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What Does a Low Cap Rate Buy You?

  • Investors pay a premium to acquire apartments in certain metro areas, particularly large coastal areas, as evidenced by their lower average cap rates.
  • The theoretical arguments for lower cap rates include lower market risk and/or better future prospects for future income and value growth.
  • Yet this analysis finds that low cap rate metro areas tend to offer only slightly better rent and value growth than high cap rate metros without any reduction, or even a slight increase, in volatility.