{"id":12719,"date":"2017-02-21T16:39:07","date_gmt":"2017-02-21T21:39:07","guid":{"rendered":"https:\/\/qa.bluevaultpartners.com\/?post_type=news&p=12719"},"modified":"2017-02-21T16:39:07","modified_gmt":"2017-02-21T21:39:07","slug":"rents-rise-fastest-in-class-b-submarkets","status":"publish","type":"post","link":"https:\/\/qa.bluevaultpartners.com\/rents-rise-fastest-in-class-b-submarkets\/","title":{"rendered":"Rents Rise Fastest in Class-B Submarkets"},"content":{"rendered":"
February 21, 2017 | by\u00a0Bendix Anderson | National Real Estate Investor\u00a0<\/p>\n
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Apartment rents are growing most quickly in working-class, suburban submarkets that apartment developers have avoided.<\/p>\n
\u201cWith a handful of exceptions, the neighborhoods posting the strongest rent growth don\u2019t have much ongoing construction,\u201d says Greg Willett, chief economist for Real Page and MPF Research. \u201cThese are suburban areas.\u201d They are also often working-class areas with older, less-expensive housing.<\/p>\n
In contrast, rents are growing much more slowly in the urban, core markets where the rents are already high. \u201cThe heavily-supplied, urban cores have seen the weakest rent growth,\u201d says John Affleck, international economist for CoStar Group. \u201cThe high-income tenants in these areas can consider home ownership, and can play off the amply new product one against the other for the best deals.\u201d<\/p>\n