Cap Rate Heatmap
Compare cap rates across 30 major US metros by property type. Data sourced from CBRE, JLL, Green Street, and Marcus & Millichap research.
Markets
30
Avg Cap Rate
5.1%
Low
4.3%
High
6.0%
Spread
170 bps
| Metro | Region | Multifamily Cap Rate ↑ | MF | Office | Retail | Industrial | YoY (MF) |
|---|---|---|---|---|---|---|---|
San Francisco CA | West | 4.3% | 4.3% | 7.5% | 5.8% | 4.0% | -20 bps |
San Diego CA | West | 4.4% | 4.4% | 6.5% | 5.5% | 4.2% | -10 bps |
Los Angeles CA | West | 4.5% | 4.5% | 6.8% | 5.9% | 4.3% | -10 bps |
Boston MA | Northeast | 4.5% | 4.5% | 6.5% | 5.8% | 4.8% | -15 bps |
Seattle WA | West | 4.6% | 4.6% | 6.8% | 5.8% | 4.5% | -10 bps |
Miami FL | South | 4.7% | 4.7% | 6.5% | 6.0% | 4.8% | -25 bps |
New York NY | Northeast | 4.8% | 4.8% | 7.2% | 6.5% | 5.1% | -15 bps |
Washington DC DC | Northeast | 4.8% | 4.8% | 7.0% | 6.0% | 5.0% | -10 bps |
Dallas TX | South | 5.0% | 5.0% | 7.0% | 6.5% | 5.2% | 0 bps |
Denver CO | West | 5.0% | 5.0% | 7.0% | 6.2% | 5.0% | +5 bps |
Austin TX | South | 5.0% | 5.0% | 6.8% | 6.0% | 4.8% | +20 bps |
Tampa FL | South | 5.0% | 5.0% | 7.0% | 6.2% | 5.0% | 0 bps |
Portland OR | West | 5.0% | 5.0% | 7.2% | 6.2% | 4.8% | +10 bps |
Salt Lake City UT | West | 5.0% | 5.0% | 6.8% | 6.0% | 4.8% | +5 bps |
Raleigh NC | South | 5.0% | 5.0% | 7.0% | 6.3% | 5.0% | 0 bps |
Atlanta GA | South | 5.1% | 5.1% | 7.0% | 6.5% | 5.3% | +5 bps |
Charlotte NC | South | 5.1% | 5.1% | 7.2% | 6.5% | 5.3% | +5 bps |
Houston TX | South | 5.2% | 5.2% | 7.5% | 6.8% | 5.5% | +10 bps |
Nashville TN | South | 5.2% | 5.2% | 7.0% | 6.3% | 5.2% | +10 bps |
Orlando FL | South | 5.2% | 5.2% | 7.2% | 6.5% | 5.3% | +5 bps |
Jacksonville FL | South | 5.2% | 5.2% | 7.2% | 6.5% | 5.2% | +5 bps |
Phoenix AZ | West | 5.3% | 5.3% | 7.2% | 6.3% | 5.0% | +15 bps |
Minneapolis MN | Midwest | 5.3% | 5.3% | 7.5% | 6.8% | 5.5% | +5 bps |
Las Vegas NV | West | 5.3% | 5.3% | 7.5% | 6.5% | 5.2% | +15 bps |
San Antonio TX | South | 5.3% | 5.3% | 7.2% | 6.5% | 5.3% | +10 bps |
Chicago IL | Midwest | 5.5% | 5.5% | 7.8% | 7.0% | 5.8% | +5 bps |
Kansas City MO | Midwest | 5.5% | 5.5% | 7.5% | 7.0% | 5.8% | +5 bps |
Columbus OH | Midwest | 5.5% | 5.5% | 7.5% | 6.8% | 5.5% | +5 bps |
Indianapolis IN | Midwest | 5.8% | 5.8% | 8.0% | 7.2% | 5.8% | +10 bps |
Detroit MI | Midwest | 6.0% | 6.0% | 8.5% | 7.5% | 6.0% | +10 bps |
Heatmap Legend:
<4.5% (Tight)
5.0-5.5%
6.5-7.0%
>7.5% (Wide)
Methodology
Cap rates represent asking rates for institutional-quality assets in primary submarkets as of Q1 2026. Data is aggregated from CBRE Cap Rate Survey, JLL Capital Markets, Green Street CPPI, and Marcus & Millichap research reports. YoY change reflects multifamily cap rate movement in basis points. This tool is for informational purposes only and does not constitute investment advice. Powered by Ilora AI.