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Multifamily Rent and Demand Vary Among Classes and Regions
Apr 5, 2022, 16:07 PM
by
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Nationally, Class C multifamily properties have set the pace for rent growth, outstripping Class A or B properties. However, the national average is heavily influenced by large, coastal metro markets, where renters compete for a limited supply of value-add Class C units.
Class A and B rents are growing faster than C rents in many Sun Belt markets. This has been fueled by an influx of new residents into these markets, where they can rent higher-quality space more affordably than in the large metros. Resident migration has incentivized new construction and value-add renovations in the Sun Belt.
CBRE Econometric Advisors, RealPage Inc.
Class A and B rents are growing faster than C rents in many Sun Belt markets. This has been fueled by an influx of new residents into these markets, where they can rent higher-quality space more affordably than in the large metros. Resident migration has incentivized new construction and value-add renovations in the Sun Belt.
FIGURE 1: Top 6 Sun Belt vs Gateway Metros, 5-year Rent Growth, CAGR (%, 2016-2021)
CBRE Econometric Advisors, RealPage Inc.
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