New product continued to deliver at an accelerated rate to begin 2018, with 34 of the 38 JLL tracked markets seeing their multifamily inventory grow at least 1.0 percent year-over-year. With this wave of new product coming online, demand fundamentals remained flat through the first quarter. Vacancy rates held steady at 5.2 percent, the fourth consecutive quarter at that rate, while rent growth remained at 2.3 percent for the third consecutive quarter. All JLL tracked multifamily markets, with the exception of Austin and New York, saw rental rates increase year-over-year. Looking forward, we anticipate fundamentals to hold steady as deliveries are expected to remain elevated through the end of the year.