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Current Cap Rates for Apartments in the 50 Largest Multifamily Markets

Below is a list of average cap rates categorized by MSA for select property types. Keep in mind that cap rates for specific properties may be higher or lower than the average in their area. Read more about current cap rates.

 

Market (MSA)Average Cap RateProperty TypeYear Built
Current Cap Rate for Washington-Arlington-Alexandria, DC-VA-MD-WV5.39%Mid or High RiseLess Than 15 Years
Current Cap Rate for Boston-Cambridge-Newton, MA-NH5.63%Mid or High Rise15-25 Years Old
Current Cap Rate for Virginia Beach-Norfolk-Newport News, VA-NC6.92%Low-Rise25 Years+
Current Cap Rate for New York-Newark-Jersey City, NY-NJ-PA5.41%Mid or High RiseLess Than 15 Years
Current Cap Rate for San Francisco-Oakland-Hayward, CA5.71%Low-RiseLess Than 15 Years
Current Cap Rate for Austin-Round Rock, TX6.12%Low-RiseLess Than 15 Years
Current Cap Rate for Denver-Aurora-Lakewood, CO6.4%Mid or High RiseLess Than 15 Years
Current Cap Rate for Richmond, VA6.67%Low-RiseLess Than 15 Years
Current Cap Rate for Portland-Vancouver-Hillsboro, OR-WA6.57%Low-Rise15-25 Years Old
Current Cap Rate for Chicago-Naperville-Elgin, IL-IN-WI5.96%Low-RiseLess Than 15 Years
Current Cap Rate for Nashville-Davidson--Murfreesboro--Franklin, TN6.81%Mid or High Rise15-25 Years Old
Current Cap Rate for Atlanta-Sandy Springs-Roswell, GA6.58%Mid or High Rise15-25 Years Old
Current Cap Rate for St. Louis, MO-IL7%Low-Rise25 Years+
Current Cap Rate for Charlotte-Concord-Gastonia, NC-SC6.48%Mid or High Rise15-25 Years Old
Current Cap Rate for Sacramento--Roseville--Arden-Arcade, CA6.32%Mid or High Rise25 Years+
Current Cap Rate for Orlando-Kissimmee-Sanford, FL6.7%Low-Rise25 Years+
Current Cap Rate for Dallas-Fort Worth-Arlington, TX6.6%Low-Rise25 Years+
Current Cap Rate for Columbus, OH6.86%Low-Rise15-25 Years Old
Current Cap Rate for Oklahoma City, OK6.7%Mid or High Rise25 Years+
Current Cap Rate for Raleigh, NC6.61%Low-Rise15-25 Years Old
Current Cap Rate for Seattle-Tacoma-Bellevue, WA6.03%Mid or High Rise25 Years+
Current Cap Rate for New Orleans-Metairie, LA6.23%Low-Rise25 Years+
Current Cap Rate for Baltimore-Columbia-Towson, MD5.85%Mid or High Rise25 Years+
Current Cap Rate for Salt Lake City, UT6.28%Mid or High Rise25 Years+
Current Cap Rate for Philadelphia-Camden-Wilmington, PA-NJ-DE-MD6.07%Low-Rise15-25 Years Old
Current Cap Rate for Houston-The Woodlands-Sugar Land, TX6.21%Low-Rise15-25 Years Old
Current Cap Rate for San Diego-Carlsbad, CA5.9%Low-Rise25 Years+
Current Cap Rate for Los Angeles-Long Beach-Anaheim, CA5.24%Mid or High Rise15-25 Years Old
Current Cap Rate for San Jose-Sunnyvale-Santa Clara, CA5.74%Low-RiseLess Than 15 Years
Current Cap Rate for Minneapolis-St. Paul-Bloomington, MN-WI6.39%Mid or High Rise25 Years+
Current Cap Rate for Indianapolis-Carmel-Anderson, IN6.47%Low-RiseLess Than 15 Years
Current Cap Rate for Las Vegas-Henderson-Paradise, NV6.56%Mid or High Rise25 Years+
Current Cap Rate for Milwaukee-Waukesha-West Allis, WI6.79%Low-Rise25 Years+
Current Cap Rate for Jacksonville, FL6.03%Mid or High Rise15-25 Years Old
Current Cap Rate for San Antonio-New Braunfels, TX6.39%Mid or High Rise15-25 Years Old
Current Cap Rate for Tampa-St. Petersburg-Clearwater, FL5.73%Mid or High RiseLess Than 15 Years
Current Cap Rate for Miami-Fort Lauderdale-West Palm Beach, FL5.89%Low-Rise15-25 Years Old
Current Cap Rate for Birmingham-Hoover, AL6.99%Low-Rise25 Years+
Current Cap Rate for Riverside-San Bernardino-Ontario, CA5.72%Mid or High Rise25 Years+
Current Cap Rate for Providence-Warwick, RI-MA5.99%Low-Rise15-25 Years Old
Current Cap Rate for Phoenix-Mesa-Scottsdale, AZ6.39%Mid or High Rise25 Years+
Current Cap Rate for Cincinnati, OH-KY-IN6.6%Low-RiseLess Than 15 Years
Current Cap Rate for Memphis, TN-MS-AR6.9%Mid or High Rise15-25 Years Old
Current Cap Rate for Kansas City, MO-KS6.74%Low-RiseLess Than 15 Years
Current Cap Rate for Hartford-West Hartford-East Hartford, CT6.19%Low-Rise15-25 Years Old
Current Cap Rate for Louisville/Jefferson County, KY-IN6.88%Mid or High Rise25 Years+
Current Cap Rate for Pittsburgh, PA6.97%Mid or High Rise25 Years+
Current Cap Rate for Detroit-Warren-Dearborn, MI6.51%Low-Rise15-25 Years Old
Current Cap Rate for Buffalo-Cheektowaga-Niagara Falls, NY6.47%Low-Rise15-25 Years Old
Current Cap Rate for Cleveland-Elyria, OH6.44%Mid or High Rise15-25 Years Old

Note: This list above contains average cap rates for the entire MSA. Cap Rates will be higher or lower for individual properties depending upon the size, class and location of the property within the MSA. Enter the property address into the box at the top of the page to find the cap rate for a particular property.


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