Class-A? So passé.
Class-B digs are No. 1 for apartment renters these days—as many Class-B units have the same amenities as new Class -A pads, just with a couple of extra decades.
Waterton co-founder Peter Vilim (pictured, center) says “today's Class-B apartment is yesterday's Class-A apartment.”
He would know—Waterton buys out first-rate properties and renovates them, delivering “a Class-A experience in a building considered Class-B due to its age,” GlobeSt.com reports.
Peter says B rents are around 30% less than Class-A, and often Class-B’s are in better locations, being older buildings.
Evergreen Real Estate Services president Stephen Rappin says Millennials are driving demand for the more affordable Class-B units.
“They may be able to afford Class-A rents in a few years, but for now it is out of reach,” Stephen says. [GlobeSt]
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