U.S. Census Bureau 1

U.S. Department of Commerce

Economics and Statistics Administration

U.S. CENSUS BUREAU

H131/03-A

Characteristics of Apartments

Completed: Annual 2003

Current

Housing

Reports

Questions regarding these data may be directed to the U.S. Census Bureau’s 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. Department 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.

As with all surveys, estimates may vary from

actual values because of sampling variation or

other factors. All statements in this report have

undergone statistical testing and are significant

at the 90-percent confidence level.

HIGHLIGHTS1

• Preliminary estimates from the Survey of

Market Absorption show that during 2003,

a total of 167,800 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 is the fewest

since the estimated 155,000 new unfurnished rental units built in 1995, which did

not differ from the 2003 estimate (Table 8).

• The South, with 43 percent, had more

unfurnished rental completions than any

other region. The West, with 23 percent,

and the Midwest (21 percent) did not differ.

The Northeast had only 13 percent of new

rental completions (Table 1).

• Two-bedroom units were the predominant

size built, accounting for about 51 percent

of newly constructed rental apartments,

followed by one-bedroom units (34 percent). The third group comprised units with

three or more bedrooms (12 percent), and

the smallest group, efficiencies (no bedrooms), accounted for only 4 percent of

new 2003 rental completions (Table 1).

• The median monthly asking rent for all

unfurnished rental apartments completed in

2003 was $932—the same as the $939 (in

2003 dollars; $918 in 2002 dollars) median

rent for unfurnished apartments completed in

2002 (Table 2). Units with three or more

bedrooms had a median asking rent of

$1,060, which does not differ statistically

from that for two-bedroom units ($951).

Both of those rents exceeded the $858

median asking rent for one-bedroom units.

• In 2003, about 40 percent of completed

unfurnished rental apartments had an asking

rent of $1,050 or more—by far the greatest

proportion of rental completions based on

asking rent. No other statistically significant

differences appeared among the proportion

of new rental completions by asking-rent

categories (Table 2).

• The 3-month absorption rate for unfurnished

rental apartments was 62 percent. The rate

for such apartments renting for less than

$650 (73 percent) was the same as the

rate for those renting for $650–$749

(63 percent), but higher than the rates for

the other categories. There were no other

differences in the 3-month absorption rates

among rental cost categories (Table 2).

• There were no differences among 3-month

absorption rates for unfurnished apartments

built in 2003 based on number of bedrooms

(Table 2).

 • About 49 percent of new unfurnished rental

units were completed outside central cities of

metropolitan areas (suburbs), which is not

different from the 45 percent built in the

nation’s central cities. Only 6 percent of new

rental units were completed outside of

metropolitan areas and they were 74-percent

absorbed after 3 months. This absorption

rate exceeded those of units built in central

Issued September 2004

1Details may not sum to totals because of rounding.
2 U.S. Census Bureau

cities and in suburbs, which did not differ from each

other (Table 3).

• Of the 167,800 rental apartments completed in

2003, 96 percent had air conditioning available,

while 66 percent had a swimming pool available.

Only 6 percent included electricity in the monthly

rent, and 15 percent included the cost of natural gas

for heating (Table 4).

• About 41,900 condominium and cooperative apartments were completed in 2003, not different from

the 37,400 such completions in 2002. Within 3

months, 75 percent of the units completed in 2003

had been sold (absorbed). The Northeast, with

10 percent of new condominium and cooperative

completions in 2003, had fewer such completions

than the South (37 percent) and the West (31 percent) but not the Midwest (22 percent). There were

no other differences among these percentages by

region (Table 5).

• The median asking price for all condominium apartments built in 2003 was $233,000—the same as the

2002 median asking price of $203,900 (in 2003

dollars; $199,400 in 2002 dollars). Eighty-eight

percent of all new condominiums built in 2003 had

two bedrooms or more (Table 6).

• Thirty-eight percent of newly built condominiums

had a median asking price above $300,000, a

greater proportion than the number built in any of

the other price ranges. Comparisons of 3-month

absorption rates for units in each of the asking price

ranges showed no differences (Table 6).

• Approximately 261,000 apartments in residential

buildings with five units or more were completed in

2003, not different from the 273,900 units built in

1998. However, total completions in 2003 and

1998 were less than total completions built in each

year from 1999 to 2002. Sixty-four percent of

2003 completions were nonsubsidized, unfurnished rental apartments; 15 percent were federally subsidized units; 16 percent were condominiums and cooperatives; 1 percent were furnished

rental units; and the remaining 4 percent were not

in the scope of the survey (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 reflect 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

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

United States and Regions: 2003

[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 WestUnited

States

Northeast Midwest South West

Total.................... 167,800 21,500 35,500 71,400 39,400 100 100 100 100 100

ASKING RENT

Less than $650 .............. 25,200 600 8,200 13,100 3,300 15 3 23 18 9

$650 to $749 ................ 23,200 300 9,800 10,500 2,600 14 1 28 15 7

$750 to $849 ................ 23,000 100 6,400 11,800 4,700 14 1 18 17 12

$850 to $949 ................ 15,100 700 2,400 8,100 3,900 9 3 7 11 10

$950 to $1,049............... 14,200 2,300 1,600 6,700 3,600 9 11 4 9 9

$1,050 or more .............. 67,100 17,500 7,100 21,200 21,300 40 82 20 30 54

Median asking rent ........... $932 $1,050+ $747 $853 $1,050+ (X) (X) (X) (X) (X)

BEDROOMS

No bedroom . . ............... 5,900 2,500 700 900 1,800 4 12 2 1 5

1 bedroom. . . ................ 56,300 7,000 11,100 22,900 15,400 34 32 31 32 39

2 bedrooms. . . ............... 84,900 10,800 19,200 37,200 17,700 51 50 54 52 45

3 bedrooms or more .......... 20,700 1,200 4,500 10,500 4,400 12 6 13 15 11

X Not applicable.

Source: U.S. Census Bureau, Survey of Market Absorption.
U.S. Census Bureau 3

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

U.S. 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.

Time-share units, continuing care retirement units, and

turnkey units (privately built for and sold to local public

housing authorities after completion) are outside the

scope of the survey.

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 of the totals for all types of 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.

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, asking rent, and asking 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 geographic locations that issue

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

Reports, Series C20, for details of this survey.

2See ESTIMATION.

permits is chosen within each of the selected PSUs. All

newly constructed buildings with five units or more within

sampled places and 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 in areas that do not issue permits. In each of

the subsequent four quarters, the proportion of units in

the quarterly sample that are sold or rented (absorbed)

is recorded, providing data for absorption rates 3, 6, 9,

and 12 months after completion.

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 new estimation

procedure to data for the other three quarters of 1990

so that annual estimates using the same methodology for

four quarters could be derived. The Census Bureau did

not perform any additional reestimation of past data.

Using the original estimation procedure, the Census

Bureau created 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:

Beginning with January 2001 completions, the SOC

revised its methodology for estimating the number of

units completed for structures with five units or more.

See <http://www.census.gov/ftp/pub/const/www

/new_methodology_const.html> for these changes. Thus,

use caution when comparing data from 2001 and

forward to any estimates prior to 2001.

In the modified estimation procedure, instead of applying

a single ratio-estimate factor for the entire country, the

Census Bureau computes separate ratio-estimate factors

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
4 U.S. Census Bureau

for each of the four census regions. Multiplying the

unbiased regional estimates by the corresponding ratioestimate 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 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 about which

data were obtained. The noninterviewed and notaccounted-for cases constitute less than 2 percent of the

sample housing units in this survey.

ACCURACY OF THE ESTIMATES

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 these.

Two types of possible errors are associated with data

from sample surveys: nonsampling and sampling errors.

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 data

processing errors. Although no direct measurements of

any bias that might result from nonsampling errors 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

provides a measure of this variation and, thus is a

measure of the precision with which an estimate from a

sample approximates the average result from all possible

samples.

If all possible samples were selected, if each was

surveyed under the same general conditions, and if an

estimate and its estimated standard error were calculated

from each sample, then:

• Approximately 68 percent of the intervals from one

standard error below the estimate to one standard

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

all possible samples.

• Approximately 90 percent of the intervals from 1.6

standard errors below the estimate to 1.6 standard

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

confidence interval) would include the average result

from all possible samples.

• Approximately 95 percent of the intervals from two

standard errors below the estimate to two standard

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

confidence interval) would include the average result

from all possible samples.

This report uses a 90-percent confidence level as its

standard for statistical significance.

For very small estimates, the lower limit of the confidence

interval may be negative. In this case, a better approximation to the true interval estimate can be achieved by

restricting the interval estimate to positive values; that is,

by changing the lower limit of the interval estimate to

zero.

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

percentage) computed by using sample data for both the

numerator and denominator depends on both the size of

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

based. Estimated rates of this kind are relatively more

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

more.

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
U.S. Census Bureau 5

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

23,000 new apartments built in 2003 with an asking rent

of $750–$849. Table A shows the standard error of an

estimate of this size to be approximately 2,380. To

obtain a 90-percent confidence interval, multiply 2,380

by 1.6 and add and subtract the result from 23,000

yielding limits of 19,190 and 26,810. The average

estimate of these units completed in 2003 may or may

not be included in this computed interval, but one can say

that the average is included in the constructed interval

with a specified confidence of 90 percent.

Table 2 also shows that the rate of absorption after

3 months for these apartments renting for $750–$849 is

59 percent. Table B shows the standard error on a

59 percent rate on a base of 23,000 to be approximately 5.3 percent. Multiply 5.3 by 1.6 (yielding 8.5)

and add and subtract the result from 59. The 90-percent

confidence interval for the absorption rate of 59 percent

is from 50 percent to 68 percent.

Table 2 also shows that the median asking rent for the

estimated 22,900 one-bedroom apartments built in the

South was $796. The standard error of this median is

about $28.

Several statistics are needed to calculate the standard

error of a median:

For this example, the standard error of the median of

$796 is:

5.4 x = $28 100

19

Therefore, 1.6 standard errors equals $45. Consequently,

an approximate 90-percent confidence interval for the

median asking rent of $796 is between $751 and $841

($796 plus or minus $45).

• The base of the median—the estimated number of

units for which the median has been calculated. In

this example, 22,900.

• 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

22,900 is about 5.4 percent.

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

this example, the median lies between $750 and

$849. The length of the interval is $100.

• The estimated proportion of the base falling in the

interval that contains the median: in this example,

19 percent (4,300 units completed in the South

renting for $750 to $849 divided by 22,900 onebedroom units completed in the South). The standard

error of the median is obtained by using the following approximation:

standard error of median = σ50% x

interval containing the

sample median

estimated proportion of the

base falling within the

interval containing the

sample median
6 U.S. Census Bureau

Figure 1.

Percent Distribution of New Unfurnished Rental and New Condominium 

and Cooperative Units Completed by Region: 2003

Unfurnished Rental 

Apartments

Condominium and Cooperative 

Apartments

Midwest 

21%

Northeast 

13%

West 

23%

South 

43% Midwest 

22%

Northeast 

10%

West 

31%

South 

37%

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

Figure 2.

Median Asking Rent/Price for Unfurnished Rental and 

Condominium Apartments Completed in 2003

Source: U.S. Census Bureau, Survey of Market Absorption, 2003.

*Northeast and West median asking rent is $1,050 or more. *Northeast median asking price is $300,000 or more.

Dollars Thousands of dollars

0

50

100

150

200

250

300

350

400

United Northeast* Midwest South West

States

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

United Northeast* Midwest South West*

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

Bedrooms for the United States and Regions: 2003

[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...................... 167,800 21,500 35,500 71,400 39,400 62 82 62 57 63

Less than $650 .............. 25,200 600 8,100 13,100 3,300 73 48 73 73 74

$650 to $749 .................. 23,200 300 9,800 10,500 2,600 63 84 63 59 75

$750 to $849 .................. 23,000 100 6,400 11,900 4,700 59 60 65 53 66

$850 to $949 .................. 15,100 700 2,400 8,100 7,900 58 94 71 50 61

$950 to $1,049 ................. 14,200 2,300 1,600 6,700 3,600 56 57 54 52 69

$1,050 or more................. 67,100 17,500 7,000 21,200 21,300 62 86 44 41 58

Median asking rent ............. $932 $1,050+ $747 $853 $1,050+ (X) (X) (X) (X) (X)

No bedroom ................. 5,900 2,500 700 900 1,800 62 79 34 65 48

Less than $850 . ............... 1,900 400 200 400 800 68 36 83 85 72

$850 or more .................. 4,000 2,100 500 400 1,000 59 88 13 47 28

Median asking rent* ............ $1,050+ $1,050+ $1,050+ $858 $1,008 (X) (X) (X) (X) (X)

1 bedroom................... 56,300 7,000 11,100 22,900 15,400 65 87 61 61 64

Less than $650 . ............... 12,400 200 5,500 5,000 1,700 77 79 79 73 79

$650 to $749 .................. 7,900 100 1,800 4,500 1,500 59 67 50 58 74

$750 to $849 .................. 7,400 - 200 4,300 2,900 59 (X) 47 54 67

$850 to $949 .................. 5,600 500 400 3,100 1,600 59 96 31 52 67

$950 to $1,049 ................. 4,100 100 400 2,000 1,600 58 20 37 61 62

$1,050 or more................. 19,000 6,000 2,700 4,100 6,200 66 88 42 61 57

Median asking rent ............. $858 $1,050+ $651 $796 $955 (X) (X) (X) (X) (X)

2 bedrooms.................. 84,900 10,800 19,200 37,200 17,700 60 80 60 54 62

Less than $650 . ............... 9,800 100 2,500 6,700 600 67 96 59 68 76

$650 to $749 .................. 13,100 100 7,300 5,000 700 63 100 66 57 75

$750 to $849 .................. 12,500 100 5,100 5,800 1,500 56 58 64 47 63

$850 to $949 .................. 6,900 (Z) 1,100 3,900 1,900 56 (Z) 66 52 59

$950 to $1,049 ................. 8,400 2,200 700 3,800 1,700 58 59 55 49 78

$1,050 to $1,149 ............... 7,200 1,900 300 3,900 1,200 56 81 63 42 60

$1,150 or more................. 26,900 6,600 2,200 8,000 10,100 62 87 29 53 59

Median asking rent ............. $951 $1,150+ $747 $878 $1,150+ (X) (X) (X) (X) (X)

3 bedrooms or more . . ........ 20,700 1,200 4,500 10,500 4,400 64 71 76 59 64

Less than $650 . ............... 1,700 (Z) (Z) 1,100 600 85 (Z) (Z) 97 63

$650 to $749 .................. 1,800 - 600 1,100 100 70 (X) 57 75 100

$750 to $849 .................. 3,000 (Z) 1,100 1,700 200 70 (Z) 71 70 67

$850 to $949 .................. 2,200 (Z) 900 900 400 61 (Z) 95 30 47

$950 to $1,049 ................. 1,500 - 400 900 200 54 (X) 70 47 52

$1,050 to $1,149 ............... 1,200 200 300 600 100 52 58 52 47 62

$1,150 or more................. 9,300 1,000 1,100 4,300 2,900 61 73 83 50 66

Median asking rent ............. $1,060 $1,150+ $903 $1,010 $1,150+ (X) (X) (X) (X) (X)

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

*The $1,050+ median for efficiencies cannot be compared to the other types of units shown here due to disclosure avoidance reasons.

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

7

U.S. Census Bureau
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: 2003

[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 ........................... 167,800 74,700 82,800 10,300 62 60 62 74

Less than $650 . . .................... 25,200 11,500 8,400 5,200 73 75 70 72

$650 to $749 . . . ..................... 23,200 13,100 7,600 2,500 63 60 63 78

$750 to $849 . . . ..................... 23,000 10,600 12,900 500 59 50 66 81

$850 to $949 . . . ..................... 15,100 6,300 8,000 700 58 58 56 91

$950 to $1,049 ...................... 14,200 4,500 9,700 (Z) 56 57 58 (Z)

$1,050 or more . . . ................... 67,100 28,700 37,100 1,300 62 60 62 89

Median asking rent ................... $932 $884 $1,005 $650- (X) (X) (X) (X)

No bedroom ....................... 5,900 3,700 1,900 200 62 74 37 79

Less than $850 . . .................... 1,900 1,000 600 200 68 77 49 79

$850 or more ........................ 4,000 2,700 1,200 - 59 73 34 (X)

Median asking rent ................... $1,050+ $1,050+ $1,050+ $650- (X) (X) (X) (X)

1 bedroom . ....................... 56,300 26,800 27,200 2,300 65 64 63 68

Less than $650 . . .................... 12,400 6,100 4,000 2,200 77 80 76 68

$650 to $749 . . . ..................... 7,900 4,000 3,900 100 59 58 60 75

$750 to $849 . . . ..................... 7,400 3,100 4,300 - 59 57 60 (X)

$850 to $949 . . . ..................... 5,600 2,500 3,000 - 59 55 62 (X)

$950 to $1,049 ...................... 4,100 1,800 2,300 - 58 64 54 (X)

$1,050 or more . . . ................... 19,000 9,200 9,700 - 66 68 63 (X)

Median asking rent ................... $858 $856 $898 $650- (X) (X) (X) (X)

2 bedrooms ....................... 84,900 34,900 44,200 5,800 60 54 63 75

Less than $650 . . .................... 9,800 4,300 3,400 2,100 67 66 68 67

$650 to $749 . . . ..................... 13,100 7,500 3,100 2,500 63 59 62 78

$750 to $849 . . . ..................... 12,500 6,100 6,000 400 56 44 67 88

$850 to $949 . . . ..................... 6,900 2,300 4,300 400 56 58 52 82

$950 to $1,049 ...................... 8,400 2,000 6,400 - 58 56 59 (X)

$1,050 to $1,149 ..................... 7,200 2,200 5,000 - 56 46 60 (X)

$1,150 or more . . . ................... 26,900 10,500 15,900 500 62 53 63 84

Median asking rent ................... $951 $842 $1,031 $681 (X) (X) (X) (X)

3 bedrooms or more................ 20,700 9,200 9,500 2,000 64 61 61 94

Less than $650 . . .................... 1,700 500 600 600 85 94 60 100

$650 to $749 . . . ..................... 1,800 1,200 600 - 70 93 85 (X)

$750 to $849 . . . ..................... 3,000 1,300 1,600 100 70 60 79 61

$850 to $949 . . . ..................... 2,200 1,300 500 300 61 59 42 100

$950 to $1,049 ...................... 1,500 600 900 (Z) 54 38 63 (Z)

$1,050 to $1,149 ..................... 1,200 600 600 (Z) 52 39 60 (Z)

$1,150 or more . . . ................... 9,300 3,700 4,700 800 61 63 55 92

Median asking rent ................... $1,060 $994 $1,145 $913 (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.

8

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

and Utilities for the United States: 2003

[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 ........................................................ 167,800 100 62

AMENITIES

Swimming pool

Available

Included in rent ................................................... 109,200 65 59

At extra cost . . . .................................................. 1,100 1 92

Not available ....................................................... 57,400 34 67

Parking

Available

Included in rent ................................................... 153,300 91 61

At extra cost . . . .................................................. 8,100 5 73

Not available ....................................................... 6,300 4 79

Air-conditioning

Available. . ....................................................... 160,300 96 62

Not available . . . .................................................. 7,400 4 65

Dishwasher

Available. . ....................................................... 162,000 97 63

Not available . . . .................................................. 5,800 3 59

UTILITIES

Electricity

Included in rent ................................................... 13,300 8 62

At extra cost . . . .................................................. 154,500 92 62

Gas

Available

Included in rent ................................................... 24,400 15 63

At extra cost . . . .................................................. 70,900 42 66

Not available ....................................................... 72,600 43 59

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

9

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

Number of Bedrooms and Geography: 2003

[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 .......................................................... 41,900 100 75

BEDROOMS

Fewer than 2 bedrooms ............................................. 4,900 12 72

2 bedrooms ........................................................ 24,300 58 75

3 bedrooms or more ................................................ 12,600 30 74

REGION

Northeast .......................................................... 4,100 10 71

Midwest . . . ........................................................ 9,100 22 64

South ............................................................. 15,500 37 80

West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,100 31 77

AREA

Inside metropolitan areas . . .......................................... 31,600 76 72

In central city..................................................... 18,800 45 63

Not in central city (suburbs) ........................................ 12,900 31 85

Outside metropolitan areas .......................................... 10,200 24 83

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

10

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

Number of Bedrooms, and Geography: 2003

[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 ................................................ 38,900 100 74 $233,000

ASKING PRICE

Less than $125,000 ....................................... 5,900 15 75 (X)

$125,000 to $149,999 . . ................................... 4,700 12 71 (X)

$150,000 to $199,999 . . ................................... 6,600 17 68 (X)

$200,000 to $249,999 . . ................................... 3,500 9 82 (X)

$250,000 to $299,999 . . ................................... 3,500 9 78 (X)

$300,000 or more ......................................... 14,800 38 75 (X)

BEDROOMS

Fewer than 2 bedrooms.................................... 4,600 12 71 $241,400

2 bedrooms .............................................. 21,600 56 74 $198,400

3 bedrooms or more. . ..................................... 12,600 32 74 $300,000

REGION

Northeast ................................................ 3,900 10 69 $300,000+

Midwest.................................................. 6,500 17 56 $176,800

South . . .................................................. 15,400 40 80 $258,600

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000 34 77 $218,100

AREA

Inside metropolitan areas . . ................................ 31,000 80 71 $233,700

In central city . .......................................... 18,600 48 63 $300,000+

Not in central city (suburbs) .............................. 12,300 32 84 $172,200

Outside metropolitan areas . ................................ 7,900 20 84 $229,800

X Not applicable.

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

11

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

Bedrooms, and Geography: 2003

[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 ................................................ 2,200 100 74 $650-

ASKING RENT

Less than $850 .......................................... 1,700 78 68 (X)

$850 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 22 99 (X)

BEDROOMS

Fewer than 2 bedrooms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 36 64 $650-

2 bedrooms or more. . ..................................... 1,400 64 80 $650-

REGION

Northeast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 2 100 $650-

Midwest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 4 - $700

South . . .................................................. 1,300 58 64 $650-

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 35 100 $650-

AREA

Inside metropolitan areas . . ................................ 2,200 100 74 $650-

In central city . .......................................... 1,700 77 77 $650-

Not in central city (suburbs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 23 65 $650-

Outside metropolitan areas . ................................ - - - -

- Represents zero. X Not applicable.

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

12

U.S. Census Bureau
Table 8. Total Apartments Completed in Buildings With Five Units or More: 1970 to 2003

[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

2003. ............ 261,000 167,800 64 2,200 1 41,900 16 37,800 15 11,300 4

2002. ............ 288,100 204,100 71 3,100 1 37,400 13 32,100 11 11,500 4

2001. ............ 281,000 193,100 69 4,500 2 45,700 16 26,700 10 11,100 4

2000. ............ 300,000 226,200 75 2,900 1 36,100 12 24,400 8 10,500 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.

13

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

Completions in 2003

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.

Table B. Standard Errors of Estimated Percentages for Rental Apartments: Completions in 2003

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.

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

Completions in 2003

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.

14

U.S. Census Bureau