The apartment vacancy rate increased in the third quarter to 4.8%, from 4.7% last quarter, and 4.4% in the third quarter of 2017.

The vacancy rate has now increased 70 basis points, from a low of 4.1% in Q3 2016, according to a survey from Reis. The national average asking rent increased 1.2% in the third quarter while the average effective rent, which nets out landlord concessions, also increased 1.2%.

At $1,424 per unit (market) and $1,356 per unit (effective), the average rents have increased 4.5% and 4.2%, respectively, from the third quarter of 2017. Net absorption was 35,683 units, lower than the previous quarter’s absorption of 57,988 units and below the average quarterly absorption of 2017 of 46,685 units. Construction was 50,475 units, also below the second quarter’s 67,417 units and below the 2017 quarterly average of 61,535 units.

The statistics show that 45 metros saw an increase in vacancy this quarter as higher construction in these metros exceeded net absorption. Metros with the highest vacancy rate increase include Chattanooga, Fort Lauderdale, Louisville, Miami and Orlando. Metros that saw the sharpest vacancy decline include Pittsburgh, Tulsa, Birmingham, Austin and Indianapolis.

All of these metros, however, posted positive rent growth. In fact, 48 metros saw an increase in effective rent of 1.0% or more, including Memphis, San Diego, Los Angeles, Seattle and Birmingham that saw effective rent growth of 2.0% or more in the third quarter. Only three metros posted an effective rent decline: Orange County (CA), Lexington and Fairfield County. Thus, rent growth continues to be driven by robust construction and not by increases in vacancy.

The U.S. added an average of 207,000 jobs per month in the first eight months of the year, up from an average increase of 189,000 jobs in the first eight months of 2017. The top five metros with respect to year-over-year job growth are Orlando, San Bernardino-Riverside, Colorado Springs, Austin and Dallas. No metro shows a loss of jobs over the year.