The report attributed this effect to a process called filtering. "In high-supply markets where rents on new leases are being cut or offered with deep concessions, would-be Class B renters can now afford a Class A unit with relatively little strain to their budgets. That creates availability in more affordable Class B units, which may then be snapped up by would-be Class C renters who, again, have seen rents compress." However, it happens only where there is ample supply." https://lnkd.in/eybmmjuq