Table 3.  Rental Vacancy Rates, by State:  1986 to 2001

                     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 Colum     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 2001 - 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 Colum     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 2001 - 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 Colum    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

rRevised.