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Capitalization rates are often controversial and misunderstood variables in commercial real estate valuation equations. To value properties, most buyers and sellers prefer an income approach, which analyzes cash flows to determine debt service and investor return — typically the internal rate of return — so it’s easy to see why cap rates are scrutinized. In […]

Workforce housing has outperformed the overall multifamily market in recent years with relatively low vacancy rates and above-average rent growth. The healthy market performance has attracted significant investor interest in these rental communities that are affordable for low- to median-income families. One of the key questions in the marketplace today is whether investment in workforce […]

Traditionally, these classes of earners are teachers, firefighters, and hospital and governmental workers—people who make median incomes and want to live close to where they work. Put another way, these are people who tend to make between approximately $35,000 and $75,000 per year. According to the CBRE report, they comprise roughly one-third of all U.S.-based […]

“Workforce housing is a stable sector of the apartment business in the sense that occupancies tend to be a little bit higher than Class A because the demand is so strong and the supply is more limited,” Heymann says. “The turnover certainly tends to be lower, and the product’s a little bit less volatile to […]

Workforce housing is Class B and C product targeting renters earning 60% to 120% of the area median income. Investing in workforce housing can be a defensive play in a downturn due to low vacancy rates, short supply and high demand for workforce housing, and possible continued rent increases. While IRRs may be lower, cash […]

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