Table 3.  Rental Vacancy Rates, by State:  1986 to 2005



                          1986     1987     1988     1989  1989\r      1990



United States........     7.3      7.7      7.7      7.1      7.4      7.2



Alabama..............     5.0      5.0      6.8      6.0      6.9      8.1

Alaska...............    15.3     15.9     14.3     11.0     11.0      6.8

Arizona..............    13.1     12.7     11.8     10.2     10.5     10.7

Arkansas.............     7.4      7.8      8.5      6.4      8.0      7.9

California...........     4.9      5.4      6.2      5.8      5.9      6.0

Colorado.............    13.6     11.6     13.0     11.7     12.4     10.2

Connecticut..........     5.0      4.8      5.8      5.9      5.9      7.5

Delaware.............     4.9      5.5      6.9      5.6      6.7      6.0

District of Columbia.     3.5      4.8      5.2      5.1      5.1      7.7

Florida..............    11.0     11.0     10.5      9.1      9.5      9.0

Georgia..............     6.2      6.1      7.5      9.3     10.0      9.4

Hawaii...............     5.7      6.5      6.3      6.6      6.6      6.6

Idaho................     8.8      9.0      6.4      6.0      6.0      5.4

Illinois.............     6.9      5.9      6.9      7.0      7.2      6.1

Indiana..............     7.5      8.2      7.9      6.0      6.2      5.3

Iowa.................     9.5      8.0      8.1      8.5      8.5      7.8

Kansas...............    10.3      9.4     10.1      8.5      9.3      7.8

Kentucky.............     6.5      7.9      6.5      6.7      7.2      5.8

Louisiana............    12.1     15.6     13.6     12.4     13.2     13.1

Maine................     5.1      5.4      5.1      6.0      6.0      9.7

Maryland.............     5.3      6.9      5.0      5.5      5.5      5.2

Massachusetts........     3.8      3.6      4.4      5.0      5.0      6.9

Michigan.............     5.0      6.8      7.3      7.4      7.5      7.3

Minnesota............     4.9      4.9      5.5      5.8      5.8      6.5

Mississippi..........     9.1     10.7      9.8      9.6     10.5      8.7

Missouri.............     9.7      8.8      7.5      7.7      8.3      9.6

Montana..............     8.1     10.3      9.3      8.9      9.7      8.1

Nebraska.............     8.3      6.7      7.0      6.2      6.6      6.5

Nevada...............    11.8      9.5      9.3     10.9     10.9      8.4

New Hampshire........     4.9      7.7      6.7      7.7      7.7      9.7

New Jersey...........     4.0      3.9      5.1      4.6      4.6      5.9

New Mexico...........     9.3     10.7      8.8     11.1     12.7     13.7

New York.............     2.9      3.3      4.1      3.7      3.7      4.9

North Carolina.......     7.0      6.1      7.0      6.7      7.4      7.2

North Dakota.........     9.3      8.9      7.0      7.9      7.9      8.0

Ohio.................     6.3      6.5      6.4      5.8      5.9      5.5

Oklahoma.............    17.2     18.9     15.8     13.2     14.7     14.6

Oregon...............     7.0      6.1      6.0      4.0      4.2      3.3

Pennsylvania.........     5.4      5.7      6.0      5.9      6.0      7.2

Rhode Island.........     4.9      4.8      5.0      7.4      7.4      9.6

South Carolina.......     6.2      9.1     10.6      8.4      9.1      8.4

South Dakota.........     8.4      6.9      6.8      6.1      7.1      5.3

Tennessee............     6.0      7.6      7.2      8.0      9.1      9.5

Texas................    16.2     17.1     14.5     12.2     12.5      9.7

Utah.................    21.5     21.5     25.8     10.1     10.6     12.6

Vermont..............     4.7      4.8      2.6      2.9      2.9      6.2

Virginia.............     6.0      7.0      7.3      6.2      6.6      5.8

Washington...........     4.2      4.7      4.2      5.4      5.5      3.3

West Virginia........     9.1      8.8     10.6     10.7     11.5      8.2

Wisconsin............     4.7      4.7      4.2      3.9      4.1      3.3

Wyoming..............    15.0     16.8     12.0     10.5     12.1      7.9



Table 3.  Rental Vacancy Rates, by State:  1986 to 2005 - Continued



                         1991     1992     1993   1993\r     1994     1995



United States........     7.4      7.4      7.4      7.3      7.4      7.6



Alabama..............     7.2      6.4      6.3      6.8      7.2      8.5

Alaska...............     5.7      5.8      5.4      4.9      4.5      6.0

Arizona..............     9.6      9.5      7.6      7.4      8.8      7.2

Arkansas.............     8.6      6.9      7.1      7.2      6.8      7.4

California...........     6.2      7.5      8.2      8.2      7.9      8.5

Colorado.............     5.8      5.8      4.7      4.9      5.3      4.3

Connecticut..........     7.7      8.3     11.2     11.1     11.4     15.2

Delaware.............     8.0      9.1      8.3      8.4      8.3     10.6

District of Columbia.     8.8      9.7      8.5      7.7     10.3     12.9

Florida..............     9.1      8.7      8.2      8.3      8.0      7.8

Georgia..............     9.7      8.9      7.3      7.3      9.1     11.3

Hawaii...............     5.8      5.8      7.1      6.8      7.4      6.3

Idaho................     3.9      2.7      4.4      3.7      3.6      4.5

Illinois.............     6.5      7.0      6.2      6.3      6.8      7.4

Indiana..............     6.2      7.0      7.3      7.2      5.0      5.2

Iowa.................     7.0      3.9      4.3      4.3      4.9      5.3

Kansas...............     6.9      5.9      6.1      6.2      9.0      6.2

Kentucky.............     7.6      8.7      8.6      8.5      7.6      5.1

Louisiana............     9.5      7.8      7.1      7.2      9.4      9.6

Maine................    10.8     10.7     10.4     10.4     11.0      8.6

Maryland.............     6.7      7.2      8.8      8.7      8.1      5.7

Massachusetts........     8.3      8.8      7.9      7.8      7.1      6.2

Michigan.............     7.2      7.7      8.0      7.9      8.9      8.8

Minnesota............     6.6      5.4      5.5      4.9      5.2      6.7

Mississippi..........     7.8      7.4      8.1      8.0      7.9     13.2

Missouri.............    11.1      9.9      9.1      9.4     10.1     10.0

Montana..............     6.6      4.2      3.3      3.4      3.5      3.6

Nebraska.............     8.1      7.5      5.9      5.9      5.5      5.5

Nevada...............     8.5      9.0      9.5      9.1      6.1      6.8

New Hampshire........    11.0      9.5      6.6      6.7      7.7      5.4

New Jersey...........     7.7      6.9      8.3      8.2      7.1      6.6

New Mexico...........    13.2      7.8      3.7      3.5      5.1      4.8

New York.............     5.5      5.8      5.6      5.5      5.9      6.3

North Carolina.......     7.7      7.0      6.0      5.6      6.1      8.2

North Dakota.........     6.2      5.1      5.0      4.8      5.1      6.7

Ohio.................     5.4      6.2      7.0      7.1      6.8      7.4

Oklahoma.............     9.5      9.7     11.6     11.5      8.9     10.3

Oregon...............     5.1      4.9      5.5      5.6      3.9      4.0

Pennsylvania.........     7.1      7.0      7.3      7.5      8.0      8.0

Rhode Island.........     9.6      8.7      8.6      8.6      8.0      7.1

South Carolina.......    11.1     10.0     11.2     10.6     12.3      9.3

South Dakota.........     4.5      3.1      4.4      4.3      5.3      5.9

Tennessee............     8.5      6.0      4.7      4.6      4.6      5.4

Texas................     9.6      8.9      9.1      8.9      7.9      8.2

Utah.................    14.9     14.6     13.1     15.7      7.1     12.3

Vermont..............     6.5      5.3      5.1      5.2     10.3      5.3

Virginia.............    10.3      8.2      7.5      7.7      8.9      7.6

Washington...........     4.1      4.1      5.6      5.0      5.9      6.0

West Virginia........     6.3      5.4      5.6      6.0      8.5      7.6

Wisconsin............     4.6      4.9      4.6      4.0      4.6      5.7

Wyoming..............     7.7      6.7      5.0      5.5      6.7      5.0



Table 3.  Rental Vacancy Rates, by State:  1986 to 2005 - Continued



                         1996     1997     1998     1999     2000     2001



United States........     7.8      7.7      7.9      8.1      8.0      8.4



Alabama..............     8.7      7.3      9.7     13.5     14.4     14.2

Alaska...............     5.9      7.4      5.8      6.5      6.9      5.2

Arizona..............    10.2      9.1      9.3     10.6     10.7     10.9

Arkansas.............     7.2      8.1     13.1     11.4     11.4     13.4

California...........     7.2      6.5      6.0      5.0      4.5      4.2

Colorado.............     6.1      3.7      5.3      6.8      5.4      9.1

Connecticut..........    10.7      7.7      9.2      7.3      8.6      8.0

Delaware.............     7.7      8.5     11.2      9.9     10.6     10.5

District of Columbia.    13.4     13.2     12.6     12.0     11.7     12.5

Florida..............     9.0      9.5      8.8     10.3     10.8     11.5

Georgia..............    11.6     11.2     12.0     10.3      9.7     12.3

Hawaii...............     6.0      7.1      6.9      7.6      5.3      8.2

Idaho................     5.8      6.8      5.5      6.1      6.7      6.0

Illinois.............     7.9      8.5      7.4      6.9      7.8      9.0

Indiana..............     6.9      7.2      8.1     11.5     10.6     10.3

Iowa.................     5.5      6.4      6.0      7.3      6.9      8.2

Kansas...............     9.9      9.4      8.4      7.7      9.2     10.1

Kentucky.............     5.8      9.4      8.3     10.1      9.5     10.1

Louisiana............     7.8      8.4      9.7     12.8     11.2      8.8

Maine................     7.2      6.1      6.2      7.4      6.0      4.9

Maryland.............     6.7      8.0      5.7      5.5      4.6      7.6

Massachusetts........     5.8      5.2      5.7      4.7      3.5      3.3

Michigan.............    10.2      8.9      8.3     10.2      9.6     10.9

Minnesota............     5.5      4.7      6.2      5.2      5.2      5.5

Mississippi..........    13.2     11.5      9.9     11.2     11.6     13.5

Missouri.............     8.6      8.9      9.2      9.9     15.0     17.4

Montana..............     5.1      5.0      5.8      5.4      7.5      6.6

Nebraska.............     6.6      6.3      7.3      9.9      7.4      9.3

Nevada...............     7.1      7.5      9.3      9.7     11.6     12.0

New Hampshire........     5.6      6.2      3.9      4.4      3.2      3.3

New Jersey...........     7.7      5.5      4.5      3.9      4.3      4.3

New Mexico...........     7.1      9.5     10.2     12.5     13.2     12.7

New York.............     6.9      6.2      6.6      6.1      5.5      5.3

North Carolina.......     8.0      9.7     11.5     10.8     11.2     12.4

North Dakota.........     8.5      8.3      9.9     10.6     11.7      9.9

Ohio.................     8.1      8.9      8.7      9.8      9.0      9.6

Oklahoma.............    11.0     11.4     12.9     14.0     15.2     12.0

Oregon...............     5.9      5.4      7.7      7.6      6.8      6.8

Pennsylvania.........     8.7     10.1      9.1     10.3      8.3      7.3

Rhode Island.........     7.2      6.0      5.3      5.1      5.3      3.9

South Carolina.......    14.1     15.1     16.7     16.4     15.5     17.3

South Dakota.........     9.9     12.6      9.4     10.0      7.7      8.2

Tennessee............     5.4      7.2      7.4      8.2      7.1      9.5

Texas................     8.0      8.4      8.6      9.3     10.8     10.3

Utah.................    13.4     14.4     14.6     10.1      7.6      7.2

Vermont..............     4.2      3.7      5.7      3.6      3.8      6.1

Virginia.............     7.4      6.3      8.4      9.0      7.7      7.9

Washington...........     5.6      4.4      6.2      5.1      4.9      7.8

West Virginia........     5.8      7.5      9.5      9.4     10.0     11.0

Wisconsin............     5.5      4.9      6.4      6.0      4.7      4.8

Wyoming..............     6.4      8.2      9.8     10.3      8.1      7.8



Table 3.  Rental Vacancy Rates, by State:  1986 to 2005 - Continued



                          2002  2002\r      2003     2004     2005



United States........     9.0      8.9       9.8    10.2      9.8



Alabama..............    13.2     13.4     14.0     14.8      13.2

Alaska...............     5.7      5.9      8.6      7.0       7.9

Arizona..............    12.3     11.2     12.0     11.3      11.6

Arkansas.............    10.8     10.7     12.7     13.5      13.7

California...........     4.9      5.0      5.4      5.4       6.0

Colorado.............    11.0     10.5     12.2     12.7      13.5

Connecticut..........     4.7      4.6      9.1      8.4       8.3

Delaware.............     8.8      8.7     10.5     11.0      11.3

District of Columbia.    11.6     10.8     10.7     11.3       7.7

Florida..............    10.5     10.2     11.5     11.7      10.1

Georgia..............    14.5     14.2     14.7     16.3      14.6

Hawaii...............     7.3      7.3      8.9      7.7       5.1

Idaho................     6.2      6.4      9.7      9.8       7.0

Illinois.............    11.0     10.9     12.0     14.8      13.4

Indiana..............    11.7     12.1     12.8     12.9      14.2

Iowa.................     8.5      8.6      8.3      9.4      13.1

Kansas...............    11.6     11.6     10.5     13.6      12.8

Kentucky.............     9.4      9.6      9.9     11.3      11.2

Louisiana............     8.2      8.3      8.8      7.3       8.8

Maine................     5.7      5.6      6.1      6.8       6.8

Maryland.............     7.4      7.5      9.4      8.2       8.8

Massachusetts........     4.9      4.9      5.2      6.5       5.7

Michigan.............    10.5     10.5     10.5     13.0      13.1

Minnesota............     6.7      6.6      7.9      9.1      10.5

Mississippi..........    15.2     15.4     15.8     12.5      13.2

Missouri.............     9.3      9.2      9.5     10.3      13.8

Montana..............     6.9      7.0      8.5      9.7      10.3

Nebraska.............    10.2     10.2     10.0      9.5      10.3

Nevada...............    14.4     13.6     11.6     10.6       8.4

New Hampshire........     3.4      3.4      6.0      4.8       5.1

New Jersey...........     5.0      4.8      6.3      6.2       6.2

New Mexico...........    11.5     10.7     11.4      8.1       7.7

New York.............     5.8      5.8      5.6      6.1       5.1

North Carolina.......    15.3     13.6     15.0     13.3      13.8

North Dakota.........    11.5     11.2      9.8     10.4       8.5

Ohio.................    11.1     11.0     11.8     13.0      13.4

Oklahoma.............    13.9     14.0     12.8     13.9      12.6

Oregon...............     8.5      8.4      9.9     11.8       8.3

Pennsylvania.........     7.9      7.9     10.0     11.7      10.0

Rhode Island.........     4.2      4.0      5.2      6.1       7.7

South Carolina.......    15.3     15.7     16.2     14.7      10.0

South Dakota.........     9.8      9.5     12.8     11.2       8.8

Tennessee............    10.4     10.4      8.3     10.0      10.3

Texas................    12.5     12.6     14.1     13.9      13.6

Utah.................     6.6      6.5      8.2      8.9       7.0

Vermont..............     3.8      3.8      4.0      4.7       4.4

Virginia.............     8.2      8.0      9.0     11.4       7.8

Washington...........     7.9      7.6     10.1      9.6       6.8

West Virginia........    12.1     11.9     11.9     10.0      11.9

Wisconsin............     6.4      6.5      8.9      9.1       9.0

Wyoming..............     7.4      7.5      9.4      5.6       6.0

\r Revised.