What's the difference between average rent, median rent? Also, what is standard deviation and sample size?

Average Rent is the sum of all rents divided by the sample size. So, a simple example: three rental units that rent for $500, $600, and $700 would be total rent of $1,800 and an average of $600 ($1,800/3 = $600).

- The median rent is the rent value that is the mid-point value of the rent samples; and, it means that 1/2 the rents are above that amount and 1/2 are below that amount. Using the simple example from above - the median rent would be $600.

- The standard deviation provides insight about the sample data set and how close each data point is to the average. For example, a small standard deviation means most of the rents in the sample are close to the average. A larger standard deviation means the data points are further from the average. In the simple example above, the standard deviation would be about $82.

- Sample size is the number of data points/rent values used to perform the analysis.