When it comes to effective rent and occupancy growth so far in 2012, Class C properties lead the pack.

Recently released research from Dallas-based data provider Axiometrics shows that Class C effective rent growth is up 2.75 percent, while occupancies have risen 93 basis points, to 91.9 percent, in the first four months of the year.

But that doesn't mean higer end properties aren't still on the rise. Class B assets are up 2.72 percent in rent growth and Class A rents are up 2.49 percent so far this year. Yet, according to the Axiometrics, overall occupancy growth is being driven almost entirely by value-add improvements being made to Class C properties.

While developers are increasingly breaking ground, the pace of new supply hitting the market remains slow, a factor that bodes well for continued rent growth.

"While accelerating, new apartment construction will only add 0.7% to overall inventory in 2012 and 0.9% in 2013, which is still below the long-term historical average,” said Jay Denton, vice president of research at Axiometric in a statement.

Is there more untapped potential in Class C assets waiting out there in the market? And is your company capitalizing on it? Let us know by leaving a comment below.