TAKEAWAYS the last six months . A gain of 11 % brought the average unit to $ 1,307 per month after beginning the period at about $ 1,180 per month . Here too , this year ’ s growth followed an increase of about 1 % for the same period in 2020 and no notable movement at the average for the period in 2019 . Lease concessions , both in availability and average value , closely mirrored the one-bedroom units . 16 % of units were offering a new lease discount at the end of November , down from 35 % of units to open June . The average concession value concluded the month just below two weeks off an annual lease after opening the six-month period at close to three weeks off .
Generational apartment demand during the industry ’ s bounce back this year has fueled meteoric rent growth and has driven lease concession availability and values down to levels not seen in years . This dynamic has played out across all unit types , but not in exactly the same way or to the same extent . Rent growth has been strongest for one and two-bedroom units , while lease concession availability ended November lowest for three-bedroom units . While 2021 rent growth will be huge on an annual basis , most of the action has been within the last six months .
THREE BEDROOMS
Incredibly , an average effective rent gain from June through November of just over 8 % for three-bedroom units placed them last of the unit types for rent growth in the period . The average three-bedroom unit ended the period leasing for approximately $ 1,675 per month . For the previous two years , average effective rent growth had been 0.5 % or less for this share of the calendar . Only 11 % of units were offering a new lease discount by the end of November , representing a decrease of just over 60 % since the beginning of June . Of all the unit types , lease concession availability was lowest for this subset . As with both the one-bedroom and two-bedroom units , the average concession package on a new lease for a three-bedroom unit was below two weeks off an annual lease to end the period .
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