EMBARGOED UNTIL: JULY 16, 1996 (TUESDAY) Public Information Office CB96-116 301-457-3030 301-457-4067 (TDD) Anne Smoler 301-763-8165 MORE APARTMENTS COMPLETED, WHILE RENTS REMAIN STABLE, CENSUS BUREAU REPORTS About 104,000 privately financed, nonsubsidized, unfurnished apartments nationwide were completed in 1994, approximately a one-third increase over the 77,200 completed in 1993, according to a report released today by the Commerce Department's Census Bureau. According to the report, "Market Absorption of Apartments, Annual 1995 Absorptions" (H130-95-A), these 104,000 new units made up two thirds of the 154,900 total apartments completed in 1994. The remaining one third were condominiums and cooperatives, furnished apartments, and federally subsidized properties. The report also shows that the median rent for apartments--in buildings with five units or more--was $576 in 1994, unchanged from 1993. Anne Smoler, the report's author says, "About 80 percent of the apartments were rented within the first three months after completion and 98 percent within a year." Tables from the report are available on the Internet at: http://www.census.gov/hhes/www/soma.html. The statistics in these tables are based on a sample survey and are subject to sampling variability.-X-Editor's note: media requests for copies of the tables should be directed to the Census Bureau's Public Information Office on 301-457-3030; fax: 301-457-3670; or e-mail: pio@census.gov. Other requests should go to the Census Bureau's Housing and Household Economic Statistics Division on 301-763-8165.
