The pandemic-driven "urban exodus" hasn't yet shown signs of slowing. Apartment REITs in the coastal "shutdown cities" have been slammed as residents flee to lower-cost suburban markets and business-friendly Sunbelt metros.

While forthcoming vaccines may reverse recent dynamics, rental rates and occupancy levels have plunged in New York, L.A., Chicago, D.C., and San Francisco, and don't yet appear to have bottomed.

Third-quarter earnings results revealed a striking bifurcation between the coastal and sunbelt-focused REITs. Sunbelt-focused REITs continue to see positive rent and occupancy growth in Q3, which further accelerated into October.

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