As new product delivered at elevated levels across the country, the multifamily sector saw fundamentals soften over the course of 2017. That said, through the fourth quarter, fundamentals remained stable despite the arrival of the winter season and slower leasing velocity. Rent growth ended the year at 2.3 percent, dropping 100 basis points from one year ago. Vacancy was at 5.2 percent to end 2017, 20 basis points higher than 2016. At a more granular level, the vast majority of markets struggled to raise rents more than they had in 2016. 31 of the 38 markets JLL tracks saw a deceleration in rent growth year-over-year. However, rents in most markets remain in positive territory with 34 of 38 markets continuing to see positive rental growth year-over-year. Looking to the first half of 2018, we expect fundamentals will remain soft as the markets continue to see new deliveries, impacting concessions and net effective rents in more markets.