Take the 5 largest markets and show me asking rent and in place rent over the past 24 months with the confidence interval at each point. Show me each metro in its own chart
Now pulling monthly rent time series for the past 24 months for each market.
5 largest markets: asking vs. in-place rent, trailing 24 months
New York, LA, Chicago, Dallas-Fort Worth, and Houston are the five largest U.S. metros by population . Across all five, in-place rent has climbed steadily and with tight confidence bands (huge occupied-unit samples), while asking rent is far noisier — smaller on-market samples produce wider intervals and sharper swings, including seasonal asking-rent spikes in NY and LA that don't show up in the in-place series at all .
The gap between the two lines is the story in each market: Dallas and Houston show asking and in-place rents converging almost on top of each other — supply has caught up and there's little room to push rents on turnover. New York and Chicago show asking consistently running above in-place, meaning existing tenants are underpriced relative to what a new lease would fetch. LA is the outlier — asking rent sits meaningfully above in-place with a widening gap, the clearest embedded mark-to-market opportunity of the five.
Note the asking-rent series carries meaningfully wider confidence bands everywhere — it's built off tens of thousands of on-market listings vs. hundreds of thousands of occupied units for in-place, so treat sharp month-to-month asking moves (especially in NY/LA) with some caution.
This is a read-only snapshot of a RealAI analysis.