Vacancy remained low in the 162,737-unit Suburban Maryland apartment market. The fourth quarter 2016 vacancy rate was 3.9%, down 20 basis points from the prior quarter and down 40 basis points from one year earlier. The rate is 3.8% as of January 2017. The average asking rent and the average effective rent posted 0.4% and 0.5% gains in the fourth quarter of 2016 to $1,499 and $1,450 per month, respectively, which were up 2.0% and 2.1% over the year. January 2017 data show 0.2% and 0.3% gains for asking and effective rents.