Apartments have performed wellin the real estate recovery. Multifamily vacancy rates are low. Rents have risen at healthy clips. And supply has been in check. Yet analysts at Standard & Poor’s (S&P) are raising red flags about multifamily REITs. “You just can’t continue to raise rents at the level that you did over the last couple of years,” says George Skoufis, credit analyst for S&P. “I don’t think that incomes can keep up with ...

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