Table 3.  Rental Vacancy Rates, by State:  1986 to 2006

                          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 2006 - 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 2006 - 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 2006 - Continued

                          2002  2002\r      2003     2004     2005     2006

United States........     9.0      8.9       9.8    10.2      9.8       9.7

Alabama..............    13.2     13.4     14.0     14.8      13.2     13.4
Alaska...............     5.7      5.9      8.6      7.0       7.9      8.5
Arizona..............    12.3     11.2     12.0     11.3      11.6      9.3
Arkansas.............    10.8     10.7     12.7     13.5      13.7     13.5
California...........     4.9      5.0      5.4      5.4       6.0      5.8
Colorado.............    11.0     10.5     12.2     12.7      13.5     10.5
Connecticut..........     4.7      4.6      9.1      8.4       8.3      7.9
Delaware.............     8.8      8.7     10.5     11.0      11.3     12.2
District of Columbia.    11.6     10.8     10.7     11.3       7.7      7.8
Florida..............    10.5     10.2     11.5     11.7      10.1     10.7
Georgia..............    14.5     14.2     14.7     16.3      14.6     13.0
Hawaii...............     7.3      7.3      8.9      7.7       5.1      5.5
Idaho................     6.2      6.4      9.7      9.8       7.0      7.4
Illinois.............    11.0     10.9     12.0     14.8      13.4     12.6
Indiana..............    11.7     12.1     12.8     12.9      14.2     14.0
Iowa.................     8.5      8.6      8.3      9.4      13.1     13.5
Kansas...............    11.6     11.6     10.5     13.6      12.8     11.3
Kentucky.............     9.4      9.6      9.9     11.3      11.2      9.8
Louisiana............     8.2      8.3      8.8      7.3       8.8      7.9
Maine................     5.7      5.6      6.1      6.8       6.8      6.8
Maryland.............     7.4      7.5      9.4      8.2       8.8     10.2
Massachusetts........     4.9      4.9      5.2      6.5       5.7      6.2
Michigan.............    10.5     10.5     10.5     13.0      13.1     18.1
Minnesota............     6.7      6.6      7.9      9.1      10.5      8.9
Mississippi..........    15.2     15.4     15.8     12.5      13.2     12.9
Missouri.............     9.3      9.2      9.5     10.3      13.8     11.3
Montana..............     6.9      7.0      8.5      9.7      10.3      7.9
Nebraska.............    10.2     10.2     10.0      9.5      10.3     10.2
Nevada...............    14.4     13.6     11.6     10.6       8.4      9.1
New Hampshire........     3.4      3.4      6.0      4.8       5.1      6.0
New Jersey...........     5.0      4.8      6.3      6.2       6.2      7.3
New Mexico...........    11.5     10.7     11.4      8.1       7.7      8.1
New York.............     5.8      5.8      5.6      6.1       5.1      5.8
North Carolina.......    15.3     13.6     15.0     13.3      13.8     11.7
North Dakota.........    11.5     11.2      9.8     10.4       8.5      8.9
Ohio.................    11.1     11.0     11.8     13.0      13.4     12.3
Oklahoma.............    13.9     14.0     12.8     13.9      12.6     11.2
Oregon...............     8.5      8.4      9.9     11.8       8.3      7.5
Pennsylvania.........     7.9      7.9     10.0     11.7      10.0     10.6
Rhode Island.........     4.2      4.0      5.2      6.1       7.7      7.5
South Carolina.......    15.3     15.7     16.2     14.7      10.0     10.6
South Dakota.........     9.8      9.5     12.8     11.2       8.8      8.3
Tennessee............    10.4     10.4      8.3     10.0      10.3     10.5
Texas................    12.5     12.6     14.1     13.9      13.6     13.5
Utah.................     6.6      6.5      8.2      8.9       7.0      5.7
Vermont..............     3.8      3.8      4.0      4.7       4.4      3.6
Virginia.............     8.2      8.0      9.0     11.4       7.8      8.3
Washington...........     7.9      7.6     10.1      9.6       6.8      6.3
West Virginia........    12.1     11.9     11.9     10.0      11.9     10.8
Wisconsin............     6.4      6.5      8.9      9.1       9.0      8.2
Wyoming..............     7.4      7.5      9.4      5.6       6.0      4.6

\r Revised.