It's the differences between macroeconomics and microeconomics.Macroeconomics - inflation is up, there is way too much money out there chasing  lower housing supply, interest rates are probably artificially low and we have supply and labor chain issues due to COVID and never before seen levels of government "regulations" at both federal and state/local levels.Microeconomics - Some cities, states, regions are doing better than others. 

And so it is artificially inflating the NOI and making the cap rates look higher.

So then demand is artificially inflated. 6) "Missing half of living expenses"?

I knew that they would need to seriously lower the standards for these housing prices in San Diego, where I live to continue to artificially rise for a year or two.

This area does not need some artificial impetus like a "pandemic" to prop its prices up.

A Catch-22 rental is an under-maintained property being rented to the poor for artificially low rent rates where our poor residents can live without subsidy, but at the cost of their health.

Long story short, because interest rates got so (artificially) low, cap rates followed and there was a lot of buying in primary and secondary markets at 5%, 4% and even lower cap rates. 

These inherently increase the value of neighborhood value by a lot but *ARTIFICIALLY*.

Which is why I look at price per door in a given submarket, I'd rather buy a "low CAP" under the average PPD than a high CAP at a higher PPD in that same submarket because the low cap scares off buyers and there is normally something going on that causes the CAP to be artificially low.

Unless you want to artificially increase the rent and then give them a discount, but I agree with Joe-they signed a document saying they'd pay the rent on time and they should do so.