U.S. Census Bureau 1

U.S. Department of Commerce

Economics and Statistics Administration

U.S. CENSUS BUREAU

H131/02-A

Characteristics of Apartments

Completed: Annual 2002

Current

Housing

Reports

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

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

U.S. 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 2002,

a total of 204,700 privately financed,

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

were completed in permit-issuing areas in

the United States. This total did not differ

from the 193,100 unfurnished rental units

completed in 2001. However, 2002

unfurnished rental completions were about

21,400 fewer than 2000, and some

21,200 below 1999 levels, but about the

same as those built in 19982 (see Table 8).

• The South, with 47 percent, had more

unfurnished rental completions than any

other region, followed by the West with

26 percent. The Midwest had 17 percent,

while the Northeast had only 9 percent

(see Table 1).

• Two-bedroom units were the predominant

size built, accounting for about 51 percent of

newly constructed rental apartments, compared with 34 percent for one-bedroom units.

Larger apartments, those with three or more

bedrooms ranked third at 12 percent, while

efficiencies (no bedrooms) accounted for only

3 percent of rental completions. This pattern

is similar to what occurred in 2001 (see

Table 1).

• The median monthly asking rent for all

unfurnished rental apartments completed in

2002 was $905— no change from the $895

(in 2002 dollars) median rent for unfurnished

apartments completed in 2001. Units with

three or more bedrooms had a median

asking rent of $1,135, followed by twobedroom units ($922), and one-bedroom

units at $833 (the $958 median asking rent

for efficiencies did not differ from that of

any of the other types of units as shown in

Table 2).

• In 2002, about 37 percent of unfurnished

rental apartments completed had an asking

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

proportion of rental completions based on

asking rent. The two next highest asking rent

categories $850 to $949 and $950 to

$1,049 had the lowest proportions of new

units (about 9 percent each). The proportion

of units renting for less than $650

(16 percent), $650 to $749 (15 percent) and

$750 to $849 (14 percent) did not differ

among the groups (see Table 2).

• The 3-month absorption rate for unfurnished

rental apartments renting for less than $650

(65 percent) was about 11 percentage points

higher than the 3-month absorption rate for

Issued July 2003

1Details may not sum to totals because of rounding.

2The number of unfurnished rental units built in 2001

was below the level for 2000.
2 U.S. Census Bureau

those renting for $1,050 or more. There were no

other differences in the 3-month absorption rates

among rental categories (see Table 2).

• Two-bedroom apartments were 55 percent absored

after 3 months. This rate was exceeded by both

three-or-more bedroom units and efficiencies by 10

percentage points. There were no other differences

among 3-month absorption rates for unfurnished

units built in 2002 based on number of bedrooms

(see Table 2).

 • About 53 percent of new unfurnished rental units

were completed outside central cities of metropolitan

areas (suburbs), followed by central cities

(43 percent of units). Only 5 percent of new rental

units were completed outside of metropolitan areas

(see Table 3).

• Of the 204,700 rental apartments completed in

2002, 95 percent had air conditioning available,

while 76 percent had a swimming pool available.

Only 8 percent included electricity in the monthly

rent, and 11 percent included the cost of natural gas

for heating (see Table 4).

• About 37,400 condominium and cooperative

apartments were completed in 2002 no difference

from the 45,700 such completions in 2001. Within 3

months, 73 percent of the units completed in 2002

had been sold (absorbed). The Northeast

(10 percent), Midwest (14 percent), and the West

(29 percent) did not differ from one another in

terms of these new condominium and cooperative

completions. The South had 47 percent of these

new units built in 2002, which was more than both

the Northeast and Midwest, but not different from

the West (see Table 5).

• The median asking price for all condominium

apartments built in 2002 was $195,400 about

the same as the median asking price of $186,100

(in 2002 dollars) for units built in 2001. Eightyfive percent of all new condominiums built in 2002

had two bedrooms or more (see Table 6).

• The number of newly built condominiums with

asking prices above $300,000 (11,400) was

greater than the number built in any other price

ranges shown in Table 6. The 2,900 units in the

$250,000 to $299,999 range was fewer than

those in each of the other price categories except

the $200,000 to $249,999 range. Comparisons of

3-month absorption rates for units in each of the

asking price ranges showed no differences (see

Table 6).

• Approximately 288,300 apartments in residential

buildings with five units or more were completed in

2002. This estimate did not differ from the

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

United States and Regions: 2002

[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. . . . . . . . . . . . . . . . . . 204,700 19,300 34,600 96,900 53,900 100 100 100 100 100

ASKING RENT

Less than $650 .............. 32,000 400 6,500 18,200 7,000 16 2 19 19 13

$650 to $749 ................ 30,700 300 10,200 16,000 4,200 15 2 30 17 8

$750 to $849 ................ 29,200 400 6,900 17,200 4,700 14 2 20 18 9

$850 to $949 ................ 18,700 500 2,500 9,400 6,300 9 3 7 10 12

$950 to $1,049............... 18,600 2,700 1,700 10,100 4,000 9 14 5 10 8

$1,050 or more .............. 75,500 15,000 6,600 26,100 27,800 37 78 19 27 52

Median asking rent ........... $905 $1,050+ $758 $833 $1,050+ (X) (X) (X) (X) (X)

BEDROOMS

No bedroom ................. 5,600 1,200 400 1,800 2,200 3612 4

1 bedroom................... 69,800 5,400 10,900 32,100 21,400 34 28 32 33 40

2 bedrooms.................. 103,900 11,000 19,400 48,600 24,900 51 57 55 50 46

3 bedrooms or more .......... 25,400 1,700 3,900 14,400 5,400 12 9 11 15 10

X Not applicable.

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

281,000 units completed in 2001, or the completions

in 2000, 1999, and 1998 (Table 8). Completions in

each of these 5 years exceeded the estimated

247,100 units built in 19973. Seventy-one percent of

2002 completions were nonsubsidized, unfurnished

rental apartments; 11 percent were federally subsidized units; 13 percent were condominiums and

cooperatives; 1 percent were furnished rental units;

and the remaining 3 percent were not in the scope of

the survey (see Table 8).

CHARACTERISTICS OF THE DATA

All statistics from the SOMA are limited to apartments in

newly constructed buildings with five units or more.

Absorption rates are based on the first time an apartment

is rented after completion or the first time a condominium

or cooperative apartment is sold after completion. If

apartments initially intended to be sold as condominium

or cooperative units are, instead, offered by the builder

or building owner for rent, they are counted as rental

apartments. Units categorized as federally subsidized are

those built under the two programs of the Department of

Housing and Urban Development (Section 8, Low Income

Housing Assistance and Section 202, Senior Citizens

Housing Direct Loans) and all units in buildings containing

apartments in the Federal Housing Administration (FHA)

rent supplement program. The data on privately financed

units include privately-owned housing subsidized by state

and local governments. Units categorized as not in the

scope of the survey include time-sharing units, continuing

care retirement units, and turnkey units (privately built for

and sold to local public housing authorities after completion).

Tables 1 through 4 are restricted to privately financed,

nonsubsidized, unfurnished rental apartments. Table 5 is

restricted to privately financed, nonsubsidized, condominium and cooperative apartments, while Table 6 is

limited to privately financed, nonsubsidized condominium

apartments only. Table 7 covers privately financed,

nonsubsidized, furnished, rental apartments, and Table 8

is a historical summary table that includes all newly

constructed apartments in buildings with five units or

more. Estimates published in this report are preliminary

and are subject to revision in the H-130, Market Absorption of Apartments annual report.

The SOMA is a sample survey and consequently all

statistics in this report are subject to sampling variability.

Estimates derived from different samples would differ

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

5See the January 2001 issue of “Housing Starts,” Current Construction

Reports, Series C20, for details of this survey.

4See ESTIMATION.

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

NOTE TO DATA USERS

The SOMA adopted new ratio estimation procedures in

1990 to derive more accurate estimates of completions.4

This new procedure was used for the first time in processing annual data for 1990. Please use caution when

comparing completions in 1990 and following years with

those in earlier years.

SAMPLE DESIGN

The U.S. Census Bureau designed the survey to provide

data concerning the rate at which privately financed,

nonsubsidized, unfurnished units in buildings with five or

more units are rented or sold (absorbed). In addition, the

survey collects data on characteristics such as number of

bedrooms, rent, and price.

Buildings for the survey came from those included in the

Census Bureau’s Survey of Construction (SOC).5 For the

SOC, the United States is first divided into primary

sampling units (PSUs), which are stratified based on

population and building permits. The PSUs to be used for

the survey are then randomly selected from each stratum. Next, a sample of permit-issuing places is chosen

within each of the selected PSUs. Finally, all newly

constructed buildings with five units or more within

sampled places, as well as a subsample of buildings with

one to four units, are included in the SOC.

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

a sample of buildings with five or more units that have

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

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

3, 6, 9, and 12 months after completion for units in

buildings selected in a given quarter in each of the next

four quarters.

ESTIMATION

Beginning with data on completions in the fourth quarter

of 1990 (which formed the basis for absorptions in the

first quarter of 1991), the Census Bureau modified the

estimation procedure and applied the modified estimation

procedure to data for the other three quarters of 1990

3Completions in 2000 exceeded those from 1998 by 26,100

units.
4 U.S. Census Bureau

so that one could derive annual estimates using the same

methodology for four quarters. The Census Bureau has

not performed any additional re-estimation of past data.

Before the estimation procedure changed, the Census

Bureau had formed unbiased quarterly estimates by

multiplying the counts for each building by its base weight

(the inverse of its probability of selection) and then

summing over all buildings. Multiplying the unbiased

estimate by the following ratio-estimate factor for the

country as a whole provides the following estimate:

total units in buildings with five units or more in

permit-issuing areas as estimated by SOC for that quarter

total units in buildings with five units or more as estimated

by the SOMA for that quarter

For the modified estimation procedure, instead of

applying a single ratio-estimate factor for the entire

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

Multiplying the unbiased regional estimates by the

corresponding ratio-estimate factors provides the final

estimates for regions. The Census Bureau obtains the

final estimates for the country by summing the final

regional estimates.

This procedure produces estimates of the units completed in a given quarter that are consistent with published figures from the SOC and reduces, to some extent,

the sampling variability of the estimates of totals. Annual

absorption rates are obtained by computing a weighted

average of the four quarterly estimates.

Absorption rates and other characteristics of units not

included in the interviewed group or not accounted for

are assumed to be identical to rates for units where data

were obtained. The noninterviewed and not-accountedfor cases constitute less than 2 percent of the sample

housing units in this survey.

ACCURACY OF THE ESTIMATES

Two types of possible errors are associated with data

from sample surveys: nonsampling and sampling errors.

The following is a description of the nonsampling and

sampling errors associated with the SOMA.

Nonsampling Errors

In general, nonsampling errors can be attributed to many

sources: inability to obtain information about all cases in

the sample, difficulties with definitions, differences in

interpretation of questions, inability or unwillingness of

the respondents to provide correct information, and

errors made in processing the data. These nonsampling

errors also occur in complete censuses. Although no

direct measurements of the biases have been obtained,

the Census Bureau thinks that most of the important

response and operational errors were detected during

review of the data for reasonableness and consistency.

Sampling Errors

The particular sample used for this survey is one of many

possible samples of the same size that could have been

selected using the same design. Even if the same

questionnaires, instructions, and interviewers were used,

estimates from different samples would likely differ from

each other. The deviation of a sample estimate from the

average of all possible samples is defined as the sampling error. The standard error of a survey estimate

attempts to provide a measure of this variation among

the estimates from the possible samples and, thus, is a

measure of the precision with which an estimate from a

sample approximates the average result from all possible

samples.

As calculated for this survey, the standard error also

partially measures the variation in the estimates due to

errors in responses and by the interviewers (nonsampling

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

biases in the data. Therefore, the accuracy of the

estimates depends on the standard error, biases, and

some additional nonsampling errors not measured by the

standard error. As a result, confidence intervals around

estimates based on this sample reflect only a portion of

the uncertainty that actually exists. Nonetheless, such

intervals are extremely useful because they do capture all

of the effect of sampling error and, in this case, some

nonsampling error as well.

If all possible samples were selected, each of them was

surveyed under essentially the same general conditions,

there were no systematic biases, and an estimate and its

estimated standard error were calculated from each

sample, then:

• Approximately 68 percent of the intervals from one

standard error below the estimate to one standard

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

all possible samples.

• Approximately 90 percent of the intervals from 1.6

standard errors below the estimate to 1.6 standard

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

confidence interval) would include the average result

from all possible samples.
U.S. Census Bureau 5

• 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

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

32,000 new apartments built in 2002 with an asking rent

of less than $650. Table A shows the standard error of

an estimate of this size to be approximately 2,780. To

obtain a 90-percent confidence interval, multiply 2,780

by 1.6 and add and subtract the result from 32,000

yielding limits of 27,550 and 36,450. The average

estimate of these units completed in 2002 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.

For this example, the standard error of the median of

$745 is:

5.7 x = $14 100

40

Therefore, 1.6 standard errors equals $22. Consequently, an approximate 90-percent confidence interval

for the median asking rent of $745 is between $723 and

$767 ($745 plus or minus $22).

Table 2 also shows that the rate of absorption after

3 months for these apartments renting for less than $650

is 65 percent. Table B shows the standard error on a

65 percent rate on a base of 32,000 to be approximately 4.5 percent. Multiply 4.5 by 1.6 (yielding 7.2)

and add and subtract the result from 65. The 90-percent

confidence interval for the absorption rate of 65 percent

is from 58 percent to 72 percent.

Table 2 also shows that the median asking rent for the

estimated 19,400 two-bedroom apartments built in the

Midwest was $745. The standard error of this median is

about $14.

Several statistics are needed to calculate the standard

error of a median.

• The base of the median the estimated number of

units for which the median has been calculated. In

this example, 19,400.

• The estimated standard error from Table B of a

50-percent characteristic on the base of the median

(σ50%). In this example, the estimated standard

error of a 50-percent characteristic with the base of

19,400 is about 5.7 percent.

• 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.

• The estimated proportion of the base falling in the

interval that contains the median: in this example,

40 percent (7,700 units completed in the Midwest

renting for $650 to $749/19,400 two-bedroom units

completed in the Midwest). The standard error of

the median is obtained by using the following approximation:

standard error of median = σ50% x

length of interval containing the sample median

estimated proportion of the

base falling within the

interval containing the

sample median
6 U.S. Census Bureau

Figure 1.

Percent Distribution of New Unfurnished Rental and New Condominium

and Cooperative Units Completed by Region: 2002

Unfurnished Rental

Apartments

Condominium and Cooperative

Apartments

Midwest

17%

Northeast

9%

West

26%

South

47%

Midwest

14%

Northeast

10%

West

29%

South

47%

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

Figure 2.

Median Asking Rent/Price for Unfurnished Rental and 

Condominium Apartments Completed in 2002

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

*Northeast and West median asking rent is $950 or more. *Northeast median asking price is $250,000 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: 2002

[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 ................... 204,700 19,300 34,600 96,900 53,900 59 49 69 57 58

Less than $650 . ............... 32,000 400 6,500 18,200 7,000 65 23 81 63 60

$650 to $749 .................. 30,700 300 10,200 16,000 4,200 60 29 72 53 63

$750 to $849 .................. 29,200 400 6,900 17,200 4,700 59 66 62 57 60

$850 to $949 .................. 18,700 500 2,500 9,400 6,300 59 57 62 59 58

$950 to $1,049 ................ 18,600 2,700 1,700 10,100 4,000 63 86 66 59 54

$1,050 or more................. 75,500 15,000 6,600 26,100 27,800 54 43 65 54 58

Median asking rent ............. $905 $1,050+ $758 $833 $1,050+ (X) (X) (X) (X) (X)

No bedroom ................. 5,600 1,200 400 1,800 2,200 62 64 78 56 64

Less than $850 . ............... 2,400 100 200 1,100 900 69 57 76 66 72

$850 or more .................. 3,300 1,100 100 700 1,300 58 65 80 41 59

Median asking rent ............. $958 $1,050+ $696 $777 $1,050+ (X) (X) (X) (X) (X)

1 bedroom................... 69,800 5,400 10,900 32,100 21,400 62 49 78 60 58

Less than $650 . ............... 14,400 300 3,800 7,600 2,800 72 34 90 65 72

$650 to $749 .................. 11,500 100 1,900 7,000 2,400 62 6 68 61 62

$750 to $849 .................. 10,900 200 1,000 6,400 3,300 64 89 89 61 60

$850 to $949 .................. 6,500 500 700 2,900 2,500 60 61 76 58 58

$950 to $1,049 ................. 5,500 300 500 3,100 1,600 56 6 54 62 53

$1,050 or more................. 21,000 4,100 3,000 5,100 8,800 55 51 72 51 53

Median asking rent ............. $833 $1,050+ $738 $773 $937 (X) (X) (X) (X) (X)

2 bedrooms ................. 103,900 11,000 19,400 48,600 24,900 55 51 64 53 55

Less than $650 . ............... 13,300 100 2,400 8,000 2,800 53 1 66 56 36

$650 to $749 .................. 17,100 100 7,700 7,900 1,500 58 15 73 42 62

$750 to $849 .................. 14,500 100 4,800 8,400 1,100 55 50 56 53 62

$850 to $949 .................. 9,800 - 1,400 4,900 3,500 58 (X) 60 58 56

$950 to $1,049 ................. 11,400 2,400 1,000 5,900 2,000 65 95 70 56 53

$1,050 to $1,149 ............... 6,500 500 400 3,600 2,000 54 63 70 50 57

$1,150 or more ................ 31,400 7,700 1,800 9,800 12,100 51 39 46 54 58

Median asking rent ............. $922 $1,150+ $745 $850 $1,131 (X) (X) (X) (X) (X)

3 bedrooms or more . . ........ 25,400 1,700 3,900 14,400 5,400 65 28 68 66 70

Less than $650 . ............... 2,900 - 200 2,000 600 85 (X) 83 81 97

$650 to $749 .................. 1,700 - 500 900 200 72 (X) 61 78 74

$750 to $849 .................. 3,400 - 1,100 2,100 100 61 (X) 68 60 26

$850 to $949 .................. 2,000 (Z) 500 1,400 100 59 (Z) 48 63 70

$950 to $1,049 ................. 1,300 - 200 900 200 74 (X) 81 70 84

$1,050 to $1,149 ............... 1,700 - 300 1,100 300 67 (X) 73 66 63

$1,150 or more................. 12,400 1,700 1,100 5,900 3,700 60 28 74 62 66

Median asking rent ............. $1,135 $1,150+ $861 $1,030 $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.

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

7

U.S. Census Bureau
Table 3. Unfurnished Apartment Completed and 3-Month Absorption Rate by Rent and Number of

Bedrooms for the United States and Inside or Outside Metropolitan Areas: 2002

[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 . . . ...................... 204,700 87,800 107,500 9,400 59 62 56 52

Less than $650 . . .................... 32,000 18,000 11,700 2,300 65 73 56 56

$650 to $749 . . . ..................... 30,700 13,700 13,700 3,400 60 62 66 28

$750 to $849 . . . ..................... 29,200 11,300 17,100 800 59 61 58 60

$850 to $949 . . . ..................... 18,700 6,700 11,900 200 59 61 58 47

$950 to $1,049 ...................... 18,600 5,800 12,700 (Z) 63 62 63 (Z)

$1,050 or more . . . ................... 75,500 32,300 40,400 2,800 54 58 50 75

Median asking rent ................... $905 $864 $944 $721 (X) (X) (X) (X)

No bedroom ....................... 5,600 4,700 800 100 62 63 53 84

Less than $850 . . .................... 2,400 1,800 500 100 69 69 60 84

$850 or more ........................ 3,200 2,900 300 - 58 59 42 (X)

Median asking rent ................... $958 $1,028 $819 $666 (X) (X) (X) (X)

1 bedroom . ....................... 69,800 33,900 33,200 2,800 62 63 58 80

Less than $650 . . .................... 14,400 8,700 4,800 900 72 71 76 69

$650 to $749 . . . ..................... 11,500 5,100 6,300 100 62 63 61 37

$750 to $849 . . . ..................... 10,900 4,300 6,600 - 64 67 62 (X)

$850 to $949 . . ..................... 6,500 2,500 4,100 - 60 60 60 (X)

$950 to $1,049 ...................... 5,500 2,600 3,000 - 56 61 52 (X)

$1,050 or more . . . ................... 21,000 10,800 8,400 1,800 55 58 44 87

Median asking rent ................... $833 $824 $833 $1,050+ (X) (X) (X) (X)

2 bedrooms ....................... 103,900 38,500 60,600 4,800 55 60 55 27

Less than $650 . . .................... 13,300 5,900 6,500 900 53 73 39 26

$650 to $749 . . . ..................... 17,100 7,400 6,700 3,100 58 59 71 25

$750 to $849 . . . ..................... 14,500 4,900 9,000 500 55 55 54 58

$850 to $949 . . . ..................... 9,800 3,200 6,600 - 58 61 56 (X)

$950 to $1,049 ...................... 11,400 2,500 9,000 - 65 62 66 (X)

$1,050 to $1,149 ..................... 6,500 2,100 4,300 - 54 54 54 (X)

$1,150 or more . . . ................... 31,400 12,500 18,600 300 51 55 49 (Z)

Median asking rent ................... $922 $883 $967 $698 (X) (X) (X) (X)

3 bedrooms or more................ 25,400 10,700 12,900 1,700 65 70 59 74

Less than $650 . . .................... 2,900 2,000 400 400 85 84 84 90

$650 to $749 . . . ..................... 1,700 1,000 600 100 72 74 69 68

$750 to $849 . . . ..................... 3,400 1,900 1,200 200 61 63 58 64

$850 to $949 . . . ..................... 2,000 700 1,100 200 59 62 58 47

$950 to $1,049 ...................... 1,300 500 700 (Z) 74 73 74 (Z)

$1,050 to $1,149 ..................... 1,700 500 1,000 100 67 80 57 100

$1,150 or more . . . ................... 12,400 4,000 7,800 600 60 65 56 68

Median asking rent ................... $1,135 $906 $1,150+ $895 (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: 2002

[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 ........................................................ 204,700 100 59

AMENITIES

Swimming pool

Available

Included in rent ................................................... 150,000 73 58

At extra cost . . . .................................................. 6,400 3 40

Not available ....................................................... 48,300 24 64

Parking

Available

Included in rent ................................................... 190,500 93 59

At extra cost . . . .................................................. 7,700 4 56

Not available ....................................................... 6,500 3 53

Air-conditioning

Available. . ....................................................... 194,500 95 59

Not available .................................................... 10,200 5 50

Dishwasher

Available . ....................................................... 200,100 98 59

Not available . . . .................................................. 4,600 2 55

UTILITIES

Electricity

Included in rent ................................................... 17,300 8 51

At extra cost . . . .................................................. 187,400 92 59

Gas

Available

Included in rent ................................................... 22,100 11 55

At extra cost . . . .................................................. 89,300 44 58

Not available ....................................................... 93,400 46 60

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: 2002

[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 ........................................................ 37,400 100 73

BEDROOMS

Fewer than 2 bedrooms ............................................. 5,500 15 62

2 bedrooms ........................................................ 21,200 57 74

3 bedrooms or more ................................................ 10,700 29 78

REGION

Northeast .......................................................... 3,600 10 74

Midwest . . . ........................................................ 5,400 14 70

South ............................................................. 17,600 47 72

West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,700 29 78

AREA

Inside metropolitan areas . . .......................................... 31,400 84 70

In central city..................................................... 16,800 45 61

Not in central city (suburbs) ........................................ 14,600 39 80

Outside metropolitan areas .......................................... 5,900 16 92

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: 2002

[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 .............................................. 36,300 100 74 $195,400

ASKING PRICE

Less than $125,000 ....................................... 6,900 19 64 (X)

$125,000 to $149,999 . . ................................... 5,400 15 84 (X)

$150,000 to $199,999 . . ................................... 6,400 18 79 (X)

$200,000 to $249,999 . . ................................... 3,300 9 77 (X)

$250,000 to $299,999 . . ................................... 2,900 8 84 (X)

$300,000 or more ......................................... 11,400 32 69 (X)

BEDROOMS

Fewer than 2 bedrooms.................................... 5,400 15 63 $195,000

2 bedrooms .............................................. 20,400 56 75 $172,400

3 bedrooms or more. . ..................................... 10,500 29 79 $279,000

REGION

Northeast ................................................ 3,600 10 74 $300,000+

Midwest.................................................. 4,700 13 68 $155,500

South . . .................................................. 17,200 48 73 $198,500

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,700 30 79 $191,100

AREA

Inside metropolitan areas . . ................................ 30,300 84 71 $188,500

In central city . .......................................... 16,700 46 61 $286,100

Not in central city (suburbs) .............................. 13,600 37 82 $157,300

Outside metropolitan areas . ................................ 6,000 16 92 $238,700

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: 2002

[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 .............................................. 3,800 100 47 $694

ASKING RENT

Less than $850 . . . ........................................ 2,000 52 65 (X)

$850 or more . . . .......................................... 1,800 48 27 (X)

BEDROOMS

Fewer than 2 bedrooms.................................... 1,500 40 62 $650-

2 bedrooms or more. . ..................................... 2,300 60 37 $1,150+

REGION

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

Midwest.................................................. - - - -

South . . .................................................. 1,700 46 27 $1,050+

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 52 62 $650-

AREA

Inside metropolitan areas . . ................................ 2,600 68 68 $650-

In central city . .......................................... 2,500 66 67 $650-

Not in central city (suburbs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 2 100 $701

Outside metropolitan areas . ................................ 1,200 32 27 $1,050+

- Represents zero. X Not applicable.

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

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U.S. Census Bureau
Table 8. Total Apartments Completed in Buildings With Five Units or More: 1970 to 2002

[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

2002. ............ 288,300 204,700 71 3,800 1 37,400 13 32,400 11 9,900 3

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 23,30 0 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 2002

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 2002

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 or5 . . . . . . . . . . . . . . . . . . . . 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 2002

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