Sonder, which decks out apartments and hotel rooms as short-term rentals, is looking to merge with the SPAC in a deal that will value them at more than $2.5 billion.

Retail, lodging/resort and apartment REITs posted the biggest gains in the first quarter.

New apartment leases in Manhattan jumped by 89 percent in March from a year earlier, according to Miller Samuel Inc. and Douglas Elliman Real Estate.