Multifamily Rents Are Falling At Some Of The Lowest-Priced Class C Properties

There are 12 markets where Class C rents fell at least 6% over the last year. The new supply of class A units are pulling renters away from class B properties…..and on down the chain.

Class C rent growth topped 5% in 18 of the nation’s 150 largest metro areas. All of these markets are regions with little new supply.

Excess supply helped slow rent increases in previous cycles:

Source: Jay Parsons & The Joint Center For Housing Studies