Class B Becoming Option A for Renters

CHICAGO—In 2016, developers will probably continue their recent focus on creating luxury developments, and push many renters to seek older class B communities that offer similar services and amenities at a more affordable price.

“Today’s class B apartment is yesterday’s class A apartment,” Peter Vilim, co-founder of Waterton, tells GlobeSt.com. For decades, his Chicago-based company has been taking over top-of-the-line, but slightly older properties, and adding little touches and updates. “That effectively delivers a class A experience in a building considered class B due to its age.”