Year-over-year prices continued to
show strong gains as landlord concessions
declined. Median net effective rent was
$3,064 for the first quarter, 9.1% higher
than $2,808 in the prior year quarter.
Use of concessions fell to 11.1% winthin
all new rentals from 36.8% in the same
period last year. Rental price per square
foot increased to $52.57 in the first quarter,
reaching its highest level since the third
quarter of 2008, just as the credit crunch
began…