john ziegler is the ceo of rent pass.t's great to have you here, you can shed some insight on what you are seeing regionally and you can start off with us here about the big rental inflation that you see. john: thanks for having me. rental rates have increased at historic highs. the average rent across the u.s. over the past year is 22.1% and 18.3% respectively and we see that continuing successfully from december to january so really it is across-the-board. primarily uc markets in tier two cities getting the highest appreciation in the market. romaine: supply is not enough to meet demand, is that right? jon: there is a lot of supply in the next 12 to 24 months and with the liquidity that the government has put into the market, the rising wages, a competitive job market, you also have a move with the work from home trend towards a desire for more flexibility which, combined with higher mortgage rates and the fact that some people do not want to the home because they want the flexibility, there is higher demand overall acr