[mulcahey]

Are new and renewed leases not the only ways rents can go up? That’s the main point of the lease term for the tenant?

[nybble41]

I think the point is that the official statistic averages all leases—not just new ones. If so, it will lag quite a bit behind changes in the market and not reflect the price you can expect to pay if you're currently shopping for an apartment and not grandfathered in on an existing lease.