Cap Rate Calculator

• California — $2800/mo, 5% vac, 0.74% tax
• Florida — $2000/mo, 8% vac, 0.80% tax
• Hawaii — $2500/mo, 6% vac, 0.27% tax
• Washington — $2000/mo, 6% vac, 0.88% tax

California rental snapshot

California cap rate by home price

California cap rate by monthly rent

California example: rent $2800, vacancy 5%, tax 0.74%. Net operating income $2175/month on a 300000 price gives a cap rate of 8.70%.

• Arizona — $1700/mo, 8% vac, 0.55% tax
• Florida — $2000/mo, 8% vac, 0.80% tax
• Georgia — $1600/mo, 8% vac, 0.83% tax
• Nevada — $1600/mo, 7% vac, 0.53% tax
• North Carolina — $1500/mo, 8% vac, 0.75% tax
• South Carolina — $1400/mo, 9% vac, 0.52% tax
• Tennessee — $1400/mo, 8% vac, 0.64% tax
• Texas — $1700/mo, 8% vac, 1.60% tax

Arizona rental snapshot

Arizona cap rate by home price

Arizona cap rate by monthly rent

Arizona example: rent $1700, vacancy 8%, tax 0.55%. Net operating income $1127/month on a 300000 price gives a cap rate of 4.51%.

• Illinois — $1600/mo, 8% vac, 1.97% tax
• Indiana — $1200/mo, 8% vac, 0.85% tax
• Iowa — $1100/mo, 7% vac, 1.43% tax
• Kansas — $1100/mo, 8% vac, 1.29% tax
• Michigan — $1400/mo, 8% vac, 1.40% tax
• Minnesota — $1500/mo, 6% vac, 1.05% tax
• Missouri — $1200/mo, 8% vac, 0.88% tax
• Nebraska — $1200/mo, 7% vac, 1.54% tax
• Ohio — $1300/mo, 8% vac, 1.41% tax
• Wisconsin — $1300/mo, 7% vac, 1.68% tax

Illinois rental snapshot

Illinois cap rate by home price

Illinois cap rate by monthly rent

Illinois example: rent $1600, vacancy 8%, tax 1.97%. Net operating income $680/month on a 300000 price gives a cap rate of 2.72%.

• Connecticut — $1800/mo, 6% vac, 1.96% tax
• Illinois — $1600/mo, 8% vac, 1.97% tax
• Iowa — $1100/mo, 7% vac, 1.43% tax
• Michigan — $1400/mo, 8% vac, 1.40% tax
• Nebraska — $1200/mo, 7% vac, 1.54% tax
• New Hampshire — $1700/mo, 5% vac, 1.86% tax
• New Jersey — $2000/mo, 6% vac, 2.13% tax
• New York — $2200/mo, 6% vac, 1.38% tax
• Ohio — $1300/mo, 8% vac, 1.41% tax
• Pennsylvania — $1500/mo, 7% vac, 1.36% tax
• Rhode Island — $1800/mo, 6% vac, 1.35% tax
• Texas — $1700/mo, 8% vac, 1.60% tax
• Vermont — $1500/mo, 6% vac, 1.59% tax
• Wisconsin — $1300/mo, 7% vac, 1.68% tax

Connecticut rental snapshot

Connecticut cap rate by home price

Connecticut cap rate by monthly rent

Connecticut example: rent $1800, vacancy 6%, tax 1.96%. Net operating income $902/month on a 300000 price gives a cap rate of 3.61%.

Operating rules that sit inside the Alabama yield

Alabama sets no statutory cap on security deposits. Landlords must return the deposit within 35 days after move-out, with an itemized list of any deductions.

Yield ignores your loan, so the only house rules that move it are the ones touching operating cost. Whatever the ceiling above will not cover at turnover gets paid out of net operating income — never by the tenant who left.

Who decides the value your yield is divided by

Nobody negotiates a yield with the assessor, yet the assessor fixes the tax line buried inside it. Jefferson County keeps the busiest valuation roll in Alabama, and its millage decisions ripple into every pro forma written locally. The statewide average lands at 0.40% of value, ranking Alabama number 49 of fifty for tax weight here. Shift a parcel one jurisdiction over and that single line can move the result by half a point.

Valuation rolls worth pulling before you write an offer

• Birmingham sits on its own valuation roll — ask for the assessed figure before you argue the asking price is fair.
• Montgomery reassesses after a sale often enough that last year millage is a poor guide to next year bill.
• Huntsville publishes parcel records you can search by address, which beats guessing at the tax line.
• Mobile has appeal windows that close quickly, so diary the deadline the moment you close.

Averages are orientation only. Pull live millage from the Jefferson County assessor, or from whichever county holds your parcel, before trusting any figure on this page.

Operating rules that sit inside the Alaska yield

Alaska has no statutory deposit cap. With a written lease the deposit must be returned within 14 days; without a lease, within 30 days.

Yield ignores your loan, so the only house rules that move it are the ones touching operating cost. Whatever the ceiling above will not cover at turnover gets paid out of net operating income — never by the tenant who left.

Who decides the value your yield is divided by

Nobody negotiates a yield with the assessor, yet the assessor fixes the tax line buried inside it. Matanuska-Susitna Borough keeps the busiest valuation roll in Alaska, and its millage decisions ripple into every pro forma written locally. The statewide average lands at 1.18% of value, ranking Alaska number 16 of fifty for tax weight here. Shift a parcel one jurisdiction over and that single line can move the result by half a point.

Valuation rolls worth pulling before you write an offer

• Anchorage sits on its own valuation roll — ask for the assessed figure before you argue the asking price is fair.
• Fairbanks reassesses after a sale often enough that last year millage is a poor guide to next year bill.
• Juneau publishes parcel records you can search by address, which beats guessing at the tax line.
• Wasilla has appeal windows that close quickly, so diary the deadline the moment you close.

Averages are orientation only. Pull live millage from the Matanuska-Susitna Borough assessor, or from whichever borough holds your parcel, before trusting any figure on this page.

Operating rules that sit inside the Arizona yield

Arizona imposes no cap on deposit size. The landlord must return it within 14 days of termination, with an itemized statement of deductions.

Yield ignores your loan, so the only house rules that move it are the ones touching operating cost. Whatever the ceiling above will not cover at turnover gets paid out of net operating income — never by the tenant who left.

Who decides the value your yield is divided by

Nobody negotiates a yield with the assessor, yet the assessor fixes the tax line buried inside it. Maricopa County keeps the busiest valuation roll in Arizona, and its millage decisions ripple into every pro forma written locally. The statewide average lands at 0.55% of value, ranking Arizona number 39 of fifty for tax weight here. Shift a parcel one jurisdiction over and that single line can move the result by half a point.

Valuation rolls worth pulling before you write an offer

• Phoenix sits on its own valuation roll — ask for the assessed figure before you argue the asking price is fair.
• Tucson reassesses after a sale often enough that last year millage is a poor guide to next year bill.
• Mesa publishes parcel records you can search by address, which beats guessing at the tax line.
• Chandler has appeal windows that close quickly, so diary the deadline the moment you close.

Averages are orientation only. Pull live millage from the Maricopa County assessor, or from whichever county holds your parcel, before trusting any figure on this page.

Operating rules that sit inside the Arkansas yield

Arkansas has no statutory deposit cap and limited statewide lease regulation. Deposits are returned within 30 days after the tenancy ends.

Yield ignores your loan, so the only house rules that move it are the ones touching operating cost. Whatever the ceiling above will not cover at turnover gets paid out of net operating income — never by the tenant who left.

Who decides the value your yield is divided by

Nobody negotiates a yield with the assessor, yet the assessor fixes the tax line buried inside it. Pulaski County keeps the busiest valuation roll in Arkansas, and its millage decisions ripple into every pro forma written locally. The statewide average lands at 0.62% of value, ranking Arkansas number 38 of fifty for tax weight here. Shift a parcel one jurisdiction over and that single line can move the result by half a point.

Valuation rolls worth pulling before you write an offer

• Little Rock sits on its own valuation roll — ask for the assessed figure before you argue the asking price is fair.
• Fort Smith reassesses after a sale often enough that last year millage is a poor guide to next year bill.
• Fayetteville publishes parcel records you can search by address, which beats guessing at the tax line.
• Springdale has appeal windows that close quickly, so diary the deadline the moment you close.

Averages are orientation only. Pull live millage from the Pulaski County assessor, or from whichever county holds your parcel, before trusting any figure on this page.

Operating rules that sit inside the California yield

California limits deposits to two months' rent for unfurnished units and three for furnished. The landlord must return it within 21 days with an itemized deduction list.

Yield ignores your loan, so the only house rules that move it are the ones touching operating cost. Whatever the ceiling above will not cover at turnover gets paid out of net operating income — never by the tenant who left.

Who decides the value your yield is divided by

Nobody negotiates a yield with the assessor, yet the assessor fixes the tax line buried inside it. Los Angeles County keeps the busiest valuation roll in California, and its millage decisions ripple into every pro forma written locally. The statewide average lands at 0.74% of value, ranking California number 34 of fifty for tax weight here. Shift a parcel one jurisdiction over and that single line can move the result by half a point.

Valuation rolls worth pulling before you write an offer

• Los Angeles sits on its own valuation roll — ask for the assessed figure before you argue the asking price is fair.
• San Diego reassesses after a sale often enough that last year millage is a poor guide to next year bill.
• San Jose publishes parcel records you can search by address, which beats guessing at the tax line.
• San Francisco has appeal windows that close quickly, so diary the deadline the moment you close.

Averages are orientation only. Pull live millage from the Los Angeles County assessor, or from whichever county holds your parcel, before trusting any figure on this page.

Operating rules that sit inside the Colorado yield

Colorado sets no statutory deposit cap. The deposit must be returned within 30 days, with an itemized list of any withholdings.

Yield ignores your loan, so the only house rules that move it are the ones touching operating cost. Whatever the ceiling above will not cover at turnover gets paid out of net operating income — never by the tenant who left.

Who decides the value your yield is divided by

Nobody negotiates a yield with the assessor, yet the assessor fixes the tax line buried inside it. Jefferson County keeps the busiest valuation roll in Colorado, and its millage decisions ripple into every pro forma written locally. The statewide average lands at 0.49% of value, ranking Colorado number 47 of fifty for tax weight here. Shift a parcel one jurisdiction over and that single line can move the result by half a point.

Valuation rolls worth pulling before you write an offer

• Denver sits on its own valuation roll — ask for the assessed figure before you argue the asking price is fair.
• Colorado Springs reassesses after a sale often enough that last year millage is a poor guide to next year bill.
• Aurora publishes parcel records you can search by address, which beats guessing at the tax line.
• Fort Collins has appeal windows that close quickly, so diary the deadline the moment you close.

Averages are orientation only. Pull live millage from the Jefferson County assessor, or from whichever county holds your parcel, before trusting any figure on this page.