Dane Bowler writes that apartment REITs have systematically outperformed over time, and by a huge margin based on (1) clean industry structure, (2) location and time specificity, and (3) shadow supply reduction. Since 1992, they have achieved a return of 2743% compared to the 1438% return of the general REIT Index. Interesting consideration of the impact of Airbnb related legislation in the space.
https://seekingalpha.com/article/4235941-apartment-reits-fundamental-and-investment-outlook