U.S. REITs advanced 4.8 percent in July, according to the FTSE Nareit Equity REITs Index, with the strongest performances in the residential sector, which rose 10.9 percent in July. In the first seven months of 2021, REITs have returned 27.8 percent. REITs outperformed the broader equity market in July, as the S&P 500 Index increased nearly 2.3 percent.
Amid the residential sector, apartment REITs increased 10.7 percent, manufactured housing REITs rose 13.6 percent, and single-family rental REITs went up 8.8 percent. The multifamily sector has been riding high with strong absorption and a falling vacancy rate. Apartment investment volume rose 34 percent from the previous quarter to $52.7 billion in the second quarter, according to CBRE.
Industrial REITs also turned in a strong performance in July, increasing 6.9 percent, and self-storage REITs rose 5.5 percent. The industrial sector also recorded