As rents at Class A apartment towers continue to climb, a growing number of renters are being priced out of the luxury market, fueling demand for mid-tier properties outside of the urban core. Taylor Johnson client Pangea Properties, whose portfolio comprises nearly 11,000 units in the Chicago, Indianapolis and Baltimore areas, recently discussed the trend with Multifamily Executive, explaining how the firm's strategy of acquiring and renovating distressed rental communities and leasing them at an average monthly rent of $700 has helped turn around entire neighborhoods while generating double-digit returns for Pangea.