The San Bernardino apartment market is very tight. Reis put fourth quarter 2016 vacancy at just 2.4%, down 40 basis points for the period and down 50 for the year. Rent growth, not surprisingly, has been strong. At $1,262 and $1,227 per month, fourth quarter asking and effective averages were up 4.9% and 5.0% for the year. Gains for the latest quarter alone were 0.8% for both rates, to which January 2017 added respective increases of 0.5% and 0.4%—along with a soon-to-be-erased 10-basis-points increase in the vacancy rate.