The last 12 months were, in a way, a second rebound for the apartment market. As economists warned of slowing rent growth, the market outperformed expectations in 2014.

If Reis' first quarter report is any indication, that trend is continuing into 2015. While the the national market was strong over the past 12 months, the Northern California area is still outperforming the rest of the country. 

"The title for most expensive market in the US resides with New York, at roughly $3200 per unit per month," said Reis Senior Economist and Director of Research Ryan Severino. "This is roughly $1,000 more per month than the second market on the list San Francisco. However, effective rent growth in San Francisco continues to grow far faster than rents in New York, causing the gap between the top two markets to narrow."

Rank Metro Market Rent Growth
1 San Jose 8.2%
2 San Francisco 7.5%
3 Denver 7.4%
4 Oakland-East Bay 6.2%
5 Seattle 5.4%
6 Nashville 5.3%
7 Houston 5.2%
8 Charlotte 5.0%
9 Miami 5.0%
10 Dallas 4.6%