AvalonBay does have about $600M in variable-rate debt; at 7% of their total this is noticeably less than what some REITs carry.

Source: https://seekingalpha.com/article/4584837-avalonbay-good-time-to-turn-its-financials-inside-out?source=feed_all_articles

Roughly half of new mortgages in early 2022 were variable-rate ones, but that number dropped to just 6% in August 2023, according Canada’s housing agency.

Source: https://www.shorenewsnetwork.com/2023/11/24/analysis-canadian-homeowners-eye-fixed-rate/

The average rate of the most common type of variable-rate mortgage, the 5/1 adjustable-rate mortgage, inched up.

Source: https://www.cnet.com/personal-finance/mortgages/mortgage-interest-rates-today-for-march-10-2023-touchstone-rate-recedes/