During 1989, a total of 246,200 privately financed, nonsubsidized, unfurnished rental apartments in buildings of five units or more were completed in permit issuing areas in the United States. This is a decrease of about 13 percent (± 6 percent) from the 284,500 such units compleled in 1988. Seventy percent of these units were rented (absorbed) within the first 3 months of completion, 86 percent within 6 months, 93 percent within 9 months, and 96 percent were rented within a year of completion (table 1).