During 1993, a total of 77,200 privately financed, nonsubsidized, unfurnished, rental apartments in buildings of five units or more were completed in permit-issuing areas in the United States, This was a 30 (± 9) percent decrease from the 110,200 like completions in 1992 and a 53 (± 6) percent decrease from the 165,300 such units completed in 1991 (table 1).