Class C Apartment Rent Cuts Continue for Second Month
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.