Bugs, do you have the GRM data on the last 2 cycles (peak and valley)? I just want to know if the GRM is consistent at the bottom. With a 120 GRM, a $3500 rent = $420k. That’s a pretty typical rent price for a million dollar house these days. Even at 150 GRM, it’s equate to $525k and 175 GRM, it’s $612k. So, even with a 175 GRM, we still have a long way to fall.
