Our analysis of REITs in the third quarter of 2021 found that apartment revenue growth has officially made a V-shaped recovery and is now above the pre-Covid level of growth. The best YoY revenue growth was in tertiary markets, followed by Sun Belt markets and Coastal markets. Capital allocation during the quarter showed a continued shift out of New York and Los Angeles. San Francisco also became a source of funds. Dallas, Atlanta, Seattle, and Boston all saw net positive investment activity during this period.

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