Historical Apartment Returns for Institutional Apartments

See how institutional apartment returns have stacked up against bond returns over the last 30 years.

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Year 10-year Treasury Bond Rate Rolling 10 Year Average Baa Bond Rate Rolling 10 Year Average NCREIF Apartment Returns Rolling 10 Year Average Real GDP Growth Nominal GDP Inflation Rolling 10 Year Apartment Risk Premiums (NCREIF minus 10 Year Bond Rate)
1935 2.84%   5.75%       8.90% 11.10% 2.20%  
1936 2.59%   4.77%       12.90% 14.30% 1.40%  
1937 2.73%   5.03%       5.10% 9.60% 4.50%  
1938 2.56%   5.80%       -3.30% -6.10% -2.80%  
1939 2.35%   4.96%       8.00% 7.00% -1.00%  
1940 2.01%   4.75%       8.80% 10.10% 1.30%  
1941 2.47%   4.33%       17.70% 25.70% 8.00%  
1942 2.49%   4.28%       18.90% 28.30% 9.40%  
1943 2.49%   3.91%       17.00% 22.40% 5.40%  
1944 2.48% 2.50% 3.61% 4.72%     8.00% 10.50% 2.50%  
1945 2.33% 2.45% 3.29% 4.47%     -1.00% 1.60% 2.60%  
1946 2.24% 2.42% 3.05% 4.30%     -11.60% -0.20% 11.40%  
1947 2.39% 2.38% 3.24% 4.12%     -1.10% 9.70% 10.80%  
1948 2.44% 2.37% 3.47% 3.89%     4.10% 9.90% 5.80%  
1949 2.19% 2.35% 3.42% 3.74%     -0.50% -0.70% -0.20%  
1950 2.39% 2.39% 3.24% 3.58%     8.70% 10.00% 1.30%  
1951 2.70% 2.41% 3.41% 3.49%     8.10% 15.70% 7.60%  
1952 2.75% 2.44% 3.52% 3.42%     4.10% 5.90% 1.80%  
1953 2.59% 2.45% 3.73% 3.40%     4.70% 6.00% 1.30%  
1954 2.51% 2.45% 3.51% 3.39%     -0.60% 0.40% 1.00%  
1955 2.96% 2.52% 3.53% 3.41%     7.10% 9.00% 1.90%  
1956 3.59% 2.65% 3.88% 3.50%     2.10% 5.60% 3.50%  
1957 3.21% 2.73% 4.71% 3.64%     2.10% 5.50% 3.40%  
1958 3.86% 2.88% 4.73% 3.77%     -0.70% 1.50% 2.20%  
1959 4.69% 3.13% 5.05% 3.93%     6.90% 8.40% 1.50%  
1960 3.84% 3.27% 5.19% 4.13%     2.60% 4.00% 1.40%  
1961 4.06% 3.41% 5.08% 4.29%     2.60% 3.70% 1.10%  
1962 3.86% 3.52% 5.02% 4.44%     6.10% 7.40% 1.30%  
1963 4.13% 3.67% 4.86% 4.56%     4.40% 5.50% 1.10%  
1964 4.18% 3.84% 4.83% 4.69%     5.80% 7.40% 1.60%  
1965 4.62% 4.00% 4.87% 4.82%     6.50% 8.40% 1.90%  
1966 4.84% 4.13% 5.67% 5.00%     6.60% 9.60% 3.00%  
1967 5.70% 4.38% 6.23% 5.15%     2.70% 5.70% 3.00%  
1968 6.03% 4.60% 6.94% 5.37%     4.90% 9.40% 4.50%  
1969 7.65% 4.89% 7.81% 5.65%     3.10% 8.20% 5.10%  
1970 6.39% 5.15% 9.11% 6.04%     0.20% 5.50% 5.30%  
1971 5.93% 5.33% 8.56% 6.39%     3.30% 8.50% 5.20%  
1972 6.36% 5.58% 8.16% 6.70%     5.20% 9.80% 4.60%  
1973 6.74% 5.84% 8.24% 7.04%     5.60% 11.40% 5.80%  
1974 7.43% 6.17% 9.50% 7.51%     -0.50% 8.40% 8.90%  
1975 8.00% 6.51% 10.61% 8.08%     -0.20% 9.00% 9.20%  
1976 6.87% 6.71% 9.75% 8.49%     5.40% 11.20% 5.80%  
1977 7.69% 6.91% 8.97% 8.77%     4.60% 11.10% 6.50%  
1978 9.01% 7.21% 9.49% 9.02%     5.60% 13.00% 7.40%  
1979 10.39% 7.48% 10.69% 9.31%     3.20% 11.70% 8.50%  
1980 12.84% 8.13% 13.67% 9.76%     -0.20% 8.80% 9.00%  
1981 13.72% 8.91% 16.04% 10.51%     2.60% 12.20% 9.60%  
1982 10.54% 9.32% 16.11% 11.31%     -1.90% 4.20% 6.10%  
1983 11.83% 9.83% 13.55% 11.84%     4.60% 8.80% 4.20%  
1984 11.50% 10.24% 14.19% 12.31% 12.56%   7.30% 11.10% 3.80%  
1985 9.26% 10.37% 12.72% 12.52% 11.14%   4.20% 7.60% 3.40%  
1986 7.11% 10.39% 10.39% 12.58% 6.93%   3.50% 5.60% 2.10%  
1987 8.99% 10.52% 10.58% 12.74% 6.78%   3.50% 6.10% 2.60%  
1988 9.11% 10.53% 10.83% 12.88% 9.97%   4.20% 7.90% 3.70%  
1989 7.84% 10.27% 10.18% 12.83% 8.55%   3.70% 7.70% 4.00%  
1990 8.08% 9.80% 10.36% 12.50% 5.69%   1.90% 5.70% 3.80%  
1991 7.09% 9.14% 9.80% 11.87% -1.31%   -0.10% 3.30% 3.40%  
1992 6.77% 8.76% 8.98% 11.16% 1.71%   3.60% 5.90% 2.30%  
1993 5.77% 8.15% 7.93% 10.60% 8.47% 7.05% 2.70% 5.20% 2.50% -1.10%
1994 7.81% 7.78% 8.62% 10.04% 11.57% 6.95% 4.00% 6.30% 2.30% -0.83%
1995 5.71% 7.43% 8.20% 9.59% 11.19% 6.96% 2.70% 4.90% 2.20% -0.47%
1996 6.30% 7.35% 8.05% 9.35% 11.07% 7.37% 3.80% 5.70% 1.90% 0.02%
1997 5.81% 7.03% 7.86% 9.08% 12.33% 7.92% 4.50% 6.30% 1.80% 0.90%
1998 4.65% 6.58% 7.22% 8.72% 13.43% 8.27% 4.50% 5.60% 1.10% 1.69%
1999 6.44% 6.44% 7.87% 8.49% 11.24% 8.54% 4.70% 6.30% 1.60% 2.10%
2000 5.11% 6.15% 8.36% 8.29% 12.41% 9.21% 4.10% 6.50% 2.40% 3.07%
2001 5.05% 5.94% 7.95% 8.10% 9.06% 10.25% 1.00% 3.30% 2.30% 4.31%
2002 3.82% 5.65% 7.80% 7.99% 8.48% 10.93% 1.80% 3.30% 1.50% 5.28%
2003 4.25% 5.50% 6.77% 7.87% 8.62% 10.94% 2.80% 4.90% 2.10% 5.45%
2004 4.22% 5.14% 6.39% 7.65% 12.45% 11.03% 3.80% 6.60% 2.80% 5.89%
2005 4.39% 5.00% 6.06% 7.43% 19.68% 11.88% 3.30% 6.70% 3.40% 6.87%
2006 4.70% 4.84% 6.48% 7.28% 13.89% 12.16% 2.70% 5.80% 3.10% 7.32%
2007 4.02% 4.67% 6.48% 7.14% 10.91% 12.02% 1.80% 4.50% 2.70% 7.35%
2008 2.21% 4.42% 7.45% 7.16% -7.20% 9.95% -0.30% 1.70% 2.00% 5.53%
2009 3.84% 4.16% 7.30% 7.10% -18.64% 6.97% -2.80% -2.00% 0.80% 2.81%
2010 3.29% 3.98% 6.04% 6.87% 17.19% 7.44% 2.50% 3.80% 1.30% 3.47%
2011 1.88% 3.66% 5.66% 6.64% 14.63% 8.00% 1.60% 3.70% 2.10% 4.34%
2012 1.76% 3.46% 4.94% 6.36% 10.80% 8.23% 2.20% 4.10% 1.90% 4.78%
2013 3.04% 3.33% 5.10% 6.19% 10.03% 8.37% 1.50% 3.10% 1.60% 5.04%
2014 2.17% 3.13% 4.85% 6.04% 9.92% 8.12% 2.40% 4.10% 1.70% 4.99%
2015 2.27% 2.92% 5.00% 5.93% 11.48% 7.30% 2.40% 3.50% 1.10% 4.38%
                     
1984 to 2015 Average 5.45% 5.33% 6.89% 7.82% 8.91% 8.95% 2.80% 5.15% 2.35% 3.62%
1935 to 2015 Average 5.12% 5.44% 7.02% 7.24%     3.79% 7.27% 3.48%

Source: Institutional apartment returns are from the National Council of Real Estate Investment Fiduciaries (NCREIF).