With the recent opening of the 503-unit Avalon North Station and more than 800 luxury apartments set to open this summer at the Benjamin and Via and in the Seaport District, Boston’s high-end rental market is set to absorb its latest big bump in inventory.

A grand opening ceremony was held today at the $250 million Avalon North Station, the leading edge of a development cluster stretching from the transit hub to Government Center.

The complex designed by CBT Architects is marketing units starting at $2,605 for 498-square-foot studios. Three-bedroom penthouse units top out at $12,040. Penthouse units on the 35th through 38th floors have private express elevator service, a first in the city for a rental building.

The building is currently 60-percent leased, said Scott Dale, senior vice president of development for AvalonBay Communities.

Developers have increased concessions since the 38-story complex opened, and are now offering eight weeks of free rent on apartments leased for move-ins by July 3. That’s up from six weeks in December.

Apartment rents continue to climb at a moderated pace in Greater Boston, which ranked fifth nationally in average rents in the first quarter after New York, San Francisco, San Jose and Oakland. Boston-area rents increased 1.1 percent from the first quarter of 2016 to $2,131, according to research by REIS Inc. The market had a 4.9 percent vacancy rate.