The cap rate research hub
Find multifamily cap rate evidence by market. Compare dated benchmarks, understand the local story, and bring a clearer assumption to your next investment.
Currently available: California, Texas, Pennsylvania, New Jersey, Massachusetts, Rhode Island, Vermont, Arizona, Georgia, North Carolina, South Carolina, West Virginia, Virginia, New Hampshire, Maine, Alabama, Hawaiʻi, Idaho, Wyoming. The comparison table below keeps California’s six comparable regional benchmarks separate from the other states’ evidence.
Start with the place
A state report connects the broad pricing picture to the local details that matter.
Six regional benchmarks, Los Angeles sales clusters, local operating conditions and a property-level valuation worksheet.
Dated apartment benchmarks across four major markets, local supply risks and a buyer-expense stress test. Periods and methods are kept separate.
Read the Texas report →Philadelphia supply and Pittsburgh sales mix, with buyer tax, capital-work and liquidity checks.
Read the Pennsylvania report →Historical caps, current asks and an excluded conflicting observation; local rent rules and coastal supply.
Read the New Jersey report →Boston vintage cohorts, incompatible publisher series and first-turnover buyer underwriting.
Read the Massachusetts report →Reported-cap sample and local lease-up exposure, with registry, lead and buyer tax checks.
Read the Rhode Island report →Historical apartment caps, current small-property sales and an explicit gap in current observed cap evidence.
Read the Vermont report →Phoenix and Tucson apartment evidence, conflicting sample definitions, local supply windows and buyer underwriting.
Read the Arizona report →Atlanta income-basis pricing, Savannah and Augusta coverage limits, and buyer renovation costs.
Read the Georgia report →Charlotte cap evidence, Triangle supply timing, Triad liquidity and county reappraisal costs.
Read the North Carolina report →Provisional broker indications, Charleston leasing, Columbia deliveries, Myrtle Beach concessions and buyer coverage.
Read the South Carolina report →Apartment evidence gaps, a historical Huntington sale, the ten-county rental survey and small-building cash risks.
Read the West Virginia report →Richmond asset-class cap ranges, Hampton Roads supply and employment risks, and locality-specific buyer costs.
Read the Virginia report →New Hampshire apartment cap-rate evidence, Salem and Portsmouth occupancy, local underwriting risks and a free income-to-value worksheet.
Read the New Hampshire report →Maine apartment cap-rate research, four county operating comparisons, Portland rental diligence and a free buyer underwriting worksheet.
Read the Maine report →Alabama apartment cap-rate evidence, Birmingham and Huntsville recovery tests, local coverage gaps and a free buyer-cost valuation worksheet.
Read the Alabama report →Hawaiʻi multifamily sale-cap evidence, Oʻahu and Neighbor Island underwriting limits, insurance and rental-tax checks, plus a free valuation worksheet.
Read the Hawaiʻi report →Idaho apartment cap-rate research, Boise and Treasure Valley operating evidence, secondary-market gaps and a free buyer underwriting worksheet.
Read the Idaho report →Wyoming cap-rate evidence limits, county vacancy comparisons, Cheyenne, Casper and Jackson underwriting questions, and a free valuation worksheet.
Read the Wyoming report →Linked states have a published report. Other locations do not yet have a report in this collection.
The numbers, with context
California multifamily · Q3 2026
Published average series · Kidder Mathews / CoStar
Select up to three markets to compare.
| Compare | Publisher market | Cap rate | Annual change | Vacancy | Source |
|---|---|---|---|---|---|
| Bay AreaCalifornia · publisher-defined geography | 5.9% | +40 bps | 3.8% | Kidder Mathews ↗ | |
| Inland EmpireCalifornia · publisher-defined geography | 5.9% | +20 bps | 5.3% | Kidder Mathews ↗ | |
| Los AngelesCalifornia · publisher-defined geography | 5.9% | +40 bps | 5.4% | Kidder Mathews ↗ | |
| Orange CountyCalifornia · publisher-defined geography | 4.7% | +20 bps | 3.9% | Kidder Mathews ↗ | |
| SacramentoCalifornia · publisher-defined geography | 6.7% | +120 bps | 6.1% | Kidder Mathews ↗ | |
| San DiegoCalifornia · publisher-defined geography | 4.9% | -10 bps | 5.0% | Kidder Mathews ↗ |
These are regional averages, not a U.S. or California average, a neighborhood estimate, or a property quote. The public summaries do not disclose sample sizes, weighting or comparable NOI definitions. Bay Area and Inland Empire are publisher markets, not city boundaries. 100 bps = one percentage point. Sources reviewed .
From benchmark to decision
Hold annual net operating income constant and test the price implied by your own cap-rate assumption.
Illustration only. NOI is income after operating expenses, before debt service and income tax. This calculation is not an appraisal.
Build a complete multifamily analysis →At 6.00% (+100 bps), the same NOI implies $1,666,667.
Value = annual NOI ÷ (cap rate / 100). The inputs are hypothetical, not market observations.
A number should come with its evidence
Published averages, closed-sale medians, broker surveys and modeled estimates answer different questions. This table uses one publisher’s average series.
Every benchmark has a named report geography and observation period. Several reports drawing on CoStar share an underlying provider.
Verify comparable sales and the actual rent roll, expenses and capital work. Regional evidence helps frame an assumption; it cannot establish your building’s NOI.
Reviewed evidence is stored once and reused across the hub and its reports. New source editions are checked for changes in geography, methodology and period. Figures and affected commentary are reviewed together before publication; an unavailable source does not become a zero or an invented estimate.
The displayed observation period remains visible until a replacement is reviewed. Source publication dates, sample sizes, weighting and NOI conventions are not stated in the public regional summaries. See the California source ledger for source-by-source detail and refresh triggers.
No single rate fits every property. Markets, property types, income definitions, building condition and transaction timing differ. Compare similar properties, then test the acquisition’s actual NOI, financing and exit assumptions.
No. A cap rate uses net operating income, which accounts for operating costs and income loss. A ratio of gross rent to an unrelated home-value index omits those expenses and may compare different properties.
Only as clearly labeled broader context. A regional average is not a measured city or ZIP rate. Read the source geography and use local property comparables before making an investment assumption.