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Portfolio Implications of Apartment Investing

Author

Listed:
  • Randy I. Anderson

    (Baruch College, New York, NY 10010)

  • Richard McLemore

    (Prudential Real Estate Investors, Parsippany, NJ 07054-4409)

  • Philip Conner

    (Prudential Real Estate Investors, Parsippany, NJ 07054-4409)

  • Youguo Liang

    (Prudential Real Estate Investors, Parsippany, NJ 07054-4409)

Abstract

In this article, we examine the portfolio implications of apartment investing. In particular, we explore the sector’s relative stability, liquidity, and current market outlook. In general, we find support for many of the advantages attributed to apartments relative to other property types. The apartment sector has historically offered high risk-adjusted returns and a relatively low correlation with other property sectors. These features, combined with the attractive demographics and stable space market fundamentals, suggest that the current environment should be favorable for apartment investing. However, the popularity of the sector, aggressive rent growth assumptions, and potential limitations on future immigration provide sources of performance risk.

Suggested Citation

  • Randy I. Anderson & Richard McLemore & Philip Conner & Youguo Liang, 2003. "Portfolio Implications of Apartment Investing," Journal of Real Estate Research, American Real Estate Society, vol. 25(2), pages 113-132.
    • Handle: RePEc:jre:issued:v:25:n:2:2003:p:113-132
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    Cited by:

    1. Pnina O. Plaut1 & Steven E. Plaut, 2013. "Who Wants to be a Landlord? Factors that Affect the Inclination of Israeli Households to Rent out Property," International Real Estate Review, Global Social Science Institute, vol. 16(1), pages 119-133.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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