The average rent was $3,778, the highest
rent in two years as tight mortgage lending
conditions and regional economic gains
continued to drive rental prices higher.
Median rent was $3,125, the second highest
level over the same period. Since landlord
concessions were used in only 3.7% of
new rental activity with those transactions
averaging only 1 month of free rent, the
year-over-year gain in median rent with or
without concessions was the same at 7.9%.
The average year-over-year median rental
increase in each quarter of the past year
has been 7.6%, indicating there has been
no ease in the pace of rental price gains…