Apartment REITs are having a great year All in all, this sector is having a wonderful year. Vacancies are the lowest in the sector since 2001, and rents are rising nicely, averaging $1,089 per month last quarter, compared to $1,055 one year earlier. In its first-quarter earnings call, AvalonBay management noted that, as the job market has begun to recover, the stronger economy will be able to support not only higher rents, but more apartment deliveries, as well.