Below is a list of median Gross Rent Multipliers (GRMs) categorized by Metropolitan Statistical Area (MSA) for apartment rental properties.

Market (MSA)GRMProperty TypeYear Built
Gross Rent Multiplier for Los Angeles-Long Beach-Anaheim, CA13.31-3 Floors1950-1979
Gross Rent Multiplier for New York-Newark-Jersey City, NY-NJ-PA101-3 Floors1949 or older
Gross Rent Multiplier for Chicago-Naperville-Elgin, IL-IN-WI8.231-3 Floors1949 or older
Gross Rent Multiplier for Philadelphia-Camden-Wilmington, PA-NJ-DE-MD9.261-3 Floors1949 or older
Gross Rent Multiplier for Boston-Cambridge-Newton, MA-NH10.931-3 Floors1949 or older
Gross Rent Multiplier for Dallas-Fort Worth-Arlington, TX7.291-3 Floors1950-1979
Gross Rent Multiplier for Miami-Fort Lauderdale-West Palm Beach, FL9.621-3 Floors1950-1979
Gross Rent Multiplier for Houston-The Woodlands-Sugar Land, TX7.051-3 Floors1950-1979
Gross Rent Multiplier for Tampa-St. Petersburg-Clearwater, FL7.811-3 Floors1950-1979
Gross Rent Multiplier for Seattle-Tacoma-Bellevue, WA11.571-3 Floors1950-1979
Gross Rent Multiplier for Detroit-Warren-Dearborn, MI6.161-3 Floors1950-1979
Gross Rent Multiplier for Atlanta-Sandy Springs-Roswell, GA7.141-3 Floors1950-1979
Gross Rent Multiplier for San Diego-Carlsbad, CA13.31-3 Floors1950-1979
Gross Rent Multiplier for Phoenix-Mesa-Scottsdale, AZ9.091-3 Floors1950-1979
Gross Rent Multiplier for Cincinnati, OH-KY-IN6.191-3 Floors1950-1979
Gross Rent Multiplier for Washington-Arlington-Alexandria, DC-VA-MD-WV9.321-3 Floors1949 or older
Gross Rent Multiplier for San Francisco-Oakland-Hayward, CA13.261-3 Floors1949 or older
Gross Rent Multiplier for Pittsburgh, PA7.21-3 Floors1949 or older
Gross Rent Multiplier for Denver-Aurora-Lakewood, CO11.41-3 Floors1950-1979
Gross Rent Multiplier for Baltimore-Columbia-Towson, MD7.481-3 Floors1949 or older
Gross Rent Multiplier for Providence-Warwick, RI-MA7.671-3 Floors1949 or older
Gross Rent Multiplier for Cleveland-Elyria, OH5.931-3 Floors1950-1979
Gross Rent Multiplier for Columbus, OH7.411-3 Floors1950-1979
Gross Rent Multiplier for Colorado Springs, CO12.221-3 Floors1950-1979
Gross Rent Multiplier for Las Vegas-Henderson-Paradise, NV9.111-3 Floors1950-1979
Gross Rent Multiplier for New Orleans-Metairie, LA9.051-3 Floors1950-1979
Gross Rent Multiplier for Indianapolis-Carmel-Anderson, IN5.231-3 Floors1950-1979
Gross Rent Multiplier for Louisville/Jefferson County, KY-IN6.551-3 Floors1950-1979
Gross Rent Multiplier for Sacramento--Roseville--Arden-Arcade, CA10.351-3 Floors1950-1979
Gross Rent Multiplier for Milwaukee-Waukesha-West Allis, WI8.11-3 Floors1949 or older
Gross Rent Multiplier for Memphis, TN-MS-AR6.071-3 Floors1950-1979
Gross Rent Multiplier for Riverside-San Bernardino-Ontario, CA9.921-3 Floors1980-1999
Gross Rent Multiplier for Charlotte-Concord-Gastonia, NC-SC8.331-3 Floors1980-1999
Gross Rent Multiplier for Salt Lake City, UT13.071-3 Floors1980-1999
Gross Rent Multiplier for San Antonio-New Braunfels, TX7.671-3 Floors1980-1999
Gross Rent Multiplier for Hartford-West Hartford-East Hartford, CT6.421-3 Floors1949 or older
Gross Rent Multiplier for New Haven-Milford, CT6.191-3 Floors1949 or older
Gross Rent Multiplier for Jacksonville, FL8.581-3 Floors1950-1979
Gross Rent Multiplier for Austin-Round Rock, TX101-3 Floors1980-1999
Gross Rent Multiplier for Portland-Vancouver-Hillsboro, OR-WA11.21-3 Floors1950-1979
Gross Rent Multiplier for Nashville-Davidson--Murfreesboro--Franklin, TN8.981-3 Floors1980-1999
Gross Rent Multiplier for St. Louis, MO-IL6.521-3 Floors1950-1979
Gross Rent Multiplier for Fresno, CA8.251-3 Floors1950-1979
Gross Rent Multiplier for Madison, WI9.141-3 Floors1950-1979
Gross Rent Multiplier for Minneapolis-St. Paul-Bloomington, MN-WI8.331-3 Floors1950-1979
Gross Rent Multiplier for Tulsa, OK7.061-3 Floors1950-1979
Gross Rent Multiplier for Kansas City, MO-KS7.091-3 Floors1950-1979
Gross Rent Multiplier for North Port-Sarasota-Bradenton, FL7.881-3 Floors1950-1979
Gross Rent Multiplier for Virginia Beach-Norfolk-Newport News, VA-NC6.881-3 Floors1950-1979
Gross Rent Multiplier for Winston-Salem, NC6.271-3 Floors1950-1979
Gross Rent Multiplier for Buffalo-Cheektowaga-Niagara Falls, NY7.171-3 Floors1949 or older
Gross Rent Multiplier for Oklahoma City, OK6.661-3 Floors1950-1979
Gross Rent Multiplier for Worcester, MA-CT7.41-3 Floors1949 or older
Gross Rent Multiplier for Orlando-Kissimmee-Sanford, FL7.491-3 Floors1950-1979
Gross Rent Multiplier for Greenville-Anderson-Mauldin, SC6.741-3 Floors1980-1999
Gross Rent Multiplier for Little Rock-North Little Rock-Conway, AR6.471-3 Floors1950-1979
Gross Rent Multiplier for Asheville, NC8.071-3 Floors1950-1979
Gross Rent Multiplier for Charleston-North Charleston, SC8.711-3 Floors1950-1979
Gross Rent Multiplier for Tucson, AZ8.931-3 Floors1950-1979
Gross Rent Multiplier for San Jose-Sunnyvale-Santa Clara, CA12.51-3 Floors1950-1979
Gross Rent Multiplier for Manchester-Nashua, NH7.141-3 Floors1949 or older
Gross Rent Multiplier for Richmond, VA6.571-3 Floors1949 or older
Gross Rent Multiplier for Evansville, IN-KY7.411-3 Floors1950-1979
Gross Rent Multiplier for Chattanooga, TN-GA6.921-3 Floors1950-1979
Gross Rent Multiplier for Columbia, SC6.681-3 Floors1980-1999
Gross Rent Multiplier for Greenville, NC5.481-3 Floors
Gross Rent Multiplier for Grand Rapids-Wyoming, MI7.481-3 Floors1950-1979
Gross Rent Multiplier for Allentown-Bethlehem-Easton, PA-NJ8.141-3 Floors1949 or older
Gross Rent Multiplier for Omaha-Council Bluffs, NE-IA6.861-3 Floors1949 or older
Gross Rent Multiplier for Wichita, KS5.51-3 Floors1950-1979
Gross Rent Multiplier for Deltona-Daytona Beach-Ormond Beach, FL8.451-3 Floors1949 or older
Gross Rent Multiplier for Ann Arbor, MI7.361-3 Floors1950-1979
Gross Rent Multiplier for Augusta-Richmond County, GA-SC7.921-3 Floors1980-1999
Gross Rent Multiplier for Knoxville, TN7.651-3 Floors1950-1979
Gross Rent Multiplier for Lansing-East Lansing, MI5.561-3 Floors1950-1979
Gross Rent Multiplier for Birmingham-Hoover, AL6.031-3 Floors1950-1979
Gross Rent Multiplier for Toledo, OH7.251-3 Floors1950-1979
Gross Rent Multiplier for Albuquerque, NM7.821-3 Floors1950-1979
Gross Rent Multiplier for Albany-Schenectady-Troy, NY6.661-3 Floors1949 or older
Gross Rent Multiplier for El Paso, TX5.81-3 Floors1950-1979
Gross Rent Multiplier for Dayton, OH4.211-3 Floors1950-1979
Gross Rent Multiplier for Portland-South Portland, ME9.821-3 Floors1949 or older
Gross Rent Multiplier for Concord, NH7.081-3 Floors1949 or older
Gross Rent Multiplier for Lakeland-Winter Haven, FL7.591-3 Floors1980-1999
Gross Rent Multiplier for Astoria, OR10.21-3 Floors
Gross Rent Multiplier for Cape Coral-Fort Myers, FL6.591-3 Floors1980-1999
Gross Rent Multiplier for Boise City, ID11.831-3 Floors1950-1979
Gross Rent Multiplier for Bakersfield, CA9.111-3 Floors1950-1979
Gross Rent Multiplier for Huntsville, AL5.011-3 Floors1980-1999
Gross Rent Multiplier for Stockton-Lodi, CA7.791-3 Floors
Gross Rent Multiplier for Cedar Rapids, IA6.671-3 Floors
Gross Rent Multiplier for Vallejo-Fairfield, CA11.711-3 Floors1950-1979

Note: The gross potential rent for a property times the Gross Rent Multiplier (GRM) is equal to the property value.

Value a property

It takes just four minutes

What is a Cap Rate?

Cap rate is an abbreviation for capitalization rate and there are a few different ways to calculate it.

How to Find the Market Value of a Real Estate Investment

If everyone had access to perfect information, all parties would come up with the same value for a given piece of property.

How to Find Total Expected Returns

Two approaches for determining total expected returns.

How to Find Cap Rates

Learn three different ways to find cap rates from our informative video.

Sell Your Home to a Real Estate Investor and Fetch a Higher Price

You'll usually make the most profit by selling to a traditional homebuyer. But this isn't always the case.

When to Use Direct Capitalization

It's not always best to use NOI over cap rate to find a property value. Let us break it down for you.