CURRENT HOUSING REPORTS
U.S. Department of Commerce
Economics and Statistics Administration
BUREAU OF THE CENSUS
U.S. Department of Housing and Urban Development
Market Absorption of Apartments
Third Quarter 1996–Absorptions (Completions in Second Quarter 1996)
H130/96-Q3 Issued December 1996
Figure 1.
Units in Apartment Buildings Completed and Absorbed: 1992 to 1996
Thousands of units 100
90
80
70
60
Total completions 1
50
Rental completions 2
40
30
20
10
Absorbed at 3 months 2
0 1st 2nd 3rd 1992 4th 1st 2nd 3rd 1993 4th 1st 2nd 3rd 1994 4th 1st 2nd 3rd 1995 4th 1st 2nd 3rd 1996 4th
Quarter of completion
Note: Limited to buildings with five or more units in permit-issuing places.
1 2
All apartments. Privately financed, nonsubsidized, unfurnished rental apartments.
Source: U.S. Bureau of the Census, H130, Market Absorption of Apartments.
Questions regarding these data may be directed to Housing and Household Economic Statistics Division, Telephone 301-763-8165. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402.
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HIGHLIGHTS1
x An estimated 66,100 apartments were completed in buildings with five units or more in the second quarter of 1996. This estimate is 14,500 (±7,710) units higher than the 51,600 apartments completed in the first quarter of 1996, and 14,900 (±7,850) units higher than the 51,200 apartments completed in the same quarter last year (table 11). Approximately 50,200 units were privately financed, nonsubsidized, unfurnished, rental apartments. This estimate is about the same as the revised 43,700 unfurnished units completed last quarter, but higher (±7,640) than the 35,900 completions in the second quarter of 1995. x An estimated 72 percent (seasonally adjusted) of the newly completed, unfurnished apartments were rented (absorbed) within 3 months of completion, about the same as the revised 75 percent rate in the previous quarter (table 1). The not-seasonally adjusted 3-month absorption rate for the 50,200 apartments completed in the second quarter was 73 percent, not significantly different from the rate last quarter. x The median asking rent for all privately financed, unfurnished units completed in buildings with five units or more in the second quarter of 1996 was $686, which is $70 (±$64) higher than the first-quarter asking rent of $616 (tables 2 and 3). x About half (50 percent) of all unfurnished, rental apartments were built in the South, and one-quarter (24 percent) were built in the West. The Midwest and Northeast combined had the remaining 26 percent of completions (table 4). x Approximately 7,000 cooperative and condominium apartments in buildings with five units or more were completed in the second quarter of 1996, about the same as the revised 5,600 such units completed last quarter, and the 9,600 units completed in the same quarter last year (table 5). Condominiums and cooperatives accounted for about 11 percent of all completions in buildings with five or more units. x The 3-month absorption rate for condominium apartments completed in the second quarter was 75 percent, the same as the revised rate in the first quarter (tables 6 and 7). The median asking price for condominiums built in the second quarter was $126,900. x Of the remaining apartments completed in all buildings with five units or more in the second quarter of 1996, 300 were furnished units; 5,300 units were in federally subsidized properties; and about 3,300 units were not in the scope of the survey (table 11).
CHARACTERISTICS OF THE DATA
All statistics from the Survey of Market Absorption (SOMA) are limited to apartments in newly constructed buildings with five units or more. Absorption rates are based on the first time an apartment offered for rent is rented after completion, or the first time a cooperative or condominium apartment is sold after completion. If apartments initially intended to be sold as cooperative or condominium units are offered by the builder or building owner for rent, they are counted as rental apartments. Units categorized as federally subsidized are those built under the following programs of the Department of Housing and Urban Development: Low Income Housing Assistance (Section 8), Senior Citizens Housing Direct Loans (Section 202), and all units in buildings containing apartments in the Federal Housing Administration (FHA) rent supplement program. The data on privately financed units include privately owned housing subsidized by State and local government. Units categorized as not in the scope of the survey include time-sharing units, continuing care retirement units, and turnkey units (privately built for and sold to local public housing authorities after completion). Tables 1 through 4 and 9 are restricted to privately financed, nonsubsidized, unfurnished, rental apartments. Table 5 is restricted to privately financed, nonsubsidized, cooperative and condominium apartments, while tables 6, 7, 8, and 10 are limited to condominium apartments only. Table 11 is a summary table which includes all newly constructed apartments in buildings with five units or more. The SOMA is a sample survey and consequently all statistics in this report are subject to sampling variability. Estimates derived from different samples would differ from one another. The standard error of a survey estimate is a measure of the variation among the estimates from all possible samples. Estimates of standard errors have been computed from the sample data and are presented in the tables. The standard error allows us to construct an interval with prescribed confidence that the interval includes the average of the estimates from all possible samples. For all the statements about changes made in this report, 90-percent confidence intervals for statistical comparisons can be constructed by using the 90-percent deviate shown in the parentheses after the change; however, when a 90-percent confidence interval contains zero, we are uncertain whether or not the change has occurred. In addition, any statistical findings that are not part of the tables or are derived by collapsing intervals within a table are also provided with 90-percent confidence intervals.
1
Numbers in parentheses represent the 90-percent confidence inter-
val.
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NOTE TO DATA USERS
The Survey of Market Absorption adopted new ratio estimation procedures in 1990 to derive more accurate estimates of completions.2 Caution must be used when comparing the number of completions in 1990 and later with those in earlier years.
Before this change in the estimation procedure, unbiased estimates were formed by multiplying the counts for each building by its base weight (the inverse of its probability of selection) and then summing over all buildings. The final estimate was then obtained by multiplying the unbiased estimate by the following ratio estimate factor for the Nation as a whole: total units in buildings with five or more units in permitissuing areas as estimated by the SOC for that quarter total units in buildings with five or more units as estimated by the SOMA for that quarter. For the modified estimation procedure, instead of applying a single ratio-estimate factor for the entire nation, separate ratio-estimate factors are computed for each of the four Census regions. The final estimates for regions are obtained by multiplying the unbiased regional estimates by the corresponding ratio-estimate factors. The final national estimate is obtained by summing the final regional estimates. This procedure produces estimates of the units completed in a given quarter which are consistent with the published figures from the SOC and reduces, to some extent, the sampling variability of the estimates of totals. Absorption rates and other characteristics of units not included in the interviewed group or not accounted for are assumed to be identical to rates for units where data were obtained. The noninterviewed and not-accounted-for cases constitute less than 2 percent of the sample housing units in this survey.
SAMPLE DESIGN
The SOMA is designed to provide data concerning the rate at which privately financed, unfurnished, nonsubsidized units in buildings with five or more units are rented or sold (absorbed). In addition, data on characteristics of the units, such as number of bedrooms and rent or price, are collected. The buildings selected for the SOMA are those included in the Census Bureau’s Survey of Construction (SOC).3 For the SOC, the United States is first divided into primary sampling units (PSUs) which are stratified based on population and building permits. The PSUs to be used for the survey are then randomly selected from each stratum. Next, a sample of permit-issuing places is chosen within each of the selected PSUs. Finally, all newly constructed buildings with five units or more within sampled places, as well as a subsample of buildings with one to four units, are included in the survey. Each quarter, a sample of buildings with five units or more in the SOC sample reported as completed during that quarter are chosen for the SOMA. Buildings completed in nonpermit-issuing areas are excluded from consideration. Information on the proportion of units absorbed 3, 6, 9, and 12 months after completion is obtained for units in buildings selected in a given quarter in each of the next four quarters. Estimates published for a given quarter are preliminary and are subject to revision in ensuing quarters. Each quarter, the absorption data for some buildings are received too late for inclusion in the report. These late data are included in a revised table in the next quarterly report. They are finalized in the annual report.
ACCURACY OF THE ESTIMATES
There are two types of possible errors associated with data from sample surveys: nonsampling and sampling errors. The following is a description of the nonsampling and sampling errors associated with the SOMA.
Nonsampling Errors
In general, nonsampling errors can be attributed to many sources: inability to obtain information about all cases in the sample; difficulties with definitions; differences in the interpretation of questions; inability or unwillingness of the respondents to provide correct information; and errors made in processing the data. These nonsampling errors also occur in complete censuses. Although no direct measurements of the biases have been obtained, we believe that most of the important response and operational errors were detected during review of the data for reasonableness and consistency.
ESTIMATION
Beginning with data on completions in the fourth quarter of 1990 (which formed the base for absorptions in the first quarter of 1991), the estimation procedure was modified. The modified estimation procedure was also applied to the data for the other three quarters of 1990 so that annual estimates could be derived using the same methodology for four quarters. No additional re-estimation of past data is planned.
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
See ESTIMATION on page 3. See the January issue of ‘‘Housing Starts,’’ Construction Reports, Series C20, for details of this survey.
3
2
4
questionnaires, instructions, and interviewers were used, estimates from each of the different samples would differ from each other. The deviation of a sample estimate from the average of all possible samples is defined as the sampling error. The standard error of a survey estimate attempts to provide a measure of this variation among the estimates from the possible samples and, thus, is a measure of the precision with which an estimate from a sample approximates the average result of all possible samples. As calculated for this survey, the standard error also partially measures the variation in the estimates due to errors in response and by interviewers (nonsampling errors), but it does not measure, as such, any systematic biases in the data. Therefore, the accuracy of the estimates depends on both the standard error, biases, and some additional nonsampling errors not measured by the standard error. As a result, confidence intervals around estimates based on this sample reflect only a portion of the uncertainty that actually exists. Nonetheless, such intervals are extremely useful because they do capture all of the effect of sampling error and, in this case, some nonsampling error as well. If all possible samples were selected, each of them was surveyed under essentially the same general conditions, there were no systematic biases, and an estimate and its estimated standard error were calculated from each sample, then: x Approximately 68 percent of the intervals from one standard error below the estimate to one standard error above the estimate (i.e., the 68-percent confidence interval) would include the average result of all possible samples. x Approximately 90 percent of the intervals from 1.6 standard errors below the estimate to 1.6 standard errors above the estimate (i.e., the 90-percent confidence interval) would include the average result of all possible samples.
x Approximately 95 percent of the intervals from two standard errors below the estimate to two standard errors above the estimate (i.e., the 95-percent confidence interval) would include the average result of all possible samples. This report uses a 90-percent confidence level as its standard for statistical significance. For very small estimates, the lower limit of the confidence interval may be negative. In this case, a better approximation to the true interval estimate can be achieved by restricting the interval estimate to positive values, that is, by changing the lower limit of the interval estimate to zero. The average result of all possible samples either is or is not contained in any particular computed interval. However, for a particular sample, one can say with specified confidence that the average result of all possible samples is included in the constructed interval. For example, table 2 of this report shows that there were 33,700 apartments with two bedrooms or more completed in the second quarter of 1996. The standard error of this estimate is 2,910. The 68-percent confidence interval as shown by these data is from 30,790 to 36,610. Therefore, a conclusion that the average estimate derived from all possible samples lies within a range computed in this way would be correct for roughly 68 percent of all possible samples. Similarly, we could conclude that the average estimate derived from all possible samples lies within the interval from 29,044 to 38,356 (using 1.6 times the standard error) with 90-percent confidence.
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Figure 2.
Percent of New Unfurnished Rental Apartments Completed, by Rent Category
Second Quarter 1996
First Quarter 1996
$550-$649 20%
$450-$549 16% $350-$449 6% Less than $350 1%
$550-$649 19%
$450-$549 22%
$650-$749 19%
$650-$749 14%
$350-$449 9% Less than $350 6%
$750 or more 38%
Source: U.S. Bureau of the Census, H130, Market Absorption of Apartments.
$750 or more 29%
Figure 3.
Cooperative and Condominium Apartment Completions as Percent of Total Apartment Completions: 1992 to 1996
40 35 30 25 20 15 10 5 0 1st 2nd 3rd 4th 1992 1st 2nd 3rd 4th 1993 1st 2nd 3rd 4th 1994 Quarter of completion 1st 2nd 3rd 4th 1995 1st 2nd 3rd 4th 1996 Percent
Note: Limited to buildings with five or more units in permit-issuing places. Source: U.S. Bureau of the Census, H130, Market Absorption of Apartments.
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Table 1. Absorption Rates of Privately Financed, Nonsubsidized, Unfurnished Rental Apartments: 1990 to 1996
[Buildings with five units or more] Total unfurnished apartments completed Quarter of completion Standard error* (number of apartNumber ments) Seasonally adjusted— rented within 3 months Standard error* (percentage Percent points) Not seasonally adjusted—rented within—
3 months Standard error* (percentage Percent points)
6 months Standard error* (percentage Percent points)
9 months Standard error* (percentage Percent points)
12 months Standard error* (percentage points)
Percent
1996 April—Junep . . . . . . . . . January-March . . . . . . . 1995 October-December . . . July-September . . . . . . April-June . . . . . . . . . . . January-March . . . . . . . 1994 October-December . . . July-September . . . . . . April-June . . . . . . . . . . . January-March . . . . . . . 1993 October-December . . . July-September . . . . . . April-June . . . . . . . . . . . January-March . . . . . . . 1992 October-December . . . July-September . . . . . . April-June . . . . . . . . . . . January-March . . . . . . . 1991 October-December . . . July-September . . . . . . April-June . . . . . . . . . . . January-March . . . . . . . 1990 October-December . . . July-September . . . . . . April-June . . . . . . . . . . . January-March . . . . . . . 54,100 61,400 55,400 43,300 3,560 3,420 2,900 2,620 60 67 69 71 2.7 3.8 1.7 2.2 58 69 73 67 2.6 3.8 1.7 2.1
p r r
50,200 43,700
4,150 2,990
r
72 75
2.7 4.4
73 73
2.7 4.2
(NA) 88
(NA) 2.9
(NA) (NA)
(NA) (NA)
(NA) (NA)
(NA) (NA)
45,600 48,000 35,900 25,500
3,200 2,290 2,360 2,270
r
76 72 75 66
3.3 2.3 4.1 5.8
74 76 77 63
3.1 2.4 4.2 5.5
88 89 89 89
2.3 2.2 3.5 3.3
96 93 92 94
1.3 2.1 3.3 3.2
(NA) 98 94 99
(NA) 0.8 3.1 0.2
35,500 29,500 24,700 14,300
2,730 2,540 2,610 1,560
76 82 82 84
2.5 2.3 3.0 1.5
74 86 84 80
2.4 2.2 3.0 1.4
90 95 94 92
1.6 0.9 1.9 1.1
96 97 97 97
1.5 0.5 1.8 0.8
98 98 98 98
1.4 0.4 1.8 0.7
16,900 22,100 20,500 17,600
2,450 2,660 2,010 2,630
73 76 75 75
4.0 5.8 3.9 8.5
71 80 77 69
3.8 5.5 4.0 7.8
88 90 89 83
2.6 4.3 4.1 6.9
96 93 95 92
0.9 3.9 0.8 5.2
98 94 97 96
0.5 3.9 0.5 4.3
28,800 32,000 27,400 22,100
2,370 2,740 3,000 2,140
76 75 71 73
2.7 1.9 2.5 2.3
74 78 74 70
2.6 2.0 2.6 2.2
93 88 92 89
1.0 1.5 1.9 1.6
98 94 96 96
0.3 1.3 0.9 0.4
99 97 99 98
0.1 0.5 0.4 0.2
26,400 48,200 46,500 44,200
2,390 3,140 2,880 2,610
73 70 68 70
3.6 2.6 3.2 2.3
70 72 71 67
3.5 2.7 3.3 2.2
85 86 87 87
2.5 1.5 1.7 1.0
92 93 93 95
1.9 0.8 0.7 0.5
95 97 97 98
1.3 0.5 0.5 0.3
78 85 88 88 Preliminary.
1.8 2.1 1.1 1.0
90 93 94 95 r Revised.
1.4 1.1 0.8 0.5
95 96 97 96
0.8 1.1 0.6 0.4
* One standard error (i.e., 68-percent confidence interval).
NA Not available.
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Table 2. Characteristics of Unfurnished Apartments Completed During the Second Quarter of 1996 and of Those Rented Within 3 Months (Preliminary) Not Seasonally Adjusted
[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 due to rounding. Medians are computed using unrounded data] Total unfurnished apartments completed Item Number Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ASKING RENT Less than $350 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $350 to $449 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $450 to $549 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $550 to $649 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $650 to $749 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $750 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Median asking rent . . . . . . . . . . . . . . . . . . . . . . . . . . . Fewer than two bedroo . . . . . . . . . . . . . . . . . . . . . Less than $350 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $350 to $449 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $450 to $549 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $550 to $649 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $650 to $749 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $750 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Median asking rent . . . . . . . . . . . . . . . . . . . . . . . . . . . Two bedrooms or more . . . . . . . . . . . . . . . . . . . . . Less than $350 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $350 to $449 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $450 to $549 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $550 to $649 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $650 to $749 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $750 to $849 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $850 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Median asking rent . . . . . . . . . . . . . . . . . . . . . . . . . . . BEDROOMS No bedroom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 bedroom. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 bedrooms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 bedrooms or more . . . . . . . . . . . . . . . . . . . . . . . . . . 700 15,800 27,300 6,400 290 1,590 2,580 1,070 1 31 54 13 0.6 1.8 2.2 2.0 82 74 70 79 5.6 2.5 3.9 3.2 200 3,100 8,200 10,100 9,500 19,000 $686 16,500 200 1,800 2,100 4,300 4,000 4,200 $648 33,700 100 1,400 6,200 5,800 5,600 5,300 9,400 $712 120 940 2,260 1,410 1,180 2,600 $31 1,670 110 770 550 670 490 1,150 $28 2,910 30 560 2,230 1,180 930 700 1,360 $37 92 6 16 20 19 38 (X) 33 91 3 4 9 8 8 (X) 67 (Z) 3 12 12 11 11 19 (X) 4.9 1.7 3.9 2.6 2.3 4.3 (X) 1.9 7.8 1.4 1.0 1.3 1.0 2.1 (X) 1.9 94 1.1 4.1 2.2 1.8 1.3 2.4 (X) 82 66 76 75 71 $682 75 81 76 73 80 68 $646 72 3.7 84 63 78 71 74 70 $711 3.4 8.0 2.5 2.3 5.4 $27 2.5 3.5 5.8 2.3 2.8 6.1 $27 3.3 6.4 9.3 4.2 2.8 2.9 7.5 $34 50,200 Standard error* (number of apartments) 4,150 Percent rented within 3 months Standard error* (percentage points) 2.7
Percent of total units Standard error* (percentage points) (X)
Percent 100
Percent 73
*One standard error (i.e., 68-percent confidence interval).
X Not applicable.
Z Fewer than 50 units or less than one-half of 1 percent.
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Table 3. Characteristics of Unfurnished Apartments Completed During the First Quarter of 1996 and of Those Rented Within 3 Months (Revised) Not Seasonally Adjusted
[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 due to rounding. Medians are computed using unrounded data] Total unfurnished apartments completed Item Number Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ASKING RENT Less than $350 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $350 to $449 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $450 to $549 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $550 to $649 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $650 to $749 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $750 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Median asking rent . . . . . . . . . . . . . . . . . . . . . . . . . . . Fewer than two bedrooms . . . . . . . . . . . . . . . . . . . Less than $350 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $350 to $449 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $450 to $549 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $550 to $649 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $650 to $749 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $750 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Median asking rent . . . . . . . . . . . . . . . . . . . . . . . . . . . Two bedrooms or more . . . . . . . . . . . . . . . . . . . . . Less than $350 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $350 to $449 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $450 to $549 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $550 to $649 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $650 to $749 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $750 to $849 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $850 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Median asking rent . . . . . . . . . . . . . . . . . . . . . . . . . . . BEDROOMS No bedroom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 bedroom. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 bedrooms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 bedrooms or more . . . . . . . . . . . . . . . . . . . . . . . . . . 400 13,400 25,100 4,800 100 1,690 3,380 500 1 31 57 11 0.3 4.7 4.6 1.0 71 68 76 78 5.0 5.0 5.4 4.4 2,800 3,900 9,600 8,300 6,300 12,700 $616 13,800 1,200 1,500 2,500 2,600 2,800 3,300 $616 29,900 1,600 2,500 7,100 5,700 3,500 3,200 6,200 $616 1,500 1,410 3,980 980 740 1,430 $25 1,720 890 560 840 310 320 390 $46 3,670 1,230 1,290 4,150 960 630 390 710 $45 6 9 22 19 14 29 (X) 32 3 3 6 6 6 7 (X) 68 4 6 16 13 8 7 14 (X) 3.2 2.9 8.3 2.5 2.2 4.6 (X) 4.8 2.0 1.3 1.9 1.0 1.0 1.2 (X) 4.8 2.7 2.8 8.9 2.2 1.6 1.2 2.3 (X) 64 81 88 69 71 65 $594 68 23 70 78 71 69 71 $626 76 94 88 92 68 73 62 64 $579 25.7 6.1 6.3 4.6 2.2 0.6 $44 4.9 18.1 7.4 9.9 1.5 0.6 0.6 $45 5.1 5.4 6.6 5.4 6.8 4.0 1.5 0.7 $76 43,700 Standard error* (number of apartments) 2,990 Percent rented within 3 months Standard error* (percentage points) 4.2
Percent of total units Standard error* (percentage points) (X)
Percent 100
Percent 73
*One standard error (i.e., 68-percent confidence interval).
X Not applicable.
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Table 4. Unfurnished Apartments Completed During the Second Quarter of 1996 by Geographic Area Not Seasonally Adjusted
[Privately financed, nonsubsidized, unfurnished, rental apartments in buildings with five units or more. Data regarding asking rent are collected at the initial interview. Details may not sum to totals due to rounding. Medians are computed using unrounded data] Total unfurnished apartments completed Geographic area Standard error* (number of Number apartments) 50,200 48,500 23,600 24,900 1,700 1,900 11,100 25,000 12,200 4,150 4,200 3,370 3,890 810 1,270 3,770 2,800 2,010 Standard error* (dollars) 31 32 46 65 139 91 122 45 37 Percent rented within 3 months Standard error* (percentage points) 2.7 2.7 1.4 4.9 0.0 1.1 9.6 1.0 2.6
Percent of total units Standard error* (percentage Percent points) 100 97 47 50 3 4 22 50 24 (X) 1.6 5.9 6.0 1.6 2.5 6.5 5.6 4.0
Median asking rent $686 $692 $674 $715 $546 $750+ $559 $698 $721
Percent 73 72 74 70 100 97 66 73 74
United States, total . . . . . . . . . . . . . . . . Inside MA . . . . . . . . . . . . . . . . . . . . . . . . . . . In central city . . . . . . . . . . . . . . . . . . . . . . . Not in central city . . . . . . . . . . . . . . . . . . . Outside MA . . . . . . . . . . . . . . . . . . . . . . . . . Northeast . . . . . . . . . . . . . . . . . . . . . . . . . . . Midwest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . South . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
*One standard error (i.e., 68-percent confidence interval).
X Not applicable.
10
Table 5. Absorption Rates of Cooperative and Condominium Apartments: 1990 to 1996 Not Seasonally Adjusted
[Buildings with five units or more] Total cooperative and condominium apartments completed Quarter of completion Standard error* (number of apartNumber ments) Percent absorbed within— 3 months Standard error* (percentage Percent points) 6 months Standard error* (percentage Percent points 9 months StandDard error* (percentage Percent points) 12 months StandDard error* (percentage points)
Percent of all units in buildings with five units or more Standard error* (percentage Percent points)
Percent
1996 April-Junep . . . . . . . . . . January-March . . . . . . . 1995 October-December . . . July-September . . . . . . April-June . . . . . . . . . . . January-March . . . . . . . 1994 October-December . . . July-September . . . . . . April-June . . . . . . . . . . . January-March . . . . . . . 1993 OctoberDecember . . . . . . . . . . . July-September . . . . . . April-June . . . . . . . . . . . January-March . . . . . . . 1992 October-December . . . July-September . . . . . . April-June . . . . . . . . . . . January-March . . . . . . . 1991 October-December . . . July-September . . . . . . April-June . . . . . . . . . . . January-March . . . . . . . 1990 October-December . . . July-September . . . . . . April-June . . . . . . . . . . . January-March . . . . . . . 12,400 12,900 12,800 14,500 1,490 1,630 1,900 3,110 18 16 17 21 2.2 2.2 2.3 4.4 58 60 53 69 4.2 3.9 2.9 4.8
p r 9,400 10,100 9,600 7,200 r
7,000 5,600
1,100 840
11 11
1.8 1.8
r
75 76
4.3 2.3
(NA) 88
(NA) 1.4
(NA) (NA)
(NA) (NA)
(NA) (NA)
(NA) (NA)
1,790 1,290 1,750 1,190
16 16 19 20
3.1 2.0 3.3 3.3
83 77 69 66
3.0 4.4 4.9 9.1
90 87 79 76
2.2 2.7 6.4 9.0
93 92 87 82
1.7 2.3 4.9 9.7
(NA) 96 90 86
(NA) 0.9 4.7 10.0
8,200 8,300 9,200 8,800 9,500 7,000 8,500 7,000
1,460 1,110 1,970 1,450 1,410 870 1,140 1,140
17 18 25 36 30 21 27 25
3.4 3.2 5.4 4.6 4.8 4.0 4.2 4.3
73 72 79 82 83 68 76 76
4.5 2.7 2.9 3.2 2.9 7.5 2.4 2.6
86 83 88 89 92 75 85 86
2.8 5.7 2.4 2.2 1.4 6.3 2.4 2.4
91 88 92 92 95 81 89 93
2.3 5.3 2.4 1.4 0.9 6.8 2.0 1.3
94 90 94 94 97 85 93 95
2.1 4.9 1.5 0.9 0.7 7.0 0.9 1.0
7,900 8,200 7,200 7,800
1,170 1,280 2,120 950
19 19 19 24
3.0 3.1 5.5 3.1
71 71 69 64
1.8 2.8 5.5 2.4
83 85 82 74
1.6 1.9 3.5 2.0
90 91 87 80
1.1 1.2 3.3 2.1
93 93 89 84
1.0 1.1 2.6 1.8
7,900 9,900 9,800 7,700
940 1,050 1,180 1,200
21 16 16 14
3.1 3.0 2.6 2.3
65 59 55 62
3.3 4.1 5.7 3.7
79 72 74 73
2.2 2.3 5.2 4.2
85 78 80 80
1.6 1.9 2.8 4.9
89 85 84 88
1.7 1.4 2.7 3.0
72 75 67 81 Preliminary.
3.4 2.7 3.9 3.8
r
78 83 74 86 Revised.
3.4 1.9 3.7 3.3
82 89 79 89
2.9 1.2 3.5 3.5
* One standard error (i.e., 68-percent confidence interval).
NA Not available.
11
Table 6. Characteristics of Condominium Apartments Completed During the Second Quarter of 1996 and of Those Sold Within 3 Months (Preliminary) Not Seasonally Adjusted
[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 total due to rounding. Medians are computed using unrounded data] Total condominium apartments completed Item Number Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ASKING PRICE Less than $50,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . $50,000 to $74,999 . . . . . . . . . . . . . . . . . . . . . . . . . . . $75,000 to $99,999 . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,000 to $149,999. . . . . . . . . . . . . . . . . . . . . . . . . $150,000 to $199,999. . . . . . . . . . . . . . . . . . . . . . . . . $200,000 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . Median asking price . . . . . . . . . . . . . . . . . . . . . . . . . . BEDROOMS Fewer than 2 bedrooms . . . . . . . . . . . . . . . . . . . . . . . 2 bedrooms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 bedrooms or more . . . . . . . . . . . . . . . . . . . . . . . . . . *One standard error (i.e., 68-percent confidence interval) 500 5,100 1,400 100 860 380 7 74 19 1.2 4.3 4.3 91 74 77 1.8 4.9 5.9 (Z) 600 1,600 2,400 1,300 1,100 $126,900 (Z) 350 180 460 390 520 $16,020 1 8 23 35 19 15 (X) 0.6 4.6 2.8 5.3 4.6 6.4 (X) 100 99 82 74 78 52 $120,700 (Z) 0.8 2.1 4.8 6.3 8.1 $16,000 7,000 Standard error* (number of apartments) 1,100 Percent sold within 3 months Standard error* (percentage points) 4.3
Percent of total units Standard error* (percentage points) (X)
Percent 100
Percent 75
X Not applicable.
Z Fewer than 50 units or less than one-half of 1 percent.
Table 7. Characteristics of Condominium Apartments Completed During the First Quarter of 1996 and of Those Sold Within 3 Months (Revised) Not Seasonally Adjusted
[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 due to rounding. Medians are computed using unrounded data] Total condominium apartments completed Item Number Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ASKING PRICE Less than $50,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . $50,000 to $74,999 . . . . . . . . . . . . . . . . . . . . . . . . . . . $75,000 to $99,999 . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,000 to $149,999. . . . . . . . . . . . . . . . . . . . . . . . . $150,000 to $199,999. . . . . . . . . . . . . . . . . . . . . . . . . $200,000 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . Median asking price . . . . . . . . . . . . . . . . . . . . . . . . . . BEDROOMS Fewer than 2 bedrooms . . . . . . . . . . . . . . . . . . . . . 2 bedrooms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 bedrooms or more . . . . . . . . . . . . . . . . . . . . . . . . . . 500 3,900 1,000 80 640 150 10 71 19 0.9 2.3 1.8 65 77 73 3.4 2.2 2.9 (Z) 900 1,800 1,500 400 800 $99,800 (Z) 300 250 290 50 210 $8,090 1 17 33 27 8 16 (X) 0.8 4.3 3.4 3.0 0.8 2.6 (X) 100 90 74 76 55 68 $97,300 (Z) 3.4 4.3 1.2 1.0 3.9 $8,480 5,500 Standard error* (number of apartments) 820 Percent sold within 3 months Standard error* (percentage points) 2.2
Percent of total units Standard error* (percentage points) (X)
Percent 100
Percent 75
*One standard error (i.e., 68-percent confidence interval).
X Not applicable.
Z Fewer than 50 units or less than one-half of 1 percent.
12
Table 8. Condominium Apartments Completed During the Second Quarter of 1996 by Geographic Area Not Seasonally Adjusted
[Privately financed, nonsubsidized, condominium apartments in buildings with five units or more. Data regarding asking price are collected at the initial interview.Details may not sum to totals due to rounding.Medians are computed using unrounded data] Total condominium apartments completed Geographic area Standard error* (number of Number apartments) 7,000 6,300 2,000 4,400 600 300 1,500 2,000 3,200 1,100 970 250 890 580 290 560 580 610 Median asking price $126,900 $131,500 $140,300 $128,500 $72,300 $125,000 $142,100 $90,200 $143,100 Standard error* (dollars) 16,020 14,350 14,600 17,780 32,590 32,970 27,420 14,680 22,890 Percent sold within 3 months Standard error* (percentage points) 4.3 4.0 1.5 5.3 6.6 0.2 9.1 4.2 5.6
Percent of total units Standard error* (percentage Percent points) 100 91 28 63 9 5 21 29 45 (X) 7.7 4.7 7.2 7.7 4.0 6.8 7.0 7.1
Percent 75 74 81 70 94 92 69 86 70
United States, total . . . . . . . . . . . . . . . . Inside MA . . . . . . . . . . . . . . . . . . . . . . . . . . . In central city . . . . . . . . . . . . . . . . . . . . . . . Not in central city . . . . . . . . . . . . . . . . . . . Outside MA . . . . . . . . . . . . . . . . . . . . . . . . . Northeast . . . . . . . . . . . . . . . . . . . . . . . . . . . Midwest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . South . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
*One standard error (i.e., 68-percent confidence interval).
X Not applicable.
Z Fewer than 50 units or less than one-half of 1 percent.
Table 9. Characteristics of Unfurnished Apartments Completed in the Last Four Quarters and of Those Reported as Rented and Remaining For Rent in the Third Quarter of 1996
[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 due to rounding. Medians are computed using unrounded data] Total unfurnished apartments completed in last 4 quarters 187,500
Item
Standard Apartments Standard error* rented error* Apartments (number of prior to 3rd (number of rented in 3rd apartments) quarter 1996 apart ments) quarter 1996 7,660 116,700 8,250 49,200
Apartments Standard remaining error* for rent at (number of end of 3rd apartments) quarter 1996 2,600 21,600
Standard error* (number of apartments) 2,310
Total . . . . . . . . . . . . . . . . . . . . . . ASKING RENT Less than $350 . . . . . . . . . . . . . . . $350 to $449 . . . . . . . . . . . . . . . . . $450 to $549 . . . . . . . . . . . . . . . . . $550 to $649 . . . . . . . . . . . . . . . . . $650 to $749 . . . . . . . . . . . . . . . . . $750 or more . . . . . . . . . . . . . . . . . Median asking rent . . . . . . . . . . . . BEDROOMS Fewer than 2 bedrooms . . . . . . . . 2 bedrooms. . . . . . . . . . . . . . . . . . . 3 bedrooms or more . . . . . . . . . . .
7,800 12,900 33,300 36,000 33,000 64,500 $661
2,390 2,030 5,310 2,390 2,400 3,020 $16
6,600 8,900 22,700 20,100 19,900 38,500 $650
2,520 2,450 6,450 1,970 2,130 2,420 $29
400 3,000 6,800 11,700 9,300 18,000 $679
160 890 1,080 1,400 1,270 1,100 $20
900 1,000 3,700 4,200 3,800 8,000 $676
880 190 1,420 730 540 1,300 $43
62,400 102,000 23,100
3,760 6,520 1,400
39,600 62,300 14,800
3,230 7,450 1,460
15,700 27,200 6,300
1,270 2,160 700
7,100 12,500 2,000
1,230 1,930 300
*One standard error (i.e., 68-percent confidence interval) Note: These data are for completions in the first and second quarters of 1996 and the third and fourth quarters of 1995.
13
Table 10. Characteristics of Condominium Apartments Completed in the Last Four Quarters and of Those Reported as Sold and Remaining For Sale in the Third Quarter of 1996
[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 due to rounding. Medians are computed using unrounded data] Condo Condominiums miniums sold Standard remaining in 2nd error* for sale at quarter (number of end of 2nd 1996 apart ments) quarter 1996 6,800 660 3,400
Item
Total condominiums completed in last 4 quarters 31,800
Standard error* (number of apartments) 2,820
Condominiums sold prior to 2nd quarter 1996 21,600
Standard error* (number of apartments) 2,020
Standard error* (number of apartments) 430
Total . . . . . . . . . . . . . . . . . . . . . . ASKING PRICE Less than $50,000. . . . . . . . . . . . . $50,000 to $74,999 . . . . . . . . . . . . $75,000 to $99,999 . . . . . . . . . . . . $100,000 to $149,999. . . . . . . . . . $150,000 to $199,999. . . . . . . . . . $200,000 or more . . . . . . . . . . . . . Median asking price . . . . . . . . . . . BEDROOMS Fewer than 2 bedrooms . . . . . . . . 2 bedrooms. . . . . . . . . . . . . . . . . . . 3 bedrooms or more . . . . . . . . . . .
300 4,100 7,400 10,300 3,500 6,200 $120,000
190 1,310 960 1,830 700 1,200 $9,680
300 3,400 4,700 7,100 1,700 4,400 $117,000
140 990 640 1,300 320 930 $10,100
(Z) 600 1,900 2,300 1,200 700 $118,100
(Z) 280 300 410 260 180 $10,150
(Z) 100 700 900 600 1,000 $148,100
(Z) 20 100 180 190 330 $16,800
3,100 22,600 6,100
520 2,620 890
2,300 15,200 4,100
460 1,840 690
600 4,900 1,300
70 620 230
200 2,500 600
40 400 150
*One standard error (i.e., 68-percent confidence interval). Z Fewer than 50 units or less than one-half of 1 percent. Note: These data are for completions in the first and second quarters of 1996 and the third and fourth quarters of 1995.
14
Table 11. Apartments Completed in Buildings With Five Units or More: 1990 to 1996
[Details may not sum to totals due to rounding] Unfurnished rental apartments Number 50,200 43,700 Standard error* 4,150 2,990 Furnished rental apartments Number 300 (Z) Standard error* 220 (Z)
Quarter of completion
Total apartments completed Number Standard error* 4,050 2,610
Cooperatives and condominiums Number 7,000 5,600 Standard error* 1,100 840
Federally subsidized Number 5,300 1,300 Standard error* 2,040 310
Other1 Number 3,300 900 Standard error* 2,010 240
1996 April-Junep . . . . . . . . . . January-March . . . . . . 1995 October-December . . July-September . . . . . April-June . . . . . . . . . . January-March . . . . . . 1994 October-December . . July-September . . . . . April-June . . . . . . . . . . January-March . . . . . . 1993 October-December . . July-September . . . . . April-June . . . . . . . . . . January-March . . . . . . 1992 October-December . . July-September . . . . . April-June . . . . . . . . . . January-March . . . . . . 1991 October-December . . July-September . . . . . April-June . . . . . . . . . . January-March . . . . . . 1990 October-December . . July-September . . . . . April-June . . . . . . . . . . January-March . . . . . .
66,100 51,600
r
r
r
58,900 65,300 51,200 37,000
2,980 2,510 2,760 2,270
r
45,600 48,000 35,900 25,500
3,200 2,290 2,360 2,270
300 1,400 (Z) (Z)
250 620 (Z) (Z)
r 9,400 10,100 9,600 7,200
1,790 1,290 1,750 1,190
2,800 5,100 3,000 2,700
550 1,050 1,290 1,110
800 700 2,700 1,500
180 120 1,690 680
47,800 45,400 37,200 24,600
2,260 2,130 2,250 2,060
35,500 29,500 24,700 14,300
2,730 2,540 2,610 1,560
400 600 100 (Z)
40 480 40 (Z)
8,200 8,300 9,200 8,800
1,460 1,110 1,970 1,450
3,400 4,700 3,000 700
1,730 1,930 1,100 270
300 2,300 300 700
60 1,040 210 130
31,500 33,400 31,600 28,400
2,180 2,590 1,740 2,800
16,900 22,100 20,500 17,600
2,450 2,660 2,010 2,630
200 2,300 (Z) 200
20 2,070 (Z) 180
9,500 7,000 8,500 7,000
1,410 870 1,140 1,140
4,000 1,300 2,000 600
1,370 370 1,310 110
900 800 700 3,000
500 400 200 1,780
41,500 43,900 37,400 32,300
2,470 2,930 2,290 2,340
28,800 32,000 27,400 22,100
2,370 2,740 3,000 2,140
(Z) 500 100 100
(Z) 300 10 50
7,900 8,200 7,200 7,800
1,170 1,280 2,120 950
1,300 1,900 1,800 2,000
270 140 520 770
3,500 1,300 900 300
1,970 500 420 90
38,300 62,000 60,000 56,200 70,300 82,200 75,200 66,600
2,070 2,850 3,230 2,570 3,650 4,040 3,250 3,210
26,400 48,200 46,500 44,200 54,100 61,400 55,400 43,300
2,390 3,140 2,880 2,610 3,560 3,420 2,900 2,640
(Z) 1,100 600 1,100 600 1,700 (Z) 600
(Z) 800 60 1,630 30 560 (Z) 80
7,900 9,900 9,800 7,700 12,400 12,900 12,800 14,500
940 1,050 1,180 1,200 1,490 1,630 1,900 3,110
3,100 2,100 2,200 2,200 2,500 2,500 2,700 6,200
1,300 410 650 630 590 780 1,220 3,030
800 700 1,000 1,100 700 3,800 4,400 1,900
320 250 120 560 90 1,350 1,610 330
p r * One standard error (i.e., 68-percent confidence interval). Preliminary. Revised. 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 housing (privately built for and sold to local public housing authorities subsequent to completion).