EMBARGOED UNTIL: 10 A.M. EST, JANUARY 30, 1997 (THURSDAY) Public Information Office CB97-16 301-457-3030/301-457-3670 (fax) 301-457-4067 (TDD) e-mail: pio@census.gov Pete Fronczek 301-763-8165 NEARLY ONE-THIRD OF SINGLE-UNIT RENTAL PROPERTY OWNERS SAW NET LOSS, CENSUS BUREAU REPORTS Approximately 29 percent of the owners of single-unit rental properties lost money last year, according to tabulations from the 1996 Property Owners and Managers Survey recently released on the Internet by the Commerce Department's Census Bureau. Fifty-five percent of the owners made a profit, or broke even, and 17 percent were unsure of their losses or gains. Other highlights include: For single-unit rental properties-- - About eight out of 10 single-unit rentals were managed by the owner of the unit and two out of 10 owners employed a manager or management company to run the property. - The overwhelming percentage of single-unit rentals (88 percent) was owned by individual investors, including joint ownership by two or more individuals, such as a husband and wife. - Approximately six in 10 owners of single-unit rentals either would not acquire the unit again, or are not sure if they would acquire the unit if it were available today. For units in multi-unit rental properties-- - Approximately two-thirds of the units in multi-unit properties were managed by a resident or nonresident manager or a management company, while one-third was managed by the owner of the property. - Approximately two in 10 units in multi-unit properties were handicapped accessible. - Almost nine out of 10 of the units in multi-unit properties had owners/managers who reported that they handled maintenance problems immediately and practiced preventive maintenance. - Owners/managers, at properties representing nearly two-thirds of all units in multi-unit properties, rejected prospective tenants in the last two years. The tables also provide information on year structure built, monthly rent, yearly operating costs, sources of down payments, and length of current management. The Internet address for the tables is http://www.census.gov/hhes/www/poms.html Additional information from the survey, sponsored by the Department of Housing and Urban Development and conducted by the Census Bureau, will be released by the Census Bureau in the next few months. An announcement on its availability will be provided on the Public Information Office's bimonthly Tipsheet.-X-The Census Bureau--preeminent collector and provider of timely, relevant, and quality data about the people and economy of the United States. In over 100 surveys annually and 20 censuses a decade, evolving from the first census in 1790, the Census Bureau provides official information about America's people, businesses, industries, and institutions.
