Institutional demand has two drivers that I know of: chasing appreciation or chasing yields. Appreciation is finished. So that leaves cap rates. How much ca

Institutional demand has two drivers that I know of: chasing appreciation or chasing yields. Appreciation is finished. So that leaves cap rates. How much can you keep raising rents? What are vacancy rates going to be? Maintenance costs? At a certain point something like a bond is less hassle and risk. I don't know what percentage of these institutional rentals are intended to be held forever, or in long term funds, etc. versus part of a trade like other assets when financial conditions like debt costs change.