The cost to rent an apartment jumped in 2014 for the fifth consecutive year as strong demand and short supply left vacancies near historically low levels.

Nationwide, apartment rents rose an average of 3.6% last year, according to data from Reis Inc., a real-estate research firm.

The increase pushed the average monthly lease rate to $1,124.38, the highest since Reis started tracking the market in 1980. The vacancy rate last year was 4.2%, the lowest since 2000.

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