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Portfolio Implications of Apartment Investing

Author

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  • Randy Anderson
  • Richard McLemore
  • Philip Conner
  • Youguo Liang

Abstract

This study examines the portfolio implications of apartment investing. In particular, it concentrates on the sector's relative stability, liquidity and current market outlook. Support is found 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 Anderson & Richard McLemore & Philip Conner & Youguo Liang, 2003. "Portfolio Implications of Apartment Investing," Journal of Real Estate Research, Taylor & Francis Journals, vol. 25(2), pages 113-132, January.
    • Handle: RePEc:taf:rjerxx:v:25:y:2003:i:2:p:113-132
    DOI: 10.1080/10835547.2003.12091105
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