"Our vacancy index ticked up for a second straight month and month-over-month rent growth came in at less than one-third of its July peak."

"Our fear is the customer is not receiving the experience that should lock them in long-term once their savings and 'cabin fever' wears down."

Transaction volume has reached the highest trailing four-quarter level on record at $4.5 billion.

The firm acquired The Russell Apartments, a 241-unit garden-style apartment community in West Las Vegas.