Multifamily Housing Classifications
There are several types of multifamily housing. Most apartment properties are put into one of four property classifications. Each “classification” of properties has a letter grade. These grades are used to help investors, property management professionals and real estate brokers speak a common language so they can understand a property’s characteristics and condition quickly. They are as follows:
Class A properties are luxury apartments. They are usually less than 10 years old and are often new, upscale apartment buildings. Average rents are high, and they are generally located in desirable geographic areas. White-collar workers live in them and are usually renters by choice.
Class B properties can be 10 to 25 years old. They are generally well maintained and have a middle class resident base of both white and blue-collar workers. Some are renters by choice, and others by necessity.
Class C properties were built within the last 30 to 40 years. They generally have blue-collar and low- to moderate-income residents, and the rents are typically below market. This is where you’ll find many residents that are renters “for life.” On the other hand, some of their residents are just starting out. And as they get better jobs, they work their way up the rental scale.
Class D properties are where you’ll find many Section 8 in the US or government-subsidized housing residents. They are generally positioned in lower socioeconomic areas.
Please add your comments and clarifications below so that we may help others .
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The Old School System
Wasting valuable time – and money – searching the Internet to find solutions and string together a strategy from unproven, out of date ideas, hoping that they will work!
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- The nine most important factors by which people select apartments.
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Dear Apartment Professional,
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Editor and Publisher
P.S. In my 25 plus years in the apartment management business, I never had a newsletter like this to help me. But I was in Houston when you couldn’t give away an apartment, so I had no choice. To survive, I did everything I could to learn about, create and develop better marketing techniques. I was in Largo, Florida with 257 vacant apartments out of 394, had to lease-up new construction communities in markets that were over built and a whole lot more. And I vowed that as soon as I had the chance, I would launch a newsletter like Sales & Marketing Magic to create an easier way for all of us to share crucial information.
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