The net effective median rent (face rent minus landlord concessions) surged +33.4% year over year to $4,100, exceeding the $4,000 threshold for the first time and reaching a new high for the seventh consecutive month. While the net effective average rent, up +31.5%, reached $5,051, exceeding the $5,000 threshold for the first time ever.
As a result, the market share of landlord concessions fell to 12.8%, down -26.3% from the same period last year, the lowest level ...
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2022