Total returns to single‐family rentals
研究了美国独户住宅租赁资产的总回报，发现其平均回报率约为8.5%，与股票回报相近，且净租金收益和房价升值各贡献一半，但两者在城市间呈负相关。
Abstract The market value of U.S. single‐family rental assets totals more than $2.3 trillion. We provide the first systematic analysis of total returns to single‐family rentals in a long, broad, and granular panel. Total returns are approximately equalized across U.S. cities at 8.5%, similar to average equity returns. On average, net rental yields and house price appreciation each contribute half total returns. However, they are negatively correlated in the cross section of cities. High‐price‐tier cities accrued more capital gains, whereas low‐price‐tier cities had higher net rental yields. Within cities, lower‐price‐tier ZIP codes have higher total returns.