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      "text": "Sample Resident Demographic:\nValue driven\nMiddle income category\nRenters by necessity",
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      "text": "Class B Positioning:\nMost opportunity to consistently increase rents\nLess exposure to homeownership\nLess likely to be impacted from new construction",
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      "text": "Capture households moving down in a recession\nCapture seniors who sell homes to fund retirement\nCapture individuals/families moving up with career progression",
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      "text": "Multifamily exposure is a natural inflation hedge due to our ability to reset rents annually. Our portfolio of 75% Class B communities is highly defensive during recessionary periods.",
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      "text": "INDEPENDENCE\nREALTY TRUST",
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      "text": "Defensive Middle Market Communities, Positioned to Perform Even in Tough Economic Times",
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