Definitions generally applicable to apartment property improvements ratings are subjectively described as:
| Rating |
Characteristics |
A+ |
Among the best of all metropolitan area apartment communities – superior amenities – both in degree and quality of inclusion; of condominium quality in finishing detail; architecturally attractive; large unit sizes; interesting floorplans; unusually attractive amenities; and of superior construction quality. The property sets a metropolitan area rental housing standard of superiority.
|
| A |
A very attractive apartment community. Architecture is distinctive; unit mix, unit sizes, and finishing detail that are similar to an "A+" rating are included. Deductions from ratings are associated with less attractive exterior finishes, interiors are good quality, but not inclusive of details associated with the best properties.
|
| A- |
An attractive apartment community, but details that will otherwise distinguish an "A", or "A+", rating are not included. Deductions from ratings are associated with less attractive exterior finishes, interiors are good quality, but not inclusive of details associated with the best properties. Development density may be higher than the higher rated properties.
|
| B+ |
Of almost "A-" rating. Washer/dryer hook-ups are provided, but typically washers and dryers are provided by the resident, rather than the property. Architecture is satisfactory, but not striking; unit sizes are generally smaller than properties within the "A" quality category; recreational amenities are relatively complete, but not developed to the degree of detail associated with the "A-" quality community.
|
| B |
Includes a newer property that has been completed to a lower standard than upper-end communities, or an older property which may have set an industry standard for its time. The property may have once been rated among the market's better apartment communities, but age, functional obsolescence, and limitation of amenities, have combined to reduce competitive presence relative to newer communities.
|
| B- |
Generally is representative of a community incorporating an attractive unit mix (one bedroom, two bedroom/two bath and/or three bedroom/two bath floorplans); apartments are of average, or slightly below average, size; architecture is non-descript; functional amenities (balconies/patio semi-private unit entries) are included, but are not of notable size.
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| C+ |
Generally incorporates: Below average-sized units; unit interior finishing detail is spartan; apartment entries are likely to be ramp (motel) type; apartments may (or may not) include a private balcony or patio; appearance is typically architecturally non-descript; and construction quality can range considerably if two bedroom apartments are included in the unit mix, they generally include only one bathroom.
|
| C |
Often a mix of studio and smaller (but not extremely small) one bedroom units, or a mix of one bedroom and two bedroom/one bath floorplans. Entries are generally ramp-type or interior corridor loaded; construction quality can range significantly; little architectural consideration was given to development.
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| C- |
A property lacking in several characteristic areas. Marginally above "D" rated improvements, but generally including larger unit sizes than a "D" rated property will include.
|
| D |
Distinguishing characteristics associated with appearance, finishing detail and amenities offered are negative. The property has little to offer as an attraction, other than low rental rates. Amenities are limited to bare essentials – generally a swimming pool; kitchen appliances do not include a dishwasher, refrigerators are small, single door, a garbage disposal may not be included; in efficiency apartment floorplans, a complete kitchen is not included (making use only of a hot plate, microwave oven, and an under-the-counter refrigerator); apartments are small. Units are functionally deficient for long-term rental (i.e. a mix of efficiency and extremely small one bedroom apartments); utilities are generally centrally metered, or units are cooled by wall-mounted air conditioning units, or roof-mounted evaporative coolers.
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Note
Improvements ratings do not reflect current physical condition. Only the property’s basic physical make-up is considered. As example, if a "B" rated property illustrates substantial physical deterioration, consequently currently operates at a "C" or "C-" rated community level, the rating will remain as "B". Ability to enhance the property’s competitive capabilities by correcting cosmetic deficiencies provides an added-value opportunity, but will not change the property’s functional capability unless substantial physical changes were to be completed (i.e. installation of washer/dryer hook-ups; installation of covered parking where only open parking had been previously available).