Here is an excerpt from the Barron's interview, the part that pertains to apartments. Like I say, it's not all that bad, and points out that a turn up in interest rates will be a big plus for the sector.
>>Kirby: Offices and apartments are having a heated battle for the label of worst-performing sector. There is substantial evidence things aren't getting worse in either sector, but people keep envisioning light at the end of the tunnel six months out, and so far the light is still six months out. The end of that tunnel just never gets any closer. Three things that hit apartments have been the economy, job growth and the low interest-rate environment. Anybody with $10 in the bank can put a down payment on a home. That has had a big impact on demand for apartments. Better job growth and higher interest rates would turn that around, at least somewhat. They also would also fix another problem apartments have, which is that interest rates are so low developers can borrow money, build apartments that aren't needed and still reap an adequate return on their capital. The sector has a lack of demand, but supply has stayed quite high. A turn in rates would fix a lot of those issues.<<