What is "market rent"?

Market rent is a term used by apartment managers to refer to the "full price" of the unit. It's what the management company identifies as the apartment's true value.

Here in Austin, we almost never pay market prices for the same units. Even though occupancy is high, most properties are still offering price concessions. After concessions, the cheaper price that we actually pay for the unit is called the "effective" or "net effective" rate.