CURRENT HOUSING REPORTS

Characteristics

of Apartments

Completed: 1995

H131/95-A

Issued July 1996

HIGHLIGHTS1

x Preliminary estimates from the Survey of Market Absorption show that during 1995, a total of 155,600 privately

financed, nonsubsidized, unfurnished, rental apartments

in buildings of five units or more were completed in

permit-issuing areas in the United States. This is a 50

(±15) percent increase over the 104,000 such units

completed in 1994, and is more than twice (±12,160) the

number of such units completed in 1993 (table 8).

x About half (51 percent) of the new apartments in the

United States were built in the South, 24 percent of the

total were built in the West, and 21 percent were built in

the Midwest. The Northeast accounted for only 5 percent

of new apartment completions (table 1).

x Fifty-three percent of the new rental apartments were

built with two bedrooms; 31 percent had one bedroom;

three-or-more-bedroom apartments accounted for 13

percent; and efficiency (no-bedroom) apartments accounted

for about 3 percent of completions. This distribution is

statistically unchanged from 1994.

x The median monthly asking rents for all new, unfurnished apartments completed in 1995 was $654, noticeably higher (±$30) than the $576 median in 1994.

x Approximately 74 percent of the 155,600 units completed in the United States in 1995 were absorbed

(rented) within 3 months of completion. This is 6 (±5)

percentage points lower than for similar units completed

in 1994, but about the same as the 75-percent rate in

1993. None of the regional 3-month absorption rates

were statistically different from the national median

(table 2).

x Approximately 91 percent of the unfurnished rental units

were constructed inside Metropolitan Areas. Of the

estimated 141,100 units built inside MAs, about 49

percent were inside central cities and about 51 percent

were in suburban areas (table 3). Apartments inside

MAs were 76 percent absorbed within their first 3 months

on the market. The 9 percent of the units that were

constructed outside MAs were absorbed at a 52-percent

rate. The median asking rent for apartments outside of

MAs was less than $350, while the median for those built

inside MAs was $674.

x The number of cooperative and condominium apartments completed in 1995 was 36,200, not significantly

different from the 34,400 such units completed in 1994.

About two-thirds of the new co-ops and condos were

built in the South and West (33 and 34 percent, respectively). Thirteen percent of the total were built in the

Northeast, and 20 percent were in the Midwest. The

metropolitan/non-metropolitan distribution of all new cooperatives and condominiums is not significantly different

from 1994 (table 5).

x The estimated 3-month absorption rate of 75 percent for

the 35,500 new condominium units completed in the

United States in 1995 was the same as the 76-percent

rate in 1994. The median asking price for new condominium units was $114,100. Most (73 percent) of all

newly completed condominiums in the United States

have two bedrooms (table 6).

x About 1,600 privately financed, nonsubsidized, furnished

rental apartments were built in 1995. They accounted for

only 1 percent of total apartment completions, the same

as in 1994. The 3-month absorption rate for furnished

rental apartments was 91 percent. This is the sixth

consecutive year that no furnished rental units were in

sample in the Northeast. All of the furnished units were

built in metropolitan areas (table 7).

x Completions of all types of apartments in privately

financed, residential buildings with five units or more

increased by about 37 (±12) percent from 1994 to 1995

— from 154,900 to 212,400 (table 8). Seventy-three

percent of 1995 completions were nonsubsidized, unfurnished, rental apartments; about 7 percent were in

federally subsidized properties; 17 percent were cooperatives and condominiums; about 1 percent were furnished rental units; and the final 2 percent were not in

the scope of the survey.

1

Numbers in parentheses represent the 90-percent confidence interval.

U.S. Department of Commerce

Economics and Statistics Administration

BUREAU OF THE CENSUS

U.S. Department of Housing

and Urban Development
Table 1. Unfurnished Apartments Completed and 3-Month Absorption Rate by Rent and Number of Bedrooms

for the United States:1995

[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 due to 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 ....................... 155,600 7,200 32,000 78,700 37,700 100 100 100 100 100

ASKING RENT

Less than $350 ................ 9,500 100 700 7,500 1,300 6129 3

$350 to $449 .................. 11,700 200 5,000 4,900 1,600 8 3 16 6 4

$450 to $549 .................. 26,900 200 11,200 11,100 4,500 17 3 35 14 12

$550 to $649 .................. 28,600 800 6,600 13,600 7,500 18 11 21 17 20

$650 to $749 .................. 27,800 800 5,200 13,800 8,000 18 11 16 18 21

$750 or more .................. 51,100 5,100 3,200 27,900 14,900 33 71 10 35 39

Median asking rent ............. $654 $750+ $541 $666 $700 (X) (X) (X) (X) (X)

BEDROOMS

No bedroom ................... 4,600 (Z) 1,200 2,400 1,000 3 (Z) 4 3 3

1 bedroom..................... 48,900 4,200 6,500 27,000 11,200 31 58 20 34 30

2 bedrooms.................... 82,100 2,400 19,500 39,900 20,300 53 33 61 51 54

3 bedrooms or more ............ 19,900 600 4,700 9,400 5,200 13 9 15 12 14

X Not applicable. Z Indicates fewer than 50 units or less than one half of 1 percent.

CHARACTERISTICS OF THE DATA

All statistics in this report are limited to apartments in

newly constructed buildings with five units or more. Absorption rates are based on the first time an apartment offered

for rent 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 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. SOMA

is a sample survey and consequently all statistics in this

report are subject to sampling variability.

Estimates derived from different samples would differ

from one another. The standard error of a survey estimate

is a measure of the variation among the estimates from all

possible samples.

Estimates of standard errors can be calculated by using

tables A and B. The standard error allows us to construct an

interval with prescribed confidence that the interval includes

the average of the estimates from all possible samples. For

all the change statements 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.

NOTE TO DATA USERS

The Survey of Market Absorption (SOMA) adopted new

ratio estimation procedures in 1990 to derive more accurate estimates of completions.22 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

SOMA is designed to provide data concerning the rate at

which privately financed, unfurnished, nonsubsidized units

2

See ESTIMATION on page 3.

2
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 SOMA are those included in

the Census Bureau’s Survey of Construction (SOC).33 For

SOC, the United States is first divided into primary sampling units (PSU’s) which are stratified on the basis of

population and permits. The PSU’s 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 PSU’s. 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 survey.

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 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 form 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.

Prior to 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 SOC

for that quarter

total units in buildings with five units or more as

estimated by 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 unpublished figures from the SOC and also reduces, to some

extent, the sampling variability of the estimates of totals.

Annual estimates 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 of housing

units in this survey.

ACCURACY OF THE ESTIMATES

There are two types of possible errors associated with

data from sample surveys: sampling and nonsampling

errors. The following is a description of the sampling and

nonsampling errors associated with 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

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 in the course of reviewing the data for

reasonableness and consistency.

Sampling Errors

The particular sample used for this survey is one of a

large number of possible samples of the same size that

could have been selected using the same sample design.

Even if the same questionnaires, instructions, and interviewers were used, estimates from each of the different

samples would 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 of

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

3

See January issue of ‘‘Housing Starts,’’ Construction Reports, Series

C20, for details of this suryey.

3
errors), but it does not measure, as such, any systematic

biases in the data. Therefore, the accuracy of the estimates

depends on both the sampling and nonsampling error

measured by the standard error, biases, and some additional nonsampling errors not measured by the standard

error. As a result, confidence intervals around a sample

estimate 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 were

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 level 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 1 of this report shows that 11,700 units completed

in 1995 rented for $350 to $449. Table A shows the

standard error of an estimate between 10,000 and 15,000

to be between 1,600 and 1,900. By linear interpolation, the

standard error is found to be about 1,700. To obtain a

90-percent confidence interval, multiply 1,700 by 1.6 and

add and subtract the result from 11,700 yielding limits of

8,980 and 14,420. The average estimate of units completed in 1995 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 78 percent of the 48,900 onebedroom units completed in 1995 were rented within three

months. Table B shows the standard error on an 78 percent

rate on a base of 48,900 to be approximately 3.0 percent

based on linear interpolation. Multiply 3.0 by 1.6 (yielding

4.8) and add and subtract the result from 78. The 90-percent

confidence interval for the absorption rate of 78 percent is

from 73.2 percent to 82.8 percent.

Table 2 also shows that the median asking rent in the

South for unfurnished rental apartments was $666. Several

statistics are needed to calculate the standard error of a

median, which in this case is about $16.

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

for which the median has been calculated. In this

example, it is 78,700.

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 the base of 78,700 is about 2.8

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, it is 18

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] σ 50% x

[estimated proportion of the base

falling within the interval

containing the sample median]

4
For this example, the standard error of the median of

$666 is:

2.8 x

100

18 5 $16

Therefore, 1.6 standard errors equals $26. This means

that an approximate 90-percent confidence interval for

the median asking rent of $666 would be between $640

and $692 ($666 plus or minus $26).

5
Figure 1.

Percent Distribution of New Unfurnished Rental and New Cooperative

and Condominium Units Completed, by Region: 1995

Northeast

13%

Midwest

20%

South

33%

West

34%

Northeast

5%

Midwest

21%

South

51%

West

24%

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 1995

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

the United States and Regions: 1995

[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 due to 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 ....................... 155,600 7,200 32,000 78,700 37,700 74 77 75 73 74

Less than $350 ................ 9,500 100 700 7,500 1,300 71 61 89 68 79

$350 to $449 .................. 11,700 200 5,000 4,900 1,600 67 95 67 73 47

$450 to $549 .................. 26,900 200 11,200 11,100 4,500 73 83 70 78 68

$550 to $649 .................. 28,600 800 6,600 13,600 7,500 73 96 83 68 69

$650 to $749 .................. 27,800 800 5,200 13,800 8,000 78 93 5 75 77

$750 or more .................. 51,100 5,100 3,200 27,900 14,900 74 71 68 72 79

Median asking rent ............. $654 $750+ $541 $666 $700 (X) (X) (X) (X) (X)

No bedroom ................... 4,600 (Z) 1,200 2,400 1,000 83 (Z) 72 95 66

Less than $350 ................ 2,800 (Z) 500 2,000 300 100 (Z) 100 100 100

$350 to $449 . . . . . . . . . . . . . . . . . . 300 (Z) (Z) 200 100 58 (Z) (Z) 59 60

$450 to $549 . . . . . . . . . . . . . . . . . . 200 (Z) 100 100 100 61 (Z) 100 100 19

$550 to $649 . . . . . . . . . . . . . . . . . . 200 (Z) - 100 100 61 (Z) (X) 93 48

$650 to $749 . . . . . . . . . . . . . . . . . . 300 (Z) - (Z) 200 69 (Z) (X) (Z) 68

$750 or more . . . . . . . . . . . . . . . . . . 900 - 600 100 200 51 (X) 46 74 60

Median asking rent ............. $508 $750+ $607 (X) (X) (X) (X) (X)

One bedroom .................. 48,900 4,200 6,500 27,000 11,200 78 71 80 80 75

Less than $350 ................ 3,400 (Z) 100 2,600 600 84 (Z) 89 90 57

$350 to $449 .................. 5,200 (Z) 2,300 2,600 300 75 (Z) 78 70 96

$450 to $549 .................. 7,800 (Z) 2,800 3,100 1,900 78 (Z) 85 82 62

$550 to $649 .................. 10,200 400 700 6,100 3,100 79 93 89 82 70

$650 to $749 .................. 9,100 100 100 6,100 2,800 84 95 88 84 83

$750 or more .................. 13,300 3,600 600 6,600 2,500 74 68 56 76 83

Median asking rent ............. $629 $750+ $480 $636 $639 (X) (X) (X) (X) (X)

Two bedrooms ................. 82,100 2,400 19,500 39,900 20,300 69 86 72 65 72

Less than $350 ................ 3,000 (Z) 100 2,500 400 37 (Z) 16 28 100

$350 to $449 .................. 5,700 200 2,700 1,800 1,000 58 95 58 77 22

$450 to $549 .................. 16,700 100 7,000 7,500 2,100 71 96 64 77 71

$550 to $649 .................. 14,700 400 4,800 5,700 3,700 65 99 82 49 64

$650 to $749 .................. 15,100 500 4,100 6,300 4,200 72 90 83 65 71

$750 to $849 .................. 9,900 800 600 4,600 3,800 74 73 81 70 77

$850 or more .................. 17,000 300 200 11,400 5,100 73 91 44 69 83

Median asking rent ............. $656 $743 $550 $687 $719 (X) (X) (X) (X) (X)

Three bedrooms or more ........ 19,900 600 4,700 9,400 5,200 79 79 82 77 81

Less than $350 . . . . . . . . . . . . . . . . 400 (Z) (Z) 300 (Z) 11 (Z) (Z) 2 (Z)

$350 to $449 . . . . . . . . . . . . . . . . . . 500 - 100 300 200 93 (X) 100 88 100

$450 to $549 .................. 2,100 (Z) 1,300 400 400 77 (Z) 69 84 99

$550 to $649 .................. 3,500 - 1,100 1,800 600 85 (X) 85 81 99

$650 to $749 .................. 3,300 200 1,000 1,400 800 86 100 92 77 90

$750 to $849 .................. 4,700 200 1,000 2,100 1,400 74 56 83 79 62

$850 or more .................. 5,400 100 200 3,100 1,900 79 92 83 78 80

Median asking rent ............. $752 $764 $636 $774 $800 (X) (X) (X) (X) (X)

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

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

the United States and Inside or Outside Metropolitan Area: 1995

[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 due to 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

In central

city

Not in

central city

Total............................. 155,600 68,800 72,300 14,500 74 76 75 52

Less than $350 ...................... 9,500 1,300 800 7,400 71 81 95 67

$350 to $449 ........................ 11,700 5,600 4,400 1,700 67 75 71 31

$450 to $549 ........................ 26,900 14,000 12,000 900 73 77 67 92

$550 to $649 ........................ 28,600 13,400 12,500 2,700 73 77 81 10

$650 to $749 ........................ 27,800 13,500 13,500 700 78 75 82 57

$750 or more ........................ 51,100 21,000 29,100 1,000 74 75 74 56

Median asking rent ................... $654 $651 $697 (X) (X) (X) (X)

No bedroom ......................... 4,600 1,200 1,100 2,300 83 76 57 100

Less than $350 ...................... 2,800 500 (Z) 2,200 100 100 (Z) 100

$350 to $449 . . . . . . . . . . . . . . . . . . . . . . . . 300 100 200 - 58 64 55 (X)

$450 to $549 . . . . . . . . . . . . . . . . . . . . . . . . 200 (Z) 200 - 61 (Z) 61 (X)

$550 to $649 . . . . . . . . . . . . . . . . . . . . . . . . 200 100 100 - 61 44 100 (X)

$650 to $749 . . . . . . . . . . . . . . . . . . . . . . . . 300 200 (Z) - 69 70 (Z) (X)

$750 or more . . . . . . . . . . . . . . . . . . . . . . . . 900 200 700 (Z) 51 47 50 (Z)

Median asking rent ................... $428 $750+ (X) (X) (X) (X)

One bedroom........................ 48,900 22,300 23,400 3,200 78 80 77 77

Less than $350 ...................... 3,400 100 700 2,600 84 51 96 83

$350 to $449 ........................ 5,200 3,700 1,400 (Z) 75 73 79 (Z)

$450 to $549 ........................ 7,800 4,400 3,200 200 78 81 74 100

$550 to $649 ........................ 10,200 4,300 5,700 300 79 86 78 0

$650 to $749 ........................ 9,100 4,900 4,100 - 84 85 83 (X)

$750 or more ........................ 13,300 4,900 8,200 200 74 77 72 100

Median asking rent ................... $629 $618 $666 (X) (X) (X) (X)

Two bedrooms ....................... 82,100 36,900 37,700 7,500 69 72 74 28

Less than $350 ...................... 3,000 600 100 2,300 37 71 91 26

$350 to $449 ........................ 5,700 1,500 2,600 1,600 58 77 68 24

$450 to $549 ........................ 16,700 8,600 7,500 700 71 74 65 90

$550 to $649 ........................ 14,700 7,300 5,100 2,200 65 70 84 8

$650 to $749 ........................ 15,100 7,200 7,400 500 72 66 80 36

$750 to $849 ........................ 9,900 4,200 5,400 300 74 74 74 50

$850 or more ........................ 17,000 7,500 9,600 - 73 73 73 (X)

Median asking rent ................... $656 $656 $697 $444 (X) (X) (X) (X)

Three bedrooms or more.............. 19,900 8,400 10,100 1,500 79 83 80 52

Less than $350 . . . . . . . . . . . . . . . . . . . . . . 400 100 (Z) 300 11 71 (Z) 2

$350 to $449 . . . . . . . . . . . . . . . . . . . . . . . . 500 200 100 200 93 100 71 100

$450 to $549 ........................ 2,100 1,000 1,100 - 77 91 65 (X)

$550 to $649 ........................ 3,500 1,700 1,700 100 85 88 84 69

$650 to $749 ........................ 3,300 1,200 1,900 300 86 88 83 100

$750 to $849 ........................ 4,700 2,000 2,200 600 74 77 80 40

$850 or more ........................ 5,400 2,300 3,100 100 79 78 80 100

Median asking rent ................... $752 $753 $758 $698 (X) (X) (X) (X)

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

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

United States: 1995

[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 due to rounding]

Characteristic Number Percent

Percent absorbed

within 3 months

Total ........................................................... 155,600 100 74

AMENITIES

Swimming pool

Available

Included in rent ................................................... 94,200 61 75

At extra cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 (Z) 94

Not available ...................................................... 60,600 39 71

Parking

Available

Included in rent ................................................... 152,400 98 73

At extra cost ..................................................... 1,800 1 90

Not available ...................................................... 1,400 1 90

Air-conditioning

Available.......................................................... 140,500 90 74

Not available ...................................................... 15,100 10 68

Dishwasher

Available.......................................................... 141,300 91 75

Not available ...................................................... 14,300 9 55

UTILITIES

Electricity

Included in rent.................................................... 8,300 5 63

At extra cost ...................................................... 147,300 95 74

Gas

Available

Included in rent ................................................... 12,300 8 62

At extra cost ..................................................... 59,700 38 74

Not available ...................................................... 83,600 54 75

Z Indicates fewer than 50 units or less than one half of 1 percent.

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

Bedrooms and Geography: 1995

[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 due to rounding]

Characteristic Number Percent

Percent absorbed

within 3 months

Total ........................................................... 36,200 100 74

BEDROOMS

Fewer than two bedrooms ........................................... 3,400 9 76

Two bedrooms ..................................................... 26,200 73 73

Three bedrooms or more ............................................ 6,500 18 80

REGION

Northeast .......................................................... 4,800 13 64

Midwest ........................................................... 7,200 20 71

South ............................................................. 11,800 33 82

West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,500 34 73

AREA

Inside Metropolitan Area ............................................. 30,800 85 75

In central city...................................................... 9,700 27 70

Not in central city .................................................. 21,000 58 77

Outside Metropolitan Area ........................................... 5,400 15 72

Z Fewer than 50 units or less than one half of 1 percent.

10
Table 6. Condominium Apartments Completed and 3-Month Absorption Rate by Asking Price, Number of Bedrooms, and Geography: 1995

[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 due to rounding. Medians are computed using

unrounded data]

Characteristic Number Percent

Percent absorbed

within 3 months

Median

asking price

Total.................................................. 35,500 100 75 $114,100

ASKING PRICE

Less than $50,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 1 92 (X)

$50,000 to $74,999........................................ 4,200 12 93 (X)

$75,000 to $99,999........................................ 9,900 28 66 (X)

$100,000 to $149,999 ..................................... 11,700 33 78 (X)

$150,000 to $199,999 ..................................... 3,600 10 67 (X)

$200,000 or more ......................................... 5,700 16 75 (X)

BEDROOMS

Fewer than two bedrooms.................................. 3,200 9 77 $105,900

Two bedrooms ............................................ 25,900 73 73 $106,500

Three bedrooms or more................................... 6,400 18 81 $167,700

REGION

Northeast ................................................ 4,700 13 65 $117,700

Midwest.................................................. 7,000 20 73 $104,600

South .................................................... 11,800 33 82 $101,900

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,200 34 72 $132,300

AREA

Inside Metropolitan Area ................................... 30,300 85 75 $116,100

In central city ........................................... 9,500 27 71 $131,200

Not in central city ....................................... 20,800 59 77 $110,900

Outside Metropolitan Area.................................. 5,300 15 73 $98,400

X Not applicable.

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

and Geography: 1995

[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 due to rounding. Medians are computed

using unrounded data]

Characteristic Number Percent

Percent absorbed

within 3 months

Median

asking rent

Total.................................................. 1,600 100 91 $465

ASKING RENT

Less than $550 ........................................... 1,200 70 100 (X)

$550 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 30 69 (X)

BEDROOMS

Fewer than two bedrooms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 32 88 $516

Two bedrooms or more .................................... 1,100 68 92 $423

REGION

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

Midwest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 33 100 $519

South .................................................... 1,100 67 86 $422

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (Z) (Z) 100 $750+

AREA

Inside Metropolitan Area ................................... 1,600 100 91 $465

In central city ............................................ 1,500 91 90 $447

Not in central city . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 9 100 $684

Outside Metropolitan Area. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - (X) (X)

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

11
Table 8. Total Apartments Completed in Buildings With Five Units or More: 1970 to 1995

[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

1995............. 212,400 155,600 73 1,600 1 36,200 17 13,800 7 5,200 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............. 155,200 110,500 71 700 (Z) 30,900 20 7,100 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).

12
Table A. Standard Errors for Estimates of Apartments in Buildings With Five Units or More: Completions in 1995

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 1995

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 1995

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