The San Bernardino apartment market is extraordinarily tight. Reis put first quarter 2017 vacancy at just 2.7%, up 10 basis points for the period and down 20 over the year. Vacancy was 2.8% through April and May. Rent growth, not surprisingly, has been strong. At $1,275 and $1,239 per month, respective first quarter asking and effective averages were up 0.8% and 0.7% for the quarter, and up 5.2% and 4.9% for the year. Note the small gap between these rates, a sign of a limited role for landlord concessions. The combined gains of 0.9% asking and 0.5% effective followed through April and May.