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How to get the best deals on rent in 2016

How to get the best deals on rent in 2016

Clark Howard January 19, 2016
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Looking for a deal on rent is challenging, but it can be done!

The apartment market is splitting

Older apartments that are not desirable are having by far the fastest increases in rent. This is a category of real estate called class C apartments. There is absolutely zero construction of class C apartments in the U.S. at the lower end of the market.

Compounding the problem is the fact that the typical class C customer is not a candidate for home ownership. So the apartment management companies don’t have to worry about pricing too high and driving their customer base away to the suburbs.

As you can see, there are multiple issues facing class C apartment rents. They’re getting pricier with less availability.

Ironically enough, the high end of the market is getting crowded with new construction. This is a category of real estate called class A apartments. Too many units are coming online. In many cities, rents will start dropping among the class A supply.

It’s a classic supply and demand issue. The irony is that people at the high end of the market may be finding deals and seeing their rents go down while people in the class C category are having to pay more.

Read more: Form letter: Request for repairs to rental property

Looking for a deal on rent is challenging, but it can be done!

The apartment market is splitting

Older apartments that are not desirable are having by far the fastest increases in rent. This is a category of real estate called class C apartments. There is absolutely zero construction of class C apartments in the U.S. at the lower end of the market.

Compounding the problem is the fact that the typical class C customer is not a candidate for home ownership. So the apartment management companies don’t have to worry about pricing too high and driving their customer base away to the suburbs.

As you can see, there are multiple issues facing class C apartment rents. They’re getting pricier with less availability.

Ironically enough, the high end of the market is getting crowded with new construction. This is a category of real estate called class A apartments. Too many units are coming online. In many cities, rents will start dropping among the class A supply.

It’s a classic supply and demand issue. The irony is that people at the high end of the market may be finding deals and seeing their rents go down while people in the class C category are having to pay more.

Read more: Form letter: Request for repairs to rental property

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About this Deal Digger About this Deal Digger
Clark Howard is a nationally syndicated consumer expert who shows consumers ways to save more, spend less and avoid getting ripped off. His radio show is heard every day on more than 200 radio stations throughout North America. Save more and spend less is more than just a motto for Clark; it's a way of life. As a successful lifelong entrepreneur, media star and best-selling author, the Atlanta-based consumer champion is dedicated to helping Americans of all means get ahead in life.
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