***Due to the Coronavirus-related orders issued by NC Governor Roy Cooper, the GCAA office is open on a limited basis. Staff will be available for drop-in visits on Tuesdays & Thursdays and are available by appointment only on Wednesdays. Staff will also be available by phone and e-mail. We thank you for your patience as we play our part in keeping our staff and broader community safe.***

 

Class C Apartment Rent Cuts Continue for Second Month

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Throughout most of the pandemic, the nation’s most affordable apartment niche managed to avoid lowering rents like the more expensive Class A and B product lines. That changed in October, and Class C operators reduced rents again in November.

Following a 1% year-over-year cut in October, the Class C product logged rent change of -0.5% in November. Those were the first declines since the initial COVID-19 U.S. outbreak in March. Rent growth had hovered under 1% from May through September.

By comparison, the more expensive product – Class A and B apartments – began cutting rents in May. In November, year-over-year rent change…Read more