The best of times or the worst of times? Apartment REITs have had a front-row seat to the burgeoning economic divide enflamed by the pandemic as the "urban exodus" continues to add fuel to the "suburban renaissance." Rental rates and occupancy levels have plunged in the coastal "shutdown cities," but for REITs, this weakness has been largely offset by strength in Sunbelt and suburban multifamily markets.
Outside of the troubled coastal metros that dominate the headlines and drive the investment narrative, national apartment markets - along with the broader U.S. housing industry - have been remarkably resilient throughout the pandemic. Per the Zillow (NASDAQ:Z) ZORI Rent Index, the median U.S. apartment market has actually seen an acceleration in rent growth over the last year to 3.9% led by Sunbelt markets and coastal suburban markets.
Source: Seeking Alpha
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