Apartment Location Rating Definitions

Location ratings, subjectively defined, range generally as:

Rating Characteristics

A+

Defines the Tiffany of metropolitan area locations. The property occupies a site incorporating unique characteristics (i.e. view of, or from, mountains; golf course frontage; lake frontage); very close access to a high concentration of high quality employment, high quality shopping, and/or immediate area demographics emphasize upper income households.

A/A-

Area employment sources are highly concentrated, and of good quality (high paying jobs – gray-collar/white-collar make-up); shopping and entertainment is nearby, and of good quality; the neighborhood environment is attractive, but not as demographically upscale as the "A+" location; housing is relatively new, or priced above the median of metropolitan area pricing; area direction of change in quality is improving and is currently among the best metropolitan area submarkets.

B+/B/B-

Good concentration of general employment (of all types); the typical neighborhood household is middle income; a good concentration of shopping is located nearby. The range between a "B+" and "B-"location is distinguished by a mix of characteristics.

C+/C/C‑

Neighborhood quality is older, principally composed of blue-collar households; location provides frontage onto a substantial traffic carrier; employment concentration is generally located further in distance (more than three miles) from the property; pay scales and area employment are generally oriented toward lower paying retail and blue collar professions.

D

Does not provide major street exposure; the surrounding neighborhood is known as a high-crime area; employment sources within a three mile radius are low-pay, or sparse in availability; area demographics tend toward very low income households.

Location factors are subject to constant change. Adjustments in location quality result from evolution in such factors as: Area access availability; changes in the employment base; area household demographic composition.