UDR (UDR - Get Report) is a residential housing REIT that owns more than 40,000 apartment homes spread throughout the U.S. That's a business that's been benefitting from the post-2008 shift in real estate markets, as lending requirements tighten and gun-shy consumers become more apt to continue renting rather than take on the risks of owning a property.Because UDR is a landlord REIT, it's more exposed to market forces than most of its commercial peers, which lease their portfolio properties through long-term triple-net leases. UDR has quicker tenant turnaround -- and that means that a major decline in the rental market would be very detrimental to the firm's ability to pay out cash to shareholders. Those risks aside, UDR is one of the best residential REITs, paying out a 3.39% dividend yield thanks to this month's 7.5% hike in the firm's payout. While the dynamics that currently favor renting are likely to change in the long term, they're equally likely to remain fixed shorter term. That means investors seeking income should give this trust a second look.