Rentals that were recently on the market were more expensive than units overall in most metros. Across the 53 largest metros, median rent for recently available two-bedroom units was 4.8 percent higher than the median rent of all two-bedroom units in 2015. This rent premium, or the difference in rents for recent movers versus all renters, varied widely by metro. In some metros, recently available units were significantly more expensive than units overall. In San Jose and San Francisco, recently available two-bedroom units were 33 and 29 percent more expensive than all two-bedroom units, respectively. Some metros, however, did not have a recently available premium; in Minneapolis and Grand Rapids there was a one percent discount for recently available units compared to all rentals.