There was some news that on the surface was bad for major apartment REITs, according to Trepp's Commercial Real Estate Direct: occupancy rates declined in the third quarter.

"The occupancy decline – the 13 companies had a weighted average decline of 0.35% from the second quarter and a 0.61% drop from last year's third quarter – was no surprise as they all pushed rents higher," said the report. "Those rents increased by a weighted average of 13.05% when compared with last year. The higher rents could be driving some tenants out of individual units and forcing them to double up or move to cheaper locations."

The quarter-to-quarter percentage point changes topped out at 1.7, which was for Apartment Investment and Management Co., across 5,542 units in major markets. NexPoint Residential Point, 13,930 units in the Sun Belt, saw a 1.3 percentage point drop, as did Independence Realty Trust (33,804 Sun Belt units), and Veris Residential (6,931 in New Jersey). After them, the drops were below 1 percentage point each, down to number 12, Essex Property Trust, with a 0.1 percentage point decreases across 62,000 units in California. The last REIT on the list, Mid-America Apartment Communities and its 101,769 Sun Belt units, saw a 0.1 percentage point improvement in occupancy.