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Survey of Market Absorption of Apartments (SOMA)



Survey of Market Absorption
Characteristics 1998: Table 2

Table 2.  Unfurnished Apartments Completed and 3-Month Absorption Rate 
          by Rent and Number of Bedrooms for the United States and Regions: 1998
          
          (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 because of
          rounding. Medians and percents are computed using unrounded data.)
          
                                       Number of unfurnished apartments
                             United
          Characteristic     States    Northeast   Midwest      South       West
          
             Total           210,200     10,700     35,500    115,300     48,800
          
          Less than $450      13,200        300      2,600      9,100      1,200
          $450 to $549        26,300        500     10,500     10,200      5,000
          $550 to $649        30,400        500      8,500     18,200      3,200
          $650 to $749        41,300      2,600      5,500     22,700     10,500
          $750 to $849        31,500      1,100      3,200     19,200      8,000
          $850 or more        67,600      5,700      5,100     35,900     20,900
          Median asking rent    $735       $850+      $604       $738       $805
          
          No bedroom           5,500        400      1,600      2,000      1,600
          Less than $650       3,000         -       1,400      1,400        200
          $650 or more         2,500        400        100        600      1,400
          Median asking rent    $611       $850+      $454       $565       $850+
          
          1 bedroom           71,100      5,400     12,000     37,300     16,400
          Less than $450       6,200        200        800      4,300        900
          $450 to $549        12,400        400      6,000      4,000      2,000
          $550 to $649        13,300        400      3,500      8,000      1,300
          $650 to $749        17,500      2,000        700      8,600      6,200
          $750 to $849         8,000        700        200      5,400      1,700
          $850 or more        13,700      1,800        700      7,000      4,200
          Median asking rent    $670       $738       $535       $677       $713
          
          2 bedrooms         104,200      4,000     22,400     58,600     24,300
          Less than $450       5,300        100        800      4,200        200
          $450 to $549        10,700        100      3,800      4,200      2,600
          $550 to $649        13,900        100      4,400      8,100      1,400
          $650 to $749        20,100        500      4,400     12,100      3,200
          $750 to $849        18,100        200      1,600     10,700      5,500
          $850 to $949        12,900        700        800      7,200      4,100
          $950 or more        23,100      2,200      1,500     12,000      7,400
          Median asking rent    $760       $950+      $642       $756       $837
          
          3 bedrooms or more  29,400        900      4,600     17,400      6,600
          Less than $450         300          -        200        100        (Z)
          $450 to $549         2,100        (Z)        200      1,600        300
          $550 to $649         2,500        (Z)        300      1,600        500
          $650 to $749         3,300        100        400      1,900        900
          $750 to $849         5,400        200      1,400      3,100        800
          $850 to $949         3,200        (Z)        500      2,000        700
          $950 or more        12,600        500      1,500      7,100      3,500
          Median asking rent    $884       $950+      $832       $871       $950+
          
                                          Percent absorbed within 3 months
                             United
          Characteristic     States    Northeast   Midwest      South       West
          
             Total                73         75         74         70         77
          
          Less than $450          82         99         90         78         93
          $450 to $549            73         70         68         74         82
          $550 to $649            77         91         74         78         76
          $650 to $749            74         62         78         72         78
          $750 to $849            71         61         79         67         77
          $850 or more            69         81         69         64         75
          Median asking rent     (X)        (X)        (X)        (X)        (X)
          
          No bedroom              70         85         86         67         55
          Less than $650          83        (X)         91         77         77
          $650 or more            54         85         38         44         50
          Median asking rent     (X)        (X)        (X)        (X)        (X)
          
          1 bedroom               72         68         63         73         77
          Less than $450          83        100         85         81         91
          $450 to $549            61         62         51         73         67
          $550 to $649            74         91         73         74         74
          $650 to $749            75         53         72         76         81
          $750 to $849            76         59         92         76         82
          $850 or more            68         79         76         62         73
          Median asking rent     (X)        (X)        (X)        (X)        (X)
          
          2 bedrooms              72         80         79         68         78
          Less than $450          79         98         93         75        100
          $450 to $549            84        100         91         71         92
          $550 to $649            80         90         79         81         72
          $650 to $749            71         85         78         68         71
          $750 to $849            66         44         74         61         76
          $850 to $949            67         69         50         64         74
          $950 or more            70         85         65         62         80
          Median asking rent     (X)        (X)        (X)        (X)        (X)
          
          3 bedrooms or more      76         95         77         73         80
          Less than $450          78        (X)         64        100        (Z)
          $450 to $549            85        (Z)         84         83        100
          $550 to $649            76        (Z)         40         79         93
          $650 to $749            79        100         83         77         78
          $750 to $849            77        100         81         76         73
          $850 to $949            68        (Z)         64         67         75
          $950 or more            74         90         84         69         80
          Median asking rent     (X)        (X)        (X)        (X)        (X)
          
          - Represents zero.  X Not applicable.  Z Fewer than 50 units 
             or less then one-half of one percent.


Go to Characteristics of Apartments Completed: 1998
Contact George Boyd at 301-763-3199 or mail to george.t.boyd@census.gov for further information on the Survey of Market Absorption of Apartments Data.

Source: U.S. Census Bureau, Social, Economic, and Housing Statistics Division
Last Revised: September 30, 2011