Most of us aren't happy when landlords decide to jack up the rent, but rising rents and declining vacancies speak to the health of the industry. This past quarter, increased household formations pushed rates an average of 2.3%, according to Zack Research. Here are the five REITs that thrived on rents in Q2. [Yahoo]

1. Preferred Apartment Communities

This Atlanta-based REIT buys and runs multifamily properties in the US, and over the last four quarters it surpassed earnings estimates by 3.5%, with a 5.45% dividend yield.

2. Armada Hoffler Properties

Armada Hoffler Properties develops, owns and manages office, multifamily and retail properties in the US. Over the last four quarters it beat analyst projections by an average of 10.24%. AHP is based in Virginia Beach.

3. Mid-America Apartment Communities

Memphis-based MAA focuses on redeveloping multifamily units in the Southeast and Southwest and outperformed analysts predictions by an average earnings of 3.53% over the last four quarters.

4. Post Properties

Post Properties is one of the nation's largest developers and operators of upscale multifamily communities. It beat earnings forecasts in each of the last four quarters. Atlanta-based Post offers a 3.05% dividend yield.

5. Silver Bay Realty Trust

Headquartered in Minnesota, this REIT focuses on single-family properties in the US. Zacks gave it a "buy" rating and the REIT has a dividend yield of 3.01%.