Across the 100 largest metro areas in the US, the asking rent gap between the top end and the bottom layer of the apartment market has widened to the point where it’s essentially doubled, says Willett. “The most expensive class A product now rents for $1,663 per month on average, basically double the average $850 monthly rents for the lower priced class C properties.”
Willett says that the gap is even greater on both coasts, and most especially in the Northeast. Boston’s class A rentals ask an average of $3,148 per month, nearly triple the $1,1168 average for C product. It’s a little less steep in the New York City metro area, but only by a few percentage points. GlobeSt.com sounded out Willett for his insights on what’s driving the stratification, and how rent growth is likely to progress in the next year or two.
Read the entire story here at GlobeSt.com.