U.S. Department of Commerce

Economics and Statistics Administration

U.S. CENSUS BUREAU

Issued July 2006

H131/05-A

Characteristics of Apartments

Completed: Annual 2005

Current 

Housing 

Reports

INTRODUCTION

The Survey of Market Absorption (SOMA) 

measures how soon privately fi nanced, 

nonsubsidized, unfurnished units in 

buildings with fi ve 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 signifi cant at 

the 90-percent confi dence level.

HIGHLIGHTS1

• Preliminary estimates from the SOMA 

show that, during 2005, a total of 

111,900 privately fi nanced, nonsubsidized, unfurnished rental apartments 

in buildings of fi ve units or more were 

completed in permit-issuing areas in 

the United States. This total is lower 

by about 43,100 from the estimated 

155,000 completions in 2004. New 

unfurnished rental completions in 

2005 were less than similar completions in every year dating back to 

1994, in which there was no statistical diff erence (Table 8).

• The South, with 51 percent, had 

the largest proportion of new, unfurnished rental completions of any 

region, followed by the West, with 27 

percent. The Midwest (17 percent) 

ranked third, while the Northeast had 

4 percent of new rental completions 

in 2005 (Table 1 and Figure 1).

• Two-bedroom units were the predominant size built, accounting for about 

50 percent of newly constructed 

rental apartments, followed by onebedroom units (33 percent). The third 

group comprised units with three or 

more bedrooms (14 percent), and 

the smallest group, effi ciencies (no 

bedrooms), accounted for 3 percent 

of new 2005 rental completions 

(Table 1).

• The median monthly asking rent for 

all unfurnished rental apartments 

completed in 2005 was $943—not 

statistically diff erent than the $1,007 

(in 2005 dollars; $974 in 2004 dollars) median rent for unfurnished 

apartments completed in 2004 (Table 

2). Units with three or more bedrooms had a median asking rent of 

$1,166, the highest among the four 

categories. The median asking rent 

for effi ciencies ($889) did not diff er 

statistically from that for both onebedroom and two-bedroom units, 

however the $955 median asking 

rent for two-bedroom units exceeded 

that for one-bedroom units ($864) by 

about $91 (Table 2).

• In 2005, about 33 percent of the completed unfurnished rental apartments 

had a median asking rent of $1,150 

or more—by far the largest proportion 

of rental completions based on asking 

rent. Units renting between $1,050–

$1,149 comprised 7 percent of new 

unfurnished rental completions, 

1 Details may not sum to totals because of rounding.

U.S. Department of Housing 

and Urban Development

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 Offi ce, Washington, DC 20402.
2 Characteristics of Apartments Completed: Annual 2005

U.S. Census Bureau

a lower proportion than each of the asking rent 

categories, except the 9 percent renting for $950–

$1,049. The $950–$1,049 group was lower by four 

percentage points than the $850–$949 group (13 

percent), but did not diff er statistically from the 

12 percent comprising the group renting between 

$750–$849 (Table 2).

• The 3-month absorption rate for unfurnished rental 

apartments was 64 percent. The rate for such 

apartments renting for less than $750 (71 percent) 

was higher by about 13 percentage points than the 

rate for those renting for $850–$949 and $1,050–

$1,149 (58 percent). There were no other statistical 

diff erences in the 3-month absorption rates among 

asking rent categories (Table 2).

• There were no statistically signifi cant diff erences 

among 3-month absorption rates for unfurnished 

apartments built in 2005 based on number of bedrooms (Table 2).

• More new unfurnished rental units were completed 

inside central cities of metropolitan areas (51 percent), about 8 percent more than the 43 percent 

built outside the nation’s central cities (suburbs). 

About 4 percent of new rental units were completed 

outside of metropolitan areas. Three-month absorption rates among these three types of areas did not 

diff er (Table 3).

• Of the 111,900 unfurnished rental apartments 

completed in 2005, 95 percent had air conditioning 

available, while 77 percent had a swimming pool 

available. About 5 percent included electricity in 

the monthly rent, and 6 percent included the cost of 

natural gas (Table 4).

• About 81,800 condominium and cooperative apartments were completed in 2005, some 22,200 more 

than the 59,600 such completions in 2004. Within 

3 months, 75 percent of these units completed in 

2004 had been sold (absorbed). The South, with 

49 percent of new condominium and cooperative 

completions in 2005 had a larger proportion than 

any other region. There were no other statistical 

diff erences among the percentage of completions in 

the other three regions (Table 5).

• The median asking price for all new condominium 

apartments built in 2005 was $303,100—not statistically diff erent from the 2004 median asking price 

of $274,100 (in 2005 dollars; $265,100 in 2004 dollars). Eighty-three percent of all new condominiums 

built in 2005 had two bedrooms or more (Table 6).

• Forty-one percent of newly built condominiums had 

a median asking price above $350,000, a larger proportion than in any of the other asking-price ranges, 

followed by those selling for less than $150,000 (18 

percent). There were no other statistical diff erences 

among the proportion of new condominium units 

by asking price range. Comparisons of 3-month 

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

for the United States and Regions: 2005

[Privately financed, nonsubsidized, unfurnished rental apartments in buildings with five units or more. Data regarding number of bedrooms and

asking rent are collected at the initial interview, i.e., 3 months following completion. Details may not sum to totals because of rounding. Medians and

percents are computed using unrounded data]

Characteristic

Number of unfurnished apartments Percent distribution

United

States Northeast Midwest South West

United

States Northeast Midwest South West

Total . . . . . . . . . . . . 111,900 4,800 19,500 57,400 30,300 100 100 100 100 100

Asking Rent

Less than $750 . . . . . . . . . 28,600 (Z) 11,900 14,300 2,400 26 (Z) 61 25 8

$750 to $849 . . . ........ 13,800 − 2,600 8,000 3,100 12 (X) 14 14 10

$850 to $949 . . . ........ 14,500 (Z) 2,000 8,900 3,500 13 (Z) 10 16 12

$950 to $1,049. . . ....... 10,500 100 600 6,500 3,300 9 1 3 11 11

$1,050 to $1,149 . . . . . . . . 8,100 100 500 4,700 2,700 7 3 3 8 9

$1,150 or more . . . . . . . . . 36,500 4,600 1,800 14,900 15,200 33 96 9 26 50

Median asking rent . . . . . . $943 $1,150+ $750− $921 $1,150+ (X) (X) (X) (X) (X)

Bedrooms

No bedroom . . . ......... 3,200 500 1,100 800 800 3 10 6 1 3

1 bedroom. . . . . ......... 37,300 2,400 4,700 20,200 10,100 33 49 24 35 33

2 bedrooms. . . . ......... 56,300 1,600 10,200 28,700 15,900 50 33 52 50 52

3 bedrooms or more . . . . . 15,100 400 3,500 7,700 3,500 14 8 18 13 12

− 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, 2005.
Characteristics of Apartments Completed: Annual 2005 3

U.S. Census Bureau

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 fi rst 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 fi nanced, 

nonsubsidized, unfurnished units in buildings with fi ve 

units or more 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 fi rst divided into primary 

sampling units (PSUs), which are stratifi ed 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 permits is chosen within each of the selected 

PSUs. All newly constructed buildings with fi ve 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 fi ve units or more 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) are 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 base for absorptions in 

the fi rst quarter of 1991), the Census Bureau modifi ed 

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 re-estimation of 

past data.

absorption rates for units in each of the asking-price 

ranges showed no statistical diff erences (Table 6).

• Approximately 258,000 apartments in residential 

buildings with fi ve units or more were completed in 

2005, about 27,400 units fewer than the 285,400 

total completions in 2004, but not statistically different from total completions in 2003. There were 

fewer completions in 2005 and 2003 than in every 

other year dating back to 1999. Forty-three percent 

of 2005 completions were nonsubsidized, unfurnished rental apartments; 18 percent were subsidized and tax credit units; 32 percent were condominiums and cooperatives; 2 percent were furnished 

rental units; and the remaining 5 percent were not 

in the scope of the survey (Table 8).

CHARACTERISTICS OF THE DATA

All statistics from the SOMA refer to apartments in 

newly constructed buildings with fi ve units or more. 

Absorption rates refl ect the fi rst time an apartment is 

rented after completion or the fi rst time a condominium or cooperative apartment is sold after completion. 

If apartments initially intended to be sold as condominium or cooperative units are, instead, off ered by the 

builder or building owner for rent, they are counted as 

rental apartments. Units categorized as subsidized 

and tax credited are those built under two U.S. 

Department of Housing and Urban Development (HUD) 

programs (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 fi nanced 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 fi nanced, 

nonsubsidized, unfurnished rental apartments. Table 

5 is restricted to privately fi nanced, nonsubsidized, 

condominium and cooperative apartments, while Table 

6 is limited to privately fi nanced, nonsubsidized condominium apartments only. Table 7 covers privately 

fi nanced, nonsubsidized, furnished rental apartments 

and Table 8 is a historical summary of the totals for 

all types of newly constructed apartments in buildings 

with fi ve 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.

2 See ESTIMATION section below.

3

 See the January 2005 issue of “Housing Starts,” 

Current Construction Reports, Series C20, for details of 

this survey.
4 Characteristics of Apartments Completed: Annual 2005

U.S. Census Bureau

Using the original estimation procedure, the Census 

Bureau created design-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 

design-unbiased estimate by the following ratioestimate factor for the country as a whole provides 

the following estimate:

total units in buildings with fi ve units or more in permitissuing areas as estimated by the SOC for that quarter

total units in buildings with fi ve units or more as 

estimated by the SOMA for that quarter 

Beginning with January 2001 completions, the SOC 

revised its methodology for estimating the number 

of units completed for 5+ multiunit structures. See 

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

/new_methodology_const.html for these changes. 

Thus, caution is required when comparing data from 

2001 and forward to any estimates prior to 2001.

In the modifi ed estimation procedure, instead of applying a single ratio-estimate factor for the entire country, 

the Census Bureau computes separate ratio-estimate 

factors for each of the four geographic regions. 

Multiplying the unbiased regional estimates by the 

corresponding ratio-estimate factors provides the fi nal 

estimates for regions. The Census Bureau obtains the 

fi nal estimates for the country by summing the fi nal 

regional estimates.

This procedure produces estimates of the units completed in a given quarter that are consistent with published fi gures 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 

not-accounted-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 diff erent samples 

would diff er from these.

Two types of possible errors are associated with data 

from sample surveys: nonsampling and sampling.

Nonsampling Errors 

In general, nonsampling errors can be attributed to 

many sources: inability to obtain information about 

all cases in the sample, diffi culties with defi nitions, 

diff erences 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 diff erent samples would 

likely diff er from each other. The deviation of a sample 

estimate from the average of all possible samples is 

defi ned 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 confi dence 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 confi dence 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 confi dence interval) would include the average result 

from all possible samples. 

This report uses a 90-percent confi dence level as its 

standard for statistical signifi cance.

For very small estimates, the lower limit of the confi -

dence interval may be negative. In this case, a better 
Characteristics of Apartments Completed: Annual 2005 5

U.S. Census Bureau

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, 80,000.

• The estimated standard error from Table C 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 

80,000 is about 3.6 percent.

• The length of the interval that contains the median. In this example, the median lies between 

$300,000 and $349,999. The length of the interval 

is $50,000.

• The estimated proportion of the base falling in the 

interval that contains the median: in this example, 

9 percent (7,300 condominium units selling for 

$300,000 to $349,999 divided by 80,000 condominium units). The standard error of the median is 

obtained by using the following approximation:

For this example, the standard error of the median of 

$303,100 is:

3.6 x 50,000/9 = $20,000

Therefore, 1.6 standard errors equals $32,000. Consequently, an approximate 90-percent confi dence interval 

for the median asking price of $303,100 is between 

$271,100 and $335,100 ($303,100 plus or minus 

$32,000).

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 

for 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 specifi c item. Standard 

errors for values not shown in Tables A, B, or C can be 

obtained by linear interpolation.

ILLUSTRATIVE USE OF THE STANDARD ERROR 

TABLES

Table 6 of this report shows that there were about 

80,000 new condominium apartments built in 2005. 

Table A shows the standard error of an estimate of 

this size to be approximately 5,380. To obtain a 90-

percent confi dence interval, multiply 5,380 by 1.6 

and add and subtract the result from 80,000, yielding 

limits of 71,390 and 88,610. The average estimate of 

these units completed in 2005 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 specifi ed confi dence of 90 percent.

Table 6 also shows that the rate of absorption after 

3 months for these condominium apartments is 75 

percent. Table C shows the standard error on a 75 percent rate on a base of 80,000 to be approximately 3.1 

percent. Multiply 3.1 by 1.6 (yielding 5.0) and add and 

subtract the result from 75. The 90-percent confi dence 

interval for the absorption rate of 75 percent is from 

70 percent to 80 percent.

Table 6 also shows that the median asking price for 

the estimated 80,000 condominium apartments was 

$303,100. The standard error of this median is about 

$20,000. 

x

length of interval containing 

the sample median

estimated proportion of 

the base falling within the interval 

containing the sample median

standard error of

median = σ50%
6 Characteristics of Apartments Completed: Annual 2005

U.S. Census Bureau

0

300

600

900

1,200

United Northeast* Midwest** South West*

States

0

100

200

300

400

United Northeast* Midwest South West

States

Figure 2.

Median Asking Rent/Price for Unfurnished Rental and Condominium Apartments 

Completed in 2005

 Dollars Thousands of dollars

943

1,150*

750**

303.1

350.0*

311.2

Source: U.S. Census Bureau, Survey of Market Absorption, 2005.

Figure 1.

Percent Distribution of New Unfurnished Rental and New Condominium and Cooperative

Units Completed by Region: 2005

Unfurnished Rental 

Apartments 

Condominium and Cooperative 

Apartments 

Midwest

17%

South

51%

West

27%

Northeast

4%

Midwest

16%

South

49%

West

21%

Northeast

15%

Source: U.S. Census Bureau, Survey of Market Absorption, 2005.

921

1,150*

*Northeast and West median asking rent is $1,150 or more.

**Midwest median asking rent is $750 or less.

*Northeast median asking price is $350,000 or more.

291.9

187.2
Characteristics of Apartments Completed: Annual 2005 7

U.S. Census Bureau

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

Number of Bedrooms for the United States and Regions: 2005

[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 . . . . . . . . . . . . 111,900 4,800 19,500 57,400 30,300 64 75 63 63 65

Less than $750. . . . . . . . . . 28,600 (Z) 11,900 14,300 2,400 71 (Z) 70 72 71

$750 to $849. . . . . . . . . . . . 13,800 − 2,700 8,000 3,100 61 (X) 57 63 62

$850 to $949. . . . . . . . . . . . 14,500 (Z) 2,000 8,900 3,500 58 (Z) 46 60 59

$950 to $1,049 . . . . . . . . . . 10,500 100 600 6,500 3,300 63 80 47 62 69

$1,050 to $1,149 . . . ..... 8,100 100 500 4,700 2,700 58 96 62 59 55

$1,150 or more. . . . . . . . . . 36,500 4,600 1,800 14,900 15,200 63 74 55 57 66

Median asking rent . . . . . . $943 $1,150+ $750− $921 $1,150+ (X) (X) (X) (X) (X)

No bedroom . . . . . . . . . . 3,200 500 1,100 800 800 66 90 64 60 62

Less than $950. . . . . . . . . . 1,800 (Z) 1,100 300 400 66 (Z) 64 65 73

$950 or more . . . . . . . . . . . 1,400 500 (Z) 500 400 66 90 (Z) 57 51

Median asking rent . . . . . . $889 $1,150+ $750− $991 $966 (X) (X) (X) (X) (X)

1 bedroom. . . . . . . . . . . . 37,300 2,400 4,700 20,200 10,100 66 78 63 64 68

Less than $750. . . . . . . . . . 11,400 − 3,800 6,500 1,100 71 (X) 63 75 73

$750 to $849. . . ......... 6,600 − 500 4,900 1,200 64 (X) 64 62 73

$850 to $949. . . ......... 4,900 − 100 2,900 1,900 64 (X) 65 63 65

$950 to $1,049 . . . . . . . . . . 2,000 (Z) (Z) 1,500 500 66 (Z) (Z) 65 71

$1,050 to $1,149 . . . ..... 2,100 (Z) 200 1,200 700 56 (Z) 80 50 58

$1,150 or more. . . . . . . . . . 10,300 2,300 100 3,200 8,500 66 78 23 53 68

Median asking rent . . . . . . $864 $1,150+ $750− $823 $1,103 (X) (X) (X) (X) (X)

2 bedrooms. . . . . . . . . . . 56,300 1,600 10,200 28,700 15,900 62 64 64 62 61

Less than $750. . . . . . . . . . 13,900 (Z) 6,200 6,600 1,100 71 (Z) 73 69 67

$750 to $849. . . ......... 5,900 − 1,700 2,600 1,600 58 (X) 48 68 52

$850 to $949. . . ......... 7,900 − 1,100 5,500 1,300 55 (X) 45 59 47

$950 to $1,049 . . . . . . . . . . 6,400 − 200 4,000 2,200 63 (X) 49 60 68

$1,050 to $1,149 . . . . . . . . 4,600 100 100 2,700 1,700 58 99 41 61 54

$1,150 to $1,249 . . . . . . . . 2,900 (Z) 200 1,800 900 67 (Z) 46 65 76

$1,250 or more. . . . . . . . . . 14,600 1,500 700 5,400 7,000 58 61 57 52 62

Median asking rent . . . . . . $955 $1,250+ $750− $942 $1,151 (X) (X) (X) (X) (X)

3 bedrooms or more . . . 15,100 400 3,500 7,700 3,500 65 81 64 62 71

Less than $750. . . . . . . . . . 2,000 − 900 1,000 100 79 (X) 87 69 100

$750 to $849............ 1,100 − 400 500 200 64 (X) 85 41 71

$850 to $949. . . . . . . . . . . . 1,400 − 800 400 200 53 (X) 44 67 58

$950 to $1,049 . . . . . . . . . . 1,600 − 300 800 500 64 (X) 46 66 75

$1,050 to $1,149 . . . . . . . . 1,200 − 200 700 300 61 (X) 48 67 54

$1,150 to $1,249 . . . . . . . . 1,400 − 300 1,000 100 65 (X) 57 68 50

$1,250 or more. . . . . . . . . . 6,400 400 600 3,300 2,200 65 81 57 59 73

Median asking rent . . . . . . $1,166 $1,250+ $904 $1,195 $1,250+ (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, 2005.
8 Characteristics of Apartments Completed: Annual 2005

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:

2005

[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

areas

United

States

Inside metropolitan areas

Outside

metropolitan

areas

In

central city

Not in

central city

In

central city

Not in

central city

Total . . . . . . . . . . . . . . . 111,900 56,900 47,600 7,400 64 63 64 65

Less than $750 . . . ......... 28,600 15,400 8,000 5,200 71 70 71 72

$750 to $849 . . . ........... 13,800 8,000 5,900 600 61 60 65 45

$850 to $949 . . . ........... 14,500 5,800 8,500 200 58 60 56 78

$950 to $1,049. . . .......... 10,500 4,900 5,600 (Z) 63 62 64 (Z)

$1,050 to $1,149 . . . . . . . . . . . 8,100 3,700 4,400 100 58 56 60 100

$1,150 or more . . . . . . . . . . . . 36,500 19,100 16,000 1,400 63 61 66 42

Median asking rent . . . . . . . . . $943 $936 $987 $750− (X) (X) (X) (X)

No bedroom . . . .......... 3,200 2,200 900 100 66 63 73 67

Less than $950 . . . . . . . . . . . . 1,800 1,500 200 100 66 66 70 67

$850 or more . . . ........... 1,400 700 700 − 66 59 74 (X)

Median asking rent . . . . . . . . . $889 $751 $1,150+ $750− (X) (X) (X) (X)

1 bedroom. . . ............ 37,300 20,000 15,900 1,300 66 64 69 57

Less than $750 . . . . . . . . . . . . 11,400 6,400 4,000 1,000 71 75 67 56

$750 to $849 . . . ........... 6,600 3,500 3,100 − 64 63 65 (X)

$850 to $949 . . . ........... 4,900 1,900 3,000 − 64 53 71 (X)

$950 to $1,049. . . .......... 2,000 1,100 900 − 66 56 79 (X)

$1,050 to $1,149 . . . . . . . . . . . 2,100 1,100 1,000 − 56 53 60 (X)

$1,150 or more . . . . . . . . . . . . 10,300 6,000 3,900 300 66 61 73 60

Median asking rent . . . . . . . . . $864 $856 $880 $750− (X) (X) (X) (X)

2 bedrooms. . . . . . . . . . . . . . 56,300 26,300 25,600 4,400 62 61 61 68

Less than $750 . . . . . . . . . . . . 13,900 7,000 3,700 3,300 71 67 75 73

$750 to $849 . . . ........... 5,900 3,700 1,800 500 58 57 63 46

$850 to $949 . . . ........... 7,900 2,800 5,000 100 55 68 47 100

$950 to $1,049. . . .......... 6,400 2,200 4,200 − 63 64 62 (X)

$1,050 to $1,149 . . . . . . . . . . . 4,600 1,800 2,800 − 58 55 61 (X)

$1,150 to $1,249 . . . . . . . . . . . 2,900 1,300 1,600 − 67 64 70 (X)

$1,150 or more . . . . . . . . . . . . 14,600 7,500 6,500 500 58 57 60 52

Median asking rent . . . . . . . . . $955 $939 $1,006 $750− (X) (X) (X) (X)

3 bedrooms or more . . . . . . 15,100 8,300 5,200 1,600 65 65 66 62

Less than $750 . . . . . . . . . . . . 2,000 900 200 800 79 67 87 89

$750 to $849 . . . ........... 1,100 700 400 (Z) 64 59 74 (Z)

$850 to $949 . . . ........... 1,400 900 400 100 53 48 61 55

$950 to $1,049. . . .......... 1,600 1,200 400 (Z) 64 69 51 (Z)

$1,050 to $1,149 . . . . . . . . . . . 1,200 600 600 100 61 65 53 100

$1,150 to $1,249 . . . . . . . . . . . 1,400 600 800 (Z) 65 62 66 (Z)

$1,250 or more . . . . . . . . . . . . 6,400 3,400 2,400 600 65 70 68 20

Median asking rent . . . . . . . . . $1,166 $1,121 $1,226 $750− (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, 2005.
Characteristics of Apartments Completed: Annual 2005 9

U.S. Census Bureau

Table 4. Unfurnished Apartments Completed and 3-Month Absorption Rate by Amenities and

Utilities for the United States: 2005

[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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 4 1,900 100 6

AMENITIES

Swimming pool

Available

Included in rent . . . . . . . . . .................................... 85,600 76 63

At extra cost . . . . . . . . . ....................................... 1,500 1 37

Not available . . . . . ............................................. 24,900 22 67

Parking

Available

Included in rent . . . . . . . . . .................................... 104,600 93 64

At extra cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... 5,400 5 58

Not available . . . . . ............................................. 2,000 2 55

Air-conditioning

Available . . . .................................................. 105,900 95 64

Not available . . . . . ............................................. 6,000 5 66

Dishwasher

Available . . . .................................................. 109,600 98 64

Not available . . . . . ............................................. 2,300 2 50

UTILITIES

Electricity

Included in rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,700 5 59

At extra cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... 106,300 95 64

Gas

Available

Included in rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... 7,000 6 72

At extra cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .......... 39,000 35 65

Not available . . . . . . . . . . . ....................................... 65,900 59 62

Source: U.S. Census Bureau, Survey of Market Absorption, 2005.
10 Characteristics of Apartments Completed: Annual 2005

U.S. Census Bureau

Table 5. Condominium and Cooperative Apartments Completed and 3-Month Absorption Rate

by Number of Bedrooms and Geography: 2005

[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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,800 100 75

BEDROOMS

Fewer than 2 bedrooms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... 14,800 18 79

2 bedrooms . . . .................................................. 47,300 58 72

3 bedrooms or more . . . . . . . . . .................................... 19,700 24 81

REGION

Northeast . . . .................................................... 12,000 15 56

Midwest . . . . . ................................................... 13,000 16 60

South . . . ....................................................... 39,800 49 82

West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,100 21 84

AREA

Inside metropolitan areas . . . . . . . . ................................. 77,500 95 75

In central city . . . . . ............................................ 39,200 48 77

Not in central city (suburbs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,300 47 73

Outside metropolitan areas . . . . . . . . . . . . . . . . . . . . . . . . . . . ............ 4,300 5 76

Source: U.S. Census Bureau, Survey of Market Absorption, 2005.
Characteristics of Apartments Completed: Annual 2005 11

U.S. Census Bureau

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

Number of Bedrooms, and Geography: 2005

[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 . . . .............................. 80,000 100 75 $303,100

ASKING PRICE

Less than $150,000 . . . . . . . . . . . . . . . . . . . . . . . . . . 14,100 18 77 (X)

$150,000 to $199,999. . . . . . ................... 9,500 12 78 (X)

$200,000 to $249,999. . . . . . ................... 8,000 10 75 (X)

$250,000 to $299,999. . . . . . ................... 7,900 10 71 (X)

$300,000 to $349,999. . . . . . ................... 7,300 9 66 (X)

$350,000 or more . . . . . . . . . . . . ................ 33,200 41 77 (X)

BEDROOMS

Fewer than 2 bedrooms. . . . . . . . ............... 14,300 18 79 $281,600

2 bedrooms. . . . .............................. 46,200 58 72 $282,600

3 bedrooms or more . ......................... 19,600 25 81 $400,000+

REGION

Northeast. . . ................................. 11,900 15 57 $350,000+

Midwest . . . . . ................................ 11,900 15 59 $187,200

South . . . .................................... 39,200 49 82 $311,200

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000 21 75 $291,900

AREA

Inside metropolitan areas. . . . . . . . .............. 76,000 95 75 $301,500

In central city . . . . . . . . . . .................... 38,500 48 78 $321,800

Not in central city (suburbs) . . . . . . . . ......... 37,500 47 73 $272,400

Outside metropolitan areas . . . . . . . . . . . . . . . . . . . . 4,000 5 84 $350,000+

X Not applicable.

Source: U.S. Census Bureau, Survey of Market Absorption, 2005.
12 Characteristics of Apartments Completed: Annual 2005

U.S. Census Bureau

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

Number of Bedrooms, and Geography: 2005

[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 . . . .............................. 5,400 100 85 $1,150+

ASKING RENT

Less than $950 . . . ........................... 1,900 36 92 (X)

$950 or more . . . ............................. 3,500 64 82 (X)

BEDROOMS

Fewer than 2 bedrooms. . . . . . . . ............... 1,400 26 92 $750−

2 bedrooms or more . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 74 83 $1,250+

REGION

Northeast. . . ................................. 1,000 19 100 $1,150+

Midwest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 18 73 $1,150+

South . . . .................................... 2,600 48 80 $849

West. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 15 98 $1,150+

AREA

Inside metropolitan areas. . . . . . . . . . . . . . . . . . . . . . 5,200 96 86 $1,150+

In central city . . . ........................... 3,700 69 82 $1,150+

Not in central city (suburbs) . . . . . . . . ......... 1,500 27 96 $1,150+

Outside metropolitan areas . . . . . . . . . . . . . . . . . . . . 200 4 67 $1,150+

X Not applicable.

Source: U.S. Census Bureau, Survey of Market Absorption, 2005.
Characteristics of Apartments Completed: Annual 2005 13

U.S. Census Bureau

Table 8. Total Apartments Completed in Buildings With Five Units or More: 1970 to 2005

[Details may not sum to totals because of rounding. Percents are computed using unrounded data]

Year

Total

Unfurnished

apartments

Furnished

apartments

Condominiums and

cooperatives

Subsidized and

Tax Credit* Other1

Number Percent Number Percent Number Percent Number Percent Number Percent

2005. . . . . . . . . . . . . 258,000 111,900 43 5,400 2 81,800 32 45,200 18 13,600 5

2004. . . . . . . . . . . . . 285,400 155,000 54 4,400 2 59,600 21 55,700 20 10,800 4

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

* Beginning with data in the second quarter of 2004, the category was expanded to include units built under the Low Income Housing Tax

Credit program. 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, 2005.
14 Characteristics of Apartments Completed: Annual 2005

U.S. Census Bureau

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

Completions in 2005

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, 2005.

Table B. Standard Errors of Estimated Percentages for Rental Apartments: Completions in 2005

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, 2005.

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

Completions in 2005

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 28.3 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, 2005.
Helping You Make Informed Decisions

USCENSUSB R A UEU

UNITED STATES DEPARTMENT OF COMMERCE

Economics and Statistics Administation

U.S. Census Bureau

Washington, DC 20233-0001

SOMA Data User:

The U.S. Census Bureau is contacting known users of the Survey of Market Absorption (SOMA)

data to inform them that the survey may be discontinued due to funding issues and to provide

users with a point of contact to express their views on the importance of the data.

The Census Bureau processes the Survey of Market Absorption under a reimbursable agreement

with the Department of Housing and Urban Development (HUD). The Census Bureau receives no

funding of our own for this survey apart from the money received from HUD, but does consider it

an essential part of knowing what is happening in the housing industry. Funding for the SOMA has

become an issue. Many federal agencies, including HUD, are feeling the budget crunch and have

had to make spending cuts. For FY 2007, the Census Bureau has received only half of the normal

funds for the SOMA. This will allow us to complete data collection for the 2006 statistical months

(complete January−December processing). Whether we receive additional funding to continue the

survey remains to be seen at this time. We may not know until the fall of 2006.

We believe it would be helpful if users contacted HUD to express their needs for SOMA data. It

would be of great benefit if as many data users as possible would let HUD know that the information provided by the SOMA is useful, important, and necessary. Our counterparts at HUD also consider this very important data, but they are the ones that must decide on the future of the survey.

Hopefully, getting positive feedback from the industry and data users will influence the decisionmakers to continue the survey. Please be as specific as possible about the consequences of not

having SOMA data in the future. Please state how it would affect your interests and usage of the

data from SOMA.

To express your interest in the continuation of the survey, please send your comments to:

Ronald J. Sepanik

Office of Policy Development & Research

U.S. Department of Housing and Urban Development

451 7th Street, SW, Room 8218

Washington, DC 20410

E-mail: ronald_j._sepanik@hud.gov

202-708-1060

If you have any questions or concerns, please contact me.

Thanks for your support.

Howard A. Savage

Chief, Financial and Market Characteristics Branch

Housing and Household Economic Statistics Division

U. S. Census Bureau

Voice No.: 301-763-5665

E-mail: howard.a.savage@census.gov

Director, Housing & Demographic Analysis Division
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