Interest rates and cap rates are not tied together, but I find it unlikely that cap rates would be lower than mortgage rates for any length of time.So, in the prior example, if you bought the property at a 5 cap rate for $2M; then cap rates increase to 10 as interest rates spike, your property has decreased in value to $1M.  

The $5K for suffering was due to the wife having to change shoes from heels to flats to climb the steps out of the parking garage.  

Due to unemployment bonuses going away in July, and people who can’t recover from their delinquencies, that may lead to a spike in foreclosures.

I’ve seen a spike in rent as much as $3,500 more per month due to 1 or 2 additional bedrooms.

To replicate this scenario, a foreclosure spike combines with tighter mortgage capital. 

The contractor pool seems to be a bit of an Achilles heel in a hot construction market.   

This way you can see if there is an unusual spike in usage that could an indicator of a major leak or just a running toilet etc.Most times property owners responsibility starts on the house side of the meter.

The couple you speak of may have done the same, so anyone with experience 20+ years ago before the modern spike in prices is playing a different game than today, may be out of touch, or may be rich and again can afford to play a different ballgame.

While we are on the subject of water loss/usage at rental resulting in spiked bills, I have two other scenerios besides a broken pipe that this could happen,  Both of these have happened to me.(1) You know those attachment you put on the outside hose bibs that splits it into two or four outlets? 

The government is very quick to assume a “Spike” in outbreaks.