Are Rents More Volatile Than They Used to Be?

The Cleveland Fed actually put out a really interesting working paper recently where they dug into this difference between the trends that you would see in our rent index versus what's happening in the official CPI measures. The apartment list index is heavily skewed towards this large professionally managed segment of the market, whereas the LS data is designed to be representative of the market as a whole. And so that kind of suggests to me that we are seeing ... these large professionally managed buildings are going to be a little bit more reactive in their pricing. But it could also be the case that there is maybe just different demand dynamics happening at different segments of the market.