New supply is rolling into the 150,000-unit Oakland-East Bay apartment market, but the market is still tight and expensive. Reis reports 710 market-rate units have completed construction thus far in 2017. Net absorption totaled 560 units through April, however, and the vacancy rate was still low at just 3.2% that month, down 10 basis points since year-end. Rents spiked by an average of 10.5% asking and 10.6% effective for each of the three years from 2013 to 2015, but the pace of gains has since slowed to around 4.0% per year—still faster than household average income. In the first quarter of 2017, the average asking rent increased 0.8% to $2,134 per month, with the average effective rent up 1.0% to $2,055 per month. In April, overall rents increased by 0.3% asking and 0.1% effective.