Risk means a higher standard deviation of returns, also known as volatility. But you’re right to bring up the exposure landlords have to the real estate market

Risk means a higher standard deviation of returns, also known as volatility. But you’re right to bring up the exposure landlords have to the real estate market. It’s unclear to me whether low valued properties or high values ones have more beta to the market. If I had to guess, I would venture that lower valued properties are actually less correlated with the market.