I think the market in Bergen County right now is over inflated.

Scale each row by inflation. 

Compared to building several homes on a lot to sell, there are very few contractors that build apartments to hold and rent with the exception of when an investor actually wants to build, rent and hold.The reason most contractors don't build rentals to hold is because rental income barely keeps up with inflation.

You will be locking in these low-interest rates, hedging against inflation, and putting the $900k of equity to work instead of not doing anything.  

My properties in Jenks have maintained rent stability, but it seems like acquisition prices are inflated. 

If there is any inflation or the market goes up then that 30k won't buy as much house as it did the first time.  

So it seems the rent figures they are projecting are very inflated.

It's very common for investors to get started in OOS REI to begin with due to extremely inflated home values in certain parts of the country making it nearly impossible for people to get a property in the area they live in. 

In short it looks like you can raise it twice a year but it cant exceed te yearly cap of 5% plus inflation according to AB1482

Right now it looks pretty inflated.