Some fast-growing submarkets are seeing the deepest apartment rent cuts amid their Class B and C product, according to a new report from RealPage.

It's not surprising to see that price declines were the worst in the year-ending Q1 in areas where the most, new apartment supply was delivered, the report said, or that rents increased in submarkets with minimal new supply.

"What might be surprising is that it was not the Class A stock – receiving the most competition from new supply – that saw the steepest rate cuts in the past year," according to RealPage analyst Kim O'Brien.

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