . . . . . . . . . . . . . . . . . . 800 100 200 500 100 97 100 100

$450 to $549 . . . . . . . . . . . . . . . . . . . . . . . . 1,400 700 600 100 62 62 59 100

$550 to $649 . . . . . . . . . . . . . . . . . . . . . . . . 4,500 1,300 2,600 600 65 72 59 79

$650 to $749 . . . . . . . . . . . . . . . . . . . . . . . . 3,900 1,100 2,700 100 50 90 34 36

$750 to $849 . . . . . . . . . . . . . . . . . . . . . . . . 4,500 700 2,500 1,300 68 86 80 32

$850 to $949 . . . . . . . . . . . . . . . . . . . . . . . . 4,100 1,200 1,800 1,100 58 83 61 28

$950 or more . . . . . . . . . . . . . . . . . . . . . . . . 8,800 3,400 5,200 200 77 79 75 100

Median asking rent ................... $825 $878 $818 $801 (X) (X) (X) (X)

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

8

U.S. Census Bureau, the Official StatisticsTM Jun. 24, 1998
Table 4. Unfurnished Apartments Completed and 3-Month Absorption Rate by Amenities and Utilities for the

United States: 1997

[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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189,700 100 73

AMENITIES

Swimming pool

Available

Included in rent ................................................... 130,300 69 73

At extra cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 1 63

Not available . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,000 31 74

Parking

Available

Included in rent ................................................... 182,600 96 74

At extra cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,500 3 67

Not available . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 1 75

Air-conditioning

Available. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174,300 92 73

Not available . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,400 8 74

Dishwasher

Available. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179,300 95 75

Not available . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,400 5 51

UTILITIES

Electricity

Included in rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,900 5 60

At extra cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179,800 95 74

Gas

Available

Included in rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,400 9 66

At extra cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,400 41 74

Not available . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,900 50 74

9

U.S. Census Bureau, the Official StatisticsTM Jun. 24, 1998
Table 5. Condominium and Cooperative Apartments Completed and 3-Month Absorption Rate by Number of

Bedrooms and Geography: 1997

[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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,800 100 81

BEDROOMS

Fewer than 2 bedrooms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,600 10 82

2 bedrooms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,200 70 80

3 bedrooms or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000 19 83

REGION

Northeast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,400 12 85

Midwest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,600 13 67

South . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 45 88

West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,900 30 74

AREA

Inside Metropolitan Area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,300 76 81

In central city. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,600 32 77

Not in central city (suburbs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,700 44 84

Outside Metropolitan Area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,500 24 81

10

U.S. Census Bureau, the Official StatisticsTM Jun. 24, 1998
Table 6. Condominium Apartments Completed and 3-Month Absorption Rate by Asking Price, Number of

Bedrooms, and Geography: 1997

[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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,800 100 82 $119,700

ASKING PRICE

Less than $75,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,200 7 74 (X)

$75,000 to $99,999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,900 29 80 (X)

$100,000 to $124,999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,100 18 87 (X)

$125,000 to $149,999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,700 17 76 (X)

$150,000 to $199,999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,200 15 85 (X)

$200,000 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,700 14 85 (X)

BEDROOMS

Fewer than 2 bedrooms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 10 83 $99,400

2 bedrooms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,900 71 80 $113,600

3 bedrooms or more. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,700 20 85 $155,500

REGION

Northeast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 12 87 $158,000

Midwest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 12 73 $119,800

South . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000 44 88 $109,000

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,800 32 74 $112,900

AREA

Inside Metropolitan Area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,500 78 81 $129,300

In central city . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000 33 77 $127,400

Not in central city (suburbs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,500 46 84 $130,300

Outside Metropolitan Area. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,300 22 84 $91,400

X Not applicable.

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

and Geography: 1997

[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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,700 100 75 $754

ASKING RENT

Less than $750 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 50 78 (X)

$750 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 50 72 (X)

BEDROOMS

Fewer than 2 bedrooms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 30 66 $469

2 bedrooms or more. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,900 70 79 $950+

REGION

Northeast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 10 100 $750

Midwest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 28 61 $469

South . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700 61 77 $850+

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (Z) (Z) (Z) (Z)

AREA

Inside Metropolitan Area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 72 68 $722

In central city . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 56 71 $675

Not in central city (suburbs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 16 56 $850+

Outside Metropolitan Area. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 28 93 $827

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

11

U.S. Census Bureau, the Official StatisticsTM Jun. 24, 1998
Table 8. Total Apartments Completed in Buildings With Five Units or More: 1970 to 1997

[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

1997............. 247,000 189,700 77 2,700 1 35,800 15 13,800 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).

12

U.S. Census Bureau, the Official StatisticsTM Jun. 24, 1998
Table A. Standard Errors for Estimates of Apartments in Buildings With Five Units or More: Completions in 1997

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 1997

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 1997

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

U.S. Census Bureau, the Official StatisticsTM Jun. 24, 1998