Property investors pay up for apartment deals as rents spike

There’s more money than ever betting that apartment rents are heading to new heights.

Investors spent $53 billion on multifamily real estate during the three months that ended in June—the most ever for the second quarter—according to data from Real Capital Analytics.

The spree extended a busy year for apartment investors that has included purchases by Blackstone and Starwood Capital. It also was fueled by real estate money moving to housing from offices, hotels and malls, which have fared poorly during the Covid-19 pandemic.

The influx of money has pushed prices higher and prompted private-equity firms to behave like aggressive homebuyers in the frenzied housing market. Some

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