Among the top 15 most populous markets tracked by Real Capital Analytics, multifamily deals averaged the lowest cap rates — a measure of yield — in the 12 months through the second quarter.

Multifamily transactions in Los Angeles had the lowest average cap rate, at 4.3%, while the outer boroughs of New York City followed closely with multifamily deals averaging a cap rate of 4.4%. The markets of San Diego and Seattle also averaged sub-5% cap rates on multifamily deals, at 4.6% and 4.9%, respectively.

The Manhattan, N.Y., office market logged 98 property transactions over the 12 months, with $16.40 billion in deal volume, the most of any market in the U.S. by dollar value. Dallas had the highest multifamily transaction volume, at $9.29 billion, while Chicago led for industrial and Los Angeles for retail, at $4.78 billion and $5.24 billion, respectively.

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