Resources for multifamily cap rates and vacancy rates

[Korey Nelson]

Hi Everyone,

My family is looking to diversify our investment portfolio with multi-family properties outside California. I have been researching different states in an attempt to narrow my focus on one market secondary to where I live. I am searching for resources/publications that would tell me recent cap rates and vacancy rates on a city or state level. I am also curious to know how investors make an assessment of whether a region is over-flooded with capital. In your opinion, would this simply be reflected in a lower cap rate?

Thanks!