The weak sales market is still a key driver of rental demand and rising rents. 

 The number of new leases fell for the 6th straight month as landlords continued to be more successful at the time of lease renewal, down 2.1% from the same period last year.

The Median rental price reached $3,595 up 5.0% from the previous year.

The net effective median rent rose 4.6% to $3,472 from the same period last year. Not only has the net effective median rent risen annually for thirteen straight months, but the last three months of rent growth marked the highest priced streak in 4.5 years. 

The percentage of apartments offered with some form of concession from the landlord fell to 40.2% from 44.5% a year ago, 4.3% below year-ago levels, and the 10th year over year decline. 

Even with the steady erosion in landlord concessions over the past year, four out of ten rentals included a concession.

The days on market went up 4 days YoY at 38 days Vs. 34 days a year ago. 

The vacancy rate has increased a little 0.8% to 1.73% of the inventory Vs. 1.65% a year ago.

(source: Miller Samuel)