The latest Moody's CRE multifamily update looked at how 82 primary multifamily markets performed based not on straight rent growth or property sales, but effective revenue.

It's a look at what landlords actually receive. Effective revenue is occupancy rate times effective rent as an average per unit. Effective rent, or net effective rent, is the rent provided under the lease less any free rent periods, tenant improvement, or other cost reductions.

The strongest five year-over-year effective revenue-per-unit figures came from markets in Northeastern, Midwestern, and Southern Atlantic regions: New Haven, Connecticut (1.5% year-to-date increase); Long Island, New York (1.4% increase); Wichita, Kansas (1.3% increase); Nashville, Tennessee (1.2% increase); and Greenville, South Carolina (1.1% increase).

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