If you’re hunting for an apartment to rent or thinking of investing in a condo to lease out, you might stumble across various letterings such as ‘A’, ‘B’ and ‘C’ used to classify properties. What do these letters mean? Basically, it’s a way of classifying the general quality of multi-family properties – with A being the most lavish and C being the least. There are a few debates about exactly what falls into each class and how each property is ranked (is it about age or amenities?). In this guide, we’ll provide an idea as to what is typically included in each class.
Class A (Luxury)
Class A apartments are typically fairly new. Some real estate experts class anything under 10 years old as ‘A’, while others also include older apartments that have been recently fully renovated.
These properties come with modern and opulent finishes such as granite countertops, hardwood floors and stainless steel appliances. They also come with high-end shared and private amenities – options such as these asteras.com apartments come with private terraces, landscaped courtyards, hotel-like concierge services, a spa pool and a fitness studio.
You’ll find these apartments within desirable neighborhoods. This includes central city locations and wealthy suburban areas.
Expect a higher price tag with these properties – they are aimed at higher income renters.
Class B (Medium)
Class B properties are generally considered 10 to 35 years old. While some parts may have been replaced over the years, they may still have a few original features that may have some wear and tear.
Finishes in these apartments are sometimes described as ‘functional’ or ‘builder-grade’. They include laminate countertops and vinyl flooring. Appliances may be relatively new but not ‘smart’. Amenities include parking, laundry rooms and sometimes a basic lounge area or gym.
Stable, middle-class neighborhoods tend to be where you will find these apartments. Often upcoming areas will see a rise in these types of properties.
The rent for these apartments is middle-rate and aimed at middle-class earners. What may constitute ‘middle class’ varies across the country.
Class C (Budget)
Next, you have Class C properties. These are typically over 35 years old with many features that might be considered dated.
Flooring, appliances, counters and cabinets are typically functional but old and worn. Plumbing and electrics in these buildings may be more likely to experience issues as a result of being older. When it comes to shared amenities, expect a basic parking lot and maybe a shared laundry room.
Class C apartments are commonly found in working-class neighborhoods. Within cities, they tend not to be as well connected as areas containing Class B and A apartments.
They are often marketed as budget apartments for your low earner. Relative affordability makes these apartments very popular and finding longer term tenants can be easier
Technically, there is a ‘D’ class – which includes C properties that are in major disrepair. These properties often aren’t fit to live in, but some landlords do still rent them out. When looking for a cheap apartment, it’s important to steer clear of these apartments.
