Table
12. Market Absorption of New Rental Units and Median Asking Rent: 1970–Present
|
Period |
Unfurnished Rental Apartment Completions |
Percent Rented in 3 Months |
Median Asking Rent |
|---|---|---|---|
|
Annual Data |
|||
|
1970 |
328,400 |
73 |
$188 |
|
1971 |
334,400 |
68 |
$187 |
|
1972 |
497,900 |
68 |
$191 |
|
1973 |
531,700 |
70 |
$191 |
|
1974 |
405,500 |
68 |
$197 |
|
1975 |
223,100 |
70 |
$211 |
|
1976 |
157,000 |
80 |
$219 |
|
1977 |
195,600 |
80 |
$232 |
|
1978 |
228,700 |
82 |
$251 |
|
1979 |
241,200 |
82 |
$272 |
|
1980 |
196,100 |
75 |
$308 |
|
1981 |
135,400 |
80 |
$347 |
|
1982 |
117,000 |
72 |
$385 |
|
1983 |
191.500 |
69 |
$386 |
|
1984 |
313,200 |
67 |
$393 |
|
1985 |
364,500 |
65 |
$432 |
|
1986 |
407,600 |
66 |
$457 |
|
1987 |
345,600 |
63 |
$517 |
|
1988 |
284,500 |
66 |
$550 |
|
1989 |
246,200 |
70 |
$590 |
|
1990 |
214,300 |
67 |
$600 |
|
1991 |
165,300 |
70 |
$614 |
|
1992 |
110,200 |
74 |
$586 |
|
1993 |
77,200 |
75 |
$573 |
|
1994 |
104,000 |
81 |
$576 |
|
1995 |
155,000 |
72 |
$655 |
|
1996 |
191,300 |
72 |
$672 |
|
1997 |
189,200 |
74 |
$724 |
|
1998 |
209,900 |
73 |
$734 |
|
1999 |
225,900 |
72 |
$791 |
|
2000 |
226,200 |
72 |
$841 |
| 2001 |
193,100
|
63
|
$881
|
| 2002 | 204,700 | 59 | $905 |
|
Quarterly Data |
|||
| 2001 | |||
|
4th Quarter |
47,300 | 58 | $862 |
|
2002 |
|
||
|
1st Quarter |
37,900 | 60 | $904 |
|
2nd Quarter |
56,800 | 62 | $941 |
|
3rd Quarter |
62,000 | 57 | $896 |
| 4th Quarter | 48,000 | 55 | $877 |
Sources: Census Bureau, Department of Commerce;
and Office of Policy Development and Research, Department of Housing and
Urban Development
http://www.census.gov/hhes/www/soma.html
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