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Class B Apartments Outperforming All Categories

Three-star apartments, also classified as “B” or garden-style, outshone all other levels in 2023, with rents rising 1.4 percent, says’s Q4 2023 Multifamily Rent Report. Consumer confidence, lower inflation and lack of a recession made this the sweet spot for tenants, as 1- and 2-star properties remained the weakest, likely because they’re less affordable. Housing affordability has sunk 40 percent over the past 10 years due to a severe undersupply, making class B more attractive. The trend is expected to continue throughout 2024. 


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