Finally, as Gyourko, Mayer, and Sinai themselves note, even these small long-term differences in home price across cities have tended to be offset by lower rent-price ratios in the superstar cities. For an investor, the rate of return is the sum of the rate of appreciation and the rent-price ratio, so the low rent-price ratio reduces the advantage of faster appreciation.
最后，约瑟夫·吉尔科、克里斯托弗·迈耶和托德·赛奈自己也注意到，即便这种房价在长期范围内的小差距也可以被超级明星城市较低的租金率所抵销。作为投资者，回报率是增值率与租金率之和，因此较低的租金率降低了增值率的优势。