Rent growth improves in struggling Northeast markets

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Average rent for apartments hit a record high of $1,136 in May in 61 U.S. markets surveyed by multifamily data provider Yardi Matrix, marking a 6.1 percent increase year over year and a 2.3 percent jump over the last three months and prompting Yardi Matrix to predict that the market could exceed annual growth of 4.9 percent during 2015.