What is the median rent for the apartments in the given example?

To determine the median rent for a set of apartment rental prices, it is essential to understand the definition of the median in statistical terms. The median is the value that separates the higher half from the lower half of a data set when the numbers are arranged in order.

In this scenario, if the median rent is calculated to be $625, it indicates that when all rent prices are listed from lowest to highest, $625 is positioned exactly in the middle. This means that half of the rent prices are below $625 and half are above.

Identifying the median is important in real estate assessments, as it accurately reflects the central tendency of rental prices in a certain area, rather than being skewed by particularly high or low values. Thus, the choice of $625 as the median rent signifies a balanced view of the rental market among the apartments considered in the example.