Cap Rate Trends of Major US Cities

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Based on data from the Freddie Mac Multifamily Apartment Investment Index (AIMI®). Benchmark of 100 set in 2000.

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Cap Rate 1-Year Change

15.76%

Cap Rate 5-Year Change

20.01%

Cap Rate 10-Year Change

-12.43%

Legend

Cap Rate Index

Mortgage Rate

Price Index

NOI Index

**Based on data from the Freddie Mac Multifamily Apartment Investment Index (AIMI®). Benchmark of 100 set in 2000.

Definitions

Cap Rate Index:	The capitalization rate of an average multi-family property relative to a benchmark of 100 set in the year 2000
Mortgage Rate:	The average mortgage rate across the US
Price Index:	The prices of multi-family property units relative to a benchmark of 100 set in the year 2000
NOI Index:	The net operating income (rental income minus operating expenses) of an average multi-family property relative to a benchmark of 100 set in the year 2000

Cap Rate Index:

The capitalization rate of an average multi-family property relative to a benchmark of 100 set in the year 2000

Mortgage Rate:

The average mortgage rate across the US

Price Index:

The prices of multi-family property units relative to a benchmark of 100 set in the year 2000

NOI Index:

The net operating income (rental income minus operating expenses) of an average multi-family property relative to a benchmark of 100 set in the year 2000

Cap Rate Trends Comparison

City	Percentage Change
Phoenix	-9%
San Francisco	-8.25%
Raleigh	-5.87%
Las Vegas	-2.25%
Boston	-1.18%
Minneapolis	-1.15%
Charlotte	-0.79%
Nashville	-0.33%
District of Columbia	0.41%
Philadelphia	0.58%
National	1.19%

Based on data from the Freddie Mac Multifamily Apartment Investment Index (AIMI®). Benchmark of 100 set in 2000.

Cap Rate Trends for New York vs Los Angeles

Select City 1

Select City 2

Change in New York's Cap Rate Index
(relative to a baseline set in 2000)

Change in Los Angeles's Cap Rate Index
(relative to a baseline set in 2000)

**Based on data from the Freddie Mac Multifamily Apartment Investment Index (AIMI®). Percentage change from a baseline set in 2000.

Cap Rate Comparison for Top US Cities

City	Population(2020 est.)	Population (2010 Census)	Population Growth (2020 vs. 2010)	2016 Population Density	5-Year Cap Rate Change
National	331,449,281	308,745,538	7.35%	93/sq. mi	0.83%
Atlanta, GA	512,550	420,003	22.03%	3,539/sq. mi	4.96%
Charlotte, NC	900,350	731,424	23.1%	2,757/sq. mi	-3.88%
Chicago, IL	2,677,643	2,695,598	-0.67%	11,900/sq. mi	26.59%
Dallas, TX	1,343,266	1,197,816	12.14%	3,866/sq. mi	8.16%
Denver, CO	735,538	600,158	22.56%	4,521/sq. mi	-4.37%
Washington, DC	712,816	601,723	18.46%	11,148/sq. mi	11.76%
Houston, TX	2,316,120	2,100,263	10.28%	3,613/sq. mi	18.59%
Jacksonville, FL	920,570	821,784	12.02%	1,178/sq. mi	-12.24%
Las Vegas, NV	662,368	583,756	13.47%	4,709/sq. mi	-17.16%
Los Angeles, CA	3,970,219	3,792,621	4.68%	8,484/sq. mi	6.86%
Miami, FL	471,525	399,457	18.04%	12,599/sq. mi	7.78%
Minneapolis, MN	433,111	382,578	13.21%	7,660/sq. mi	7.99%
Nashville, TN	671,295	601,222	11.66%	1,388/sq. mi	-0.09%
New York, NY	8,253,213	8,175,133	0.96%	28,317/sq. mi	20.01%
Oakland, CA	424,891	390,724	8.74%	7,514/sq. mi	-9.62%
Orlando, FL	289,457	238,300	21.47%	2,635/sq. mi	-0%
Philadelphia, PA	1,578,487	1,526,006	3.44%	11,683/sq. mi	13.93%
Phoenix, AZ	1,708,127	1,445,632	18.16%	3,120/sq. mi	-13.16%
Portland, OR	656,751	583,776	12.5%	4,793/sq. mi	9.35%
Raleigh, NC	474,414	403,892	17.46%	3,163/sq. mi	1.23%
San Diego, CA	1,422,420	1,307,402	8.8%	4,325/sq. mi	7.39%
San Francisco, CA	866,606	805,235	7.62%	18,569/sq. mi	-10.84%
Seattle, WA	769,714	608,660	26.46%	8,405/sq. mi	2.41%
Tampa, FL	407,599	335,709	21.41%	3,326/sq. mi	0.2%

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