U.S. Rent Hikes Are Spreading to Older Apartments
- Multifamily units are catching up to ‘scalding hot’ market
- Rents rose 10% in year through September at Morgan Properties
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The biggest rent increases of the past year in the U.S. were mostly focused on higher-end properties. Now older buildings with lower-income tenants are catching up.
Rent growth in so-called Class B units outpaced that of Class A apartments from March to October, according to rental marketplace Zumper.