Industry Analysis - 5% growth

[Brad Ratushny]

When reports state something like "The national apartment market’s annual effective rent growth rate of 5.1% in June 2015 represented a 47-month high, and continued a streak of 5.0%-plus rent growth..." the growth rate would include new rentals as well as rental increase correct?  I suppose I'm asking if this is a 5% growth increase of all rental income.

It is such a tracked metric I want to make sure I'm looking at it correctly.