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
|
Quarterly Data
|
2000
|
|
1st Quarter
|
49,700
|
73
|
$797
|
2nd Quarter
|
56,700
|
73
|
$872
|
3rd Quarter
|
65,800
|
73
|
$839
|
4th Quarter
|
54,100
|
67
|
$864
|
|
2001
|
|
1st Quarter
|
43,500
|
66
|
$889
|
Sources: Bureau of the Census, Department of Commerce;
and Office of Policy Development and Research, Department of Housing and
Urban Development
http://www.census.gov/hhes/www/soma.html
|