MPF Research

Successful real estate investments require having the right product in the right market at the right time. Each week, MPF Research analysts highlight the latest apartment occupancy and rent growth statistics as well as other key performance indicators for rental housing.


Do Apartment Fundamentals and Valuations Line Up?

In the previous blog titled, “Structural Shift or Mean Reversion: Exploring the NOI Profit Margin Cycle,” we discussed the importance of the profit margin cycle in relation to the pro forma analysis. This piece will expand upon the original idea by including a valuation metric: price-to-sales ratio. A price-to-sales ratio is a common metric used […]


Even as Supply Mounts, It’s Business as Usual for Apartments in the Twin Cities

New apartment supply is back up to recent highs in Minneapolis/St. Paul, but that hasn’t changed the story of the local apartment market in the Twin Cities. As usual, vacancies are few. And as usual, rent growth is limited.


Structural Shift or Mean Reversion: Exploring the NOI Profit Margin Cycle

Investing is a game, a game ruled by expectations. Future expectations are commonly shaped by the business and real estate cycles, but for the purpose of this piece, let’s investigate a less frequently discussed topic – the profit margin cycle. For real estate investors, net operating income or NOI, is the primary focal point because it […]


Is a Comeback Story Brewing in Las Vegas?

As most of the country’s apartment market has enjoyed boom times in recent years, Las Vegas has been left behind … until recently. In 3rd quarter, Las Vegas posted some impressive numbers – particularly in rents. Does this suggest renewed optimism moving ahead?


Is Apartment Supply Heading to Where Households Are Forming?

What do household formation and apartment supply have in common? MPF Research looked at the relationship between total household growth and apartment supply growth among the top 50 U.S. metros, since the recession. Overall, we found that there is a linear relationship between the two. But by region, clear differences emerge, especially when viewed in […]


Apartment Fundamentals Continue to Lag National Norms in Tampa Bay

Apartment fundamentals are improving in Tampa Bay, but they remain sub-par relative to the U.S. norms. And yet, Tampa Bay is now outpacing the national averages in one important category – apartment construction. What’s in store for the Tampa Bay apartment sector?


Improve Decision Making with a Simple Gain-to-Loss Ratio

Because we’re in the midst of a bull cycle, risk management tends to be an afterthought for many people. However, with the lessons learned from 2008 to 2009, MPF Research thought it would be interesting to look at ways to quantify risk. For this piece, let’s investigate the gain-to-loss ratio. Don’t be surprised if this […]


Among Smaller Apartment Markets, Charleston Ranks Near the Top

Charleston, South Carolina, has consistently ranked among the nation’s top-performing smaller markets in terms of apartment fundamentals in recent years. Strong tailwinds have propelled strong demand – more than enough to keep pace with a big wave of new supply so far.


Coefficient of Variation: A New Way to Define Investment Risk

When the topic of risk management comes up, executives immediately think about business risk, while investors consider risk-adjusted returns. But few ever contextualize risk management as a tool to efficiently allocate capital. The foundation of risk management – the way in which risk is measured – is a calculation surrounding the spectrum of possible results. […]


San Francisco Case Study: A Good Chart is Worth a Thousand Words

Roger Ibbotson, a professor of finance at Yale School of Management, brilliantly created the Ibbotson chart to visually illustrate total returns for various asset classes. The Ibbotson chart is simple in nature – it ranks asset class performance from highest to lowest by calendar year. However, there are many traditional uses for this simple chart: […]

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