SEC Info℠  
    Home      Search      My Interests      Help      Sign In      Please Sign In

Apartment Income REIT Corp., et al. – ‘10-Q’ for 6/30/22 – ‘EX-101.LAB’

On:  Friday, 7/29/22, at 5:58pm ET   ·   As of:  8/1/22   ·   For:  6/30/22   ·   Accession #:  950170-22-13536   ·   File #s:  0-24497, 1-39686

Previous ‘10-Q’:  ‘10-Q’ on 5/4/22 for 3/31/22   ·   Next:  ‘10-Q’ on 11/7/22 for 9/30/22   ·   Latest:  ‘10-Q’ on 11/6/23 for 9/30/23   ·   7 References:   

Find Words in Filings emoji
 		  in    Show  and   ↓Hints

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/01/22  Apartment Income REIT Corp.       10-Q        6/30/22   69:13M                                    Donnelley … Solutions/FA
          Apartment Income REIT, L.P.

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   5.44M 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     27K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     27K 
 4: EX-31.3     Certification -- §302 - SOA'02                      HTML     27K 
 5: EX-31.4     Certification -- §302 - SOA'02                      HTML     27K 
 6: EX-32.1     Certification -- §906 - SOA'02                      HTML     24K 
 7: EX-32.2     Certification -- §906 - SOA'02                      HTML     24K 
13: R1          Document and Entity Information                     HTML     85K 
14: R2          Condensed Consolidated Balance Sheets (Unaudited)   HTML    155K 
15: R3          Condensed Consolidated Balance Sheets               HTML     29K 
                (Parenthetical) (Unaudited)                                      
16: R4          Condensed Consolidated Statements of Operations     HTML    154K 
                (Unaudited)                                                      
17: R5          Condensed Consolidated Statements of Comprehensive  HTML     56K 
                Income (Unaudited)                                               
18: R6          Condensed Consolidated Statements of Equity         HTML    125K 
                (Unaudited)                                                      
19: R7          Condensed Consolidated Statements of Cash Flows     HTML    141K 
                (Unaudited)                                                      
20: R8          Condensed Consolidated Statements of Partners'      HTML     83K 
                Capital                                                          
21: R9          Basis of Presentation and Organization              HTML     35K 
22: R10         Summary of Significant Accounting Policies          HTML     42K 
23: R11         Leases                                              HTML    102K 
24: R12         Debt                                                HTML    117K 
25: R13         Significant Transactions                            HTML     56K 
26: R14         Commitments and Contingencies                       HTML     28K 
27: R15         Earnings and Dividends per Share and per Unit       HTML    154K 
28: R16         Fair Value Measurements                             HTML    109K 
29: R17         Variable Interest Entities                          HTML     79K 
30: R18         Business Segments                                   HTML    363K 
31: R19         Summary of Significant Accounting Policies          HTML     48K 
                (Policies)                                                       
32: R20         Summary of Significant Accounting Policies          HTML     36K 
                (Tables)                                                         
33: R21         Significant Transactions (Tables)                   HTML     51K 
34: R22         Leases (Tables)                                     HTML     96K 
35: R23         Debt (Tables)                                       HTML    106K 
36: R24         Earnings and Dividends per Share and per Unit       HTML    151K 
                (Tables)                                                         
37: R25         Fair Value Measurements (Tables)                    HTML    100K 
38: R26         Variable Interest Entities (Tables)                 HTML     72K 
39: R27         Business Segments (Tables)                          HTML    359K 
40: R28         Basis of Presentation and Organization (Details     HTML     39K 
                Textual)                                                         
41: R29         Summary of Significant Accounting Policies -        HTML     30K 
                Reconciliation of Preferred OP Units (Details)                   
42: R30         Summary of Significant Accounting Policies          HTML     34K 
                (Details Textual)                                                
43: R31         Significant Transactions - Schedule of Acquisition  HTML     48K 
                (Details)                                                        
44: R32         Significant Transactions - Schedule of Acquisition  HTML     27K 
                (Parenthetical) (Details)                                        
45: R33         Significant Transactions (Details Textual)          HTML     42K 
46: R34         Leases - Lease Income for Operating Leases          HTML     28K 
                (Details)                                                        
47: R35         Leases - Future Minimum Annual Rental Payments      HTML     42K 
                Receivable Under Residential and Commercial Leases               
                (Details)                                                        
48: R36         Leases - Schedule of aggregate minimum lease        HTML     45K 
                payments (Details)                                               
49: R37         Leases - Future Minimum Annual Rental Payments      HTML     31K 
                Receivable Under Residential and Commercial                      
                (Parenthetical) (Details)                                        
50: R38         Leases (Details Textual)                            HTML     30K 
51: R39         Debt - Schedule of Debt Instruments (Details)       HTML     65K 
52: R40         Debt - Schedule of Debt Instruments                 HTML     78K 
                (Parenthetical) (Details)                                        
53: R41         Debt (Details Textual)                              HTML     36K 
54: R42         Earnings and Dividends per Share and per Unit -     HTML     52K 
                Reconciliations of Numerator and Denominator in                  
                Calculations of Basic and Diluted Earnings (Loss)                
                per Share and per Unit (Details)                                 
55: R43         Earnings and Dividends per Share and per Unit       HTML     22K 
                (Details Textual)                                                
56: R44         Fair Value Measurements (Details Textual)           HTML     42K 
57: R45         Fair Value Measurements - Summary of Fair Value     HTML     37K 
                for Interest Rate Options (Details)                              
58: R46         Fair Value Measurements - Summary of Carrying       HTML     32K 
                Value and Fair Value of Non-recourse Property Debt               
                (Details)                                                        
59: R47         Variable Interest Entities (Details)                HTML     45K 
60: R48         Variable Interest Entities (Details Textual)        HTML     39K 
61: R49         Business Segments (Details Textual)                 HTML     38K 
62: R50         Business Segments - Summary of Information for      HTML     75K 
                Reportable Segments (Details)                                    
63: R51         Business Segments - Reconciliation of Assets from   HTML     37K 
                Segment to Consolidated (Details)                                
64: R52         Business Segments - Capital Additions Related to    HTML     27K 
                Segments (Details)                                               
67: XML         IDEA XML File -- Filing Summary                      XML    123K 
65: XML         XBRL Instance -- airc-20220630_htm                   XML   3.10M 
66: EXCEL       IDEA Workbook of Financial Reports                  XLSX    121K 
12: EX-101.CAL  XBRL Calculations -- airc-20220630_cal               XML    206K 
 8: EX-101.DEF  XBRL Definitions -- airc-20220630_def                XML    926K 
11: EX-101.LAB  XBRL Labels -- airc-20220630_lab                     XML   1.36M 
 9: EX-101.PRE  XBRL Presentations -- airc-20220630_pre              XML   1.04M 
10: EX-101.SCH  XBRL Schema -- airc-20220630                         XSD    183K 
68: JSON        XBRL Instance as JSON Data -- MetaLinks              418±   675K 
69: ZIP         XBRL Zipped Folder -- 0000950170-22-013536-xbrl      Zip    466K

‘EX-101.LAB’   —   XBRL Labels — airc-20220630_lab

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
<?xml version="1.0" encoding="windows-1252"?>
<!-- DFIN New ActiveDisclosure (SM) XBRL Linkbase Document - http://www.dfinsolutions.com/ -->
<!-- Creation Date :2022-07-29T17:30:09.3341+00:00 -->
<!-- Copyright (c) 2022 Donnelly Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" xlink:type="simple"/>
<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" xlink:type="simple"/>
<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" xlink:type="simple"/>
<link:roleRef roleURI="http://fasb.org/us-gaap/role/label/axisDefault" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-roles-2021-01-31.xsd#axisDefault" xlink:type="simple"/>
<link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:title="labelLink" xlink:type="extended">
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PartnerTypeOfPartnersCapitalAccountNameDomain" xlink:label="us-gaap_PartnerTypeOfPartnersCapitalAccountNameDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OperatingSegmentsMember" xlink:label="us-gaap_OperatingSegmentsMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CapitalLeasesOfLessorContingentRentalsBasisSpreadOnVariableRate" xlink:label="us-gaap_CapitalLeasesOfLessorContingentRentalsBasisSpreadOnVariableRate"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentInformationLineItems" xlink:label="dei_DocumentInformationLineItems"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_EquityMethodInvestmentTerm" xlink:label="airc_EquityMethodInvestmentTerm"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_IndemnifiedEnvironmentalAndOtherLiabilities" xlink:label="airc_IndemnifiedEnvironmentalAndOtherLiabilities"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OperatingExpensesAbstract" xlink:label="us-gaap_OperatingExpensesAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:label="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_OtherRealEstateMember" xlink:label="airc_OtherRealEstateMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_SecuredIndebtednessToTotalAssetsRatioThereafter" xlink:label="airc_SecuredIndebtednessToTotalAssetsRatioThereafter"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_OtherRevenuesMember" xlink:label="airc_OtherRevenuesMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_OperatingPartnershipCommonUnitsOutstanding" xlink:label="airc_OperatingPartnershipCommonUnitsOutstanding"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CreditDerivativesContractTypeDomain" xlink:label="us-gaap_CreditDerivativesContractTypeDomain"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_EquityMethodInvestmentInterestRate" xlink:label="airc_EquityMethodInvestmentInterestRate"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FinancialInstrumentAxis" xlink:label="us-gaap_FinancialInstrumentAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NumberOfReportableSegments" xlink:label="us-gaap_NumberOfReportableSegments"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_StatementGeographicalAxis" xlink:label="srt_StatementGeographicalAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_DividendsAndDistributionsPaidPerShareAndUnit" xlink:label="airc_DividendsAndDistributionsPaidPerShareAndUnit"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_Goodwill" xlink:label="us-gaap_Goodwill"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsToAcquireBuildings" xlink:label="us-gaap_PaymentsToAcquireBuildings"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PaymentsForRedemptionOfCommonAndPreferredUnits" xlink:label="airc_PaymentsForRedemptionOfCommonAndPreferredUnits"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="us-gaap_ClassOfStockDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsToAcquireIntangibleAssets" xlink:label="us-gaap_PaymentsToAcquireIntangibleAssets"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PreferredUnitsContributedCapital" xlink:label="us-gaap_PreferredUnitsContributedCapital"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LimitedPartnersCapitalAccount" xlink:label="us-gaap_LimitedPartnersCapitalAccount"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_LondonInterbankOfferedRateFloorRateMember" xlink:label="airc_LondonInterbankOfferedRateFloorRateMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OperatingLeaseLeaseIncome" xlink:label="us-gaap_OperatingLeaseLeaseIncome"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionLineItems" xlink:label="us-gaap_BusinessAcquisitionLineItems"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ResidualValueOfLeasedAsset" xlink:label="us-gaap_ResidualValueOfLeasedAsset"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PercentageOfAverageOwnershipOfPortfolio" xlink:label="airc_PercentageOfAverageOwnershipOfPortfolio"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OperatingLeaseLeaseIncomeLeasePayments" xlink:label="us-gaap_OperatingLeaseLeaseIncomeLeasePayments"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PaymentOfDistributionsToGeneralPartnerAndSpecialLimitedPartner" xlink:label="airc_PaymentOfDistributionsToGeneralPartnerAndSpecialLimitedPartner"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfLinesOfCredit" xlink:label="us-gaap_ProceedsFromRepaymentsOfLinesOfCredit"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xlink:label="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding" xlink:label="us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EarningsPerShareDilutedAbstract" xlink:label="us-gaap_EarningsPerShareDilutedAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="us-gaap_RevenuesAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorLeaseDescriptionLineItems" xlink:label="us-gaap_LessorLeaseDescriptionLineItems"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:label="us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsToAcquireLand" xlink:label="us-gaap_PaymentsToAcquireLand"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecurities"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_ConsolidatedEntitiesDomain" xlink:label="srt_ConsolidatedEntitiesDomain"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_OtherSignificantTransactionsTextBlock" xlink:label="airc_OtherSignificantTransactionsTextBlock"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_ProceedsFromAcquiredBelowMarketLeaseLiabilities" xlink:label="airc_ProceedsFromAcquiredBelowMarketLeaseLiabilities"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ProceedsFromSaleOfRealEstate" xlink:label="us-gaap_ProceedsFromSaleOfRealEstate"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="us-gaap_RelatedPartyDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OtherNoncashIncomeExpense" xlink:label="us-gaap_OtherNoncashIncomeExpense"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorOperatingLeaseOptionToExtend" xlink:label="us-gaap_LessorOperatingLeaseOptionToExtend"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="us-gaap_DebtDisclosureTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNet" xlink:label="us-gaap_RealEstateInvestmentPropertyNet"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_NumberOfVariableInterestEntities" xlink:label="airc_NumberOfVariableInterestEntities"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="us-gaap_GeneralAndAdministrativeExpense"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_LiabilitiesSubjectToCompromiseAccountsReceivableToIndemnification" xlink:label="airc_LiabilitiesSubjectToCompromiseAccountsReceivableToIndemnification"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FinancialLiabilitiesFairValueDisclosure" xlink:label="us-gaap_FinancialLiabilitiesFairValueDisclosure"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_WhollyOwnedConsolidatedPropertiesMember" xlink:label="airc_WhollyOwnedConsolidatedPropertiesMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:label="us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsForProceedsFromOtherRealEstatePartnerships" xlink:label="us-gaap_PaymentsForProceedsFromOtherRealEstatePartnerships"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OperatingLeaseRightOfUseAsset" xlink:label="us-gaap_OperatingLeaseRightOfUseAsset"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PartnersCapital" xlink:label="us-gaap_PartnersCapital"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PaymentToAcquireRightOfUseLeaseAsset" xlink:label="airc_PaymentToAcquireRightOfUseLeaseAsset"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeMember" xlink:label="srt_RangeMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_NumberOfSharesOfCommonStockRequiredToRedeemPreferredOPUnitsTenderedForRedemptionIfParentChoosesToRedeemInSharesRatherThanCash" xlink:label="airc_NumberOfSharesOfCommonStockRequiredToRedeemPreferredOPUnitsTenderedForRedemptionIfParentChoosesToRedeemInSharesRatherThanCash"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_GainLossOnDerecognitionOfLeasedPropertiesAndDispositionsOfRealEstate" xlink:label="airc_GainLossOnDerecognitionOfLeasedPropertiesAndDispositionsOfRealEstate"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="us-gaap_SubsequentEventTypeDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_MinorityInterestInOperatingPartnerships" xlink:label="us-gaap_MinorityInterestInOperatingPartnerships"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="us-gaap_DebtDisclosureAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsOfDividendsMinorityInterest" xlink:label="us-gaap_PaymentsOfDividendsMinorityInterest"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAdditions" xlink:label="us-gaap_PropertyPlantAndEquipmentAdditions"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InvestmentTypeCategorizationMember" xlink:label="us-gaap_InvestmentTypeCategorizationMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RevolvingCreditFacilityMember" xlink:label="us-gaap_RevolvingCreditFacilityMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_HeldForSaleMember" xlink:label="airc_HeldForSaleMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_NotesReceivable" xlink:label="airc_NotesReceivable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="us-gaap_UseOfEstimates"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommercialRealEstateMember" xlink:label="us-gaap_CommercialRealEstateMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PaymentsToAcquireBuildingsAndImprovements" xlink:label="airc_PaymentsToAcquireBuildingsAndImprovements"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_NumberOfUnitsInRealEstatePropertyHeldForSale" xlink:label="airc_NumberOfUnitsInRealEstatePropertyHeldForSale"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_ProceedsFromRepaymentOfNotesReceivable" xlink:label="airc_ProceedsFromRepaymentOfNotesReceivable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RepaymentsOfSecuredDebt" xlink:label="us-gaap_RepaymentsOfSecuredDebt"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="us-gaap_DebtInstrumentTable"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_OtherOperatingExpensesNotAllocatedToReportableSegment" xlink:label="airc_OtherOperatingExpensesNotAllocatedToReportableSegment"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:label="srt_CumulativeEffectPeriodOfAdoptionAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="us-gaap_DebtInstrumentMaturityDate"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_GainLossOnDispositionOfAssets1" xlink:label="us-gaap_GainLossOnDispositionOfAssets1"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:label="us-gaap_PortionAtFairValueFairValueDisclosureMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_OptionToAcquireEquityInterestInPartnershipPercentage" xlink:label="airc_OptionToAcquireEquityInterestInPartnershipPercentage"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentInformationTable" xlink:label="dei_DocumentInformationTable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases" xlink:label="us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCategoriesOfInvestmentsDomain" xlink:label="us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCategoriesOfInvestmentsDomain"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_DistributionsPreferredUnitholdersCash" xlink:label="airc_DistributionsPreferredUnitholdersCash"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PaymentOfDistributionsToCommonNoncontrollingInterests" xlink:label="airc_PaymentOfDistributionsToCommonNoncontrollingInterests"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_ParkmercedInvestmentMember" xlink:label="airc_ParkmercedInvestmentMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DerivativeCashReceivedOnHedge" xlink:label="us-gaap_DerivativeCashReceivedOnHedge"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_NoncontrollingInterestsInCompanysOperatingPartnershipPolicyTextBlock" xlink:label="airc_NoncontrollingInterestsInCompanysOperatingPartnershipPolicyTextBlock"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_LeverageRatioMember" xlink:label="airc_LeverageRatioMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:label="us-gaap_EstimateOfFairValueFairValueDisclosureMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CreditDerivativesByContractTypeAxis" xlink:label="us-gaap_CreditDerivativesByContractTypeAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="us-gaap_DebtInstrumentNameDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PrivatePlacementMember" xlink:label="us-gaap_PrivatePlacementMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_CreditAgreementFourMember" xlink:label="airc_CreditAgreementFourMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InterestRateDerivativeAssetsAtFairValue" xlink:label="us-gaap_InterestRateDerivativeAssetsAtFairValue"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SegmentContinuingOperationsMember" xlink:label="us-gaap_SegmentContinuingOperationsMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_FixedChargeCoverageRatioMember" xlink:label="airc_FixedChargeCoverageRatioMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NumberOfRealEstateProperties" xlink:label="us-gaap_NumberOfRealEstateProperties"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_ExpectToSellOrLeaseToThirdPartyMember" xlink:label="airc_ExpectToSellOrLeaseToThirdPartyMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_DebtInstrumentWeightedAverageMaturityPeriod" xlink:label="airc_DebtInstrumentWeightedAverageMaturityPeriod"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CostOfRevenue" xlink:label="us-gaap_CostOfRevenue"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NumberOfUnitsInRealEstateProperty" xlink:label="us-gaap_NumberOfUnitsInRealEstateProperty"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_FloatingRateMember" xlink:label="airc_FloatingRateMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted" xlink:label="us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentType" xlink:label="dei_DocumentType"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SecuredDebtMember" xlink:label="us-gaap_SecuredDebtMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:label="us-gaap_PriorPeriodReclassificationAdjustmentDescription"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EarningsPerShareBasicAbstract" xlink:label="us-gaap_EarningsPerShareBasicAbstract"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PaymentOfDistributionsToLimitedPartners" xlink:label="airc_PaymentOfDistributionsToLimitedPartners"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest" xlink:label="us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearTwo" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearTwo"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_ApartmentCommunitiesSold" xlink:label="airc_ApartmentCommunitiesSold"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_UnsecuredDebtMember" xlink:label="us-gaap_UnsecuredDebtMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueByLiabilityClassAxis" xlink:label="us-gaap_FairValueByLiabilityClassAxis"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_NumberOfUnitsInRealEstatePropertyForSold" xlink:label="airc_NumberOfUnitsInRealEstatePropertyForSold"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_WhollyAndPartiallyOwnedConsolidatedPropertiesMember" xlink:label="airc_WhollyAndPartiallyOwnedConsolidatedPropertiesMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest" xlink:label="us-gaap_SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PartnersCapitalAccountAmortizationOfStockBasedCompensation" xlink:label="airc_PartnersCapitalAccountAmortizationOfStockBasedCompensation"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PaymentOfDistributionsToPreferredNoncontrollingInterests" xlink:label="airc_PaymentOfDistributionsToPreferredNoncontrollingInterests"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="us-gaap_LongtermDebtTypeDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SegmentDiscontinuedOperationsMember" xlink:label="us-gaap_SegmentDiscontinuedOperationsMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EquityMethodInvestmentAggregateCost" xlink:label="us-gaap_EquityMethodInvestmentAggregateCost"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="us-gaap_IncomeTaxExpenseBenefit"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_EquityMethodInvestmentRightToExtendTerm" xlink:label="airc_EquityMethodInvestmentRightToExtendTerm"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeNet" xlink:label="us-gaap_DerivativeFairValueOfDerivativeNet"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LeasesAbstract" xlink:label="us-gaap_LeasesAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableMaturityTableTextBlock" xlink:label="us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableMaturityTableTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="us-gaap_ConsolidationPolicyTextBlock"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_DividendAndDistributionPaidTableTextBlock" xlink:label="airc_DividendAndDistributionPaidTableTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis" xlink:label="us-gaap_FairValueByMeasurementBasisAxis"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_ResidentialLeaseMember" xlink:label="airc_ResidentialLeaseMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock" xlink:label="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RealEstatePropertiesAxis" xlink:label="us-gaap_RealEstatePropertiesAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:label="us-gaap_FiniteLivedIntangibleAssetsLineItems"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_SubsidiariesMember" xlink:label="srt_SubsidiariesMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_AIMCOPropertiesLPMember" xlink:label="airc_AIMCOPropertiesLPMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_ScheduleOfPropertyPlantAndEquipmentAdditionsBySegmentTableTextBlock" xlink:label="airc_ScheduleOfPropertyPlantAndEquipmentAdditionsBySegmentTableTextBlock"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_CreditAgreementThreeMember" xlink:label="airc_CreditAgreementThreeMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_CapitalLeasedAssetsNumberOfUnits1" xlink:label="airc_CapitalLeasedAssetsNumberOfUnits1"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_OwnershipDomain" xlink:label="srt_OwnershipDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:label="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="us-gaap_PreferredStockMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ProceedsFromLeasePayments" xlink:label="us-gaap_ProceedsFromLeasePayments"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_TermLoanMember" xlink:label="airc_TermLoanMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CollateralAxis" xlink:label="us-gaap_CollateralAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="us-gaap_EarningsPerShareDiluted"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_EffectOfChangesInOwnershipForConsolidatedEntities" xlink:label="airc_EffectOfChangesInOwnershipForConsolidatedEntities"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="us-gaap_EarningsPerShareAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_RedemptionOfOperatingPartnershipUnitsInExchangeForCash" xlink:label="airc_RedemptionOfOperatingPartnershipUnitsInExchangeForCash"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorLeaseDescriptionTable" xlink:label="us-gaap_LessorLeaseDescriptionTable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:label="us-gaap_ProceedsFromPaymentsForOtherFinancingActivities"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_RealEstatePropertyTable" xlink:label="airc_RealEstatePropertyTable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LiabilityForCatastropheClaimsByCatastrophicEventAxis" xlink:label="us-gaap_LiabilityForCatastropheClaimsByCatastrophicEventAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ProfitLoss" xlink:label="us-gaap_ProfitLoss"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_OtherItemsIncludedInContinuingOperations" xlink:label="airc_OtherItemsIncludedInContinuingOperations"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_FixedChargesCoverageRatio" xlink:label="airc_FixedChargesCoverageRatio"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedAfterRollingYearFive" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedAfterRollingYearFive"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_ProductsAndServicesDomain" xlink:label="srt_ProductsAndServicesDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:label="us-gaap_AccruedLiabilitiesAndOtherLiabilities"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt" xlink:label="us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/stpr/2021/stpr-2021.xsd#stpr_FL" xlink:label="stpr_FL"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:label="us-gaap_OperatingLeaseLeaseIncomeTableTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PaymentsToAcquireLeaseLiability" xlink:label="airc_PaymentsToAcquireLeaseLiability"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PartnerTypeOfPartnersCapitalAccountAxis" xlink:label="us-gaap_PartnerTypeOfPartnersCapitalAccountAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_UnsecuredDebt" xlink:label="us-gaap_UnsecuredDebt"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextRollingTwelveMonths" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextRollingTwelveMonths"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:label="us-gaap_InvestmentBuildingAndBuildingImprovements"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsToAcquireRealEstate" xlink:label="us-gaap_PaymentsToAcquireRealEstate"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember" xlink:label="airc_CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:label="us-gaap_PaymentsForProceedsFromOtherInvestingActivities"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_ScheduleOfCarryingValueAndFairValueOfNonRecoursePropertyDebtTextBlock" xlink:label="airc_ScheduleOfCarryingValueAndFairValueOfNonRecoursePropertyDebtTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PlanAssetCategoriesDomain" xlink:label="us-gaap_PlanAssetCategoriesDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsOfDebtIssuanceCosts" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="us-gaap_SubsequentEventTypeAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember" xlink:label="us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_HedgeFundsMember" xlink:label="us-gaap_HedgeFundsMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AssetsFairValueDisclosure" xlink:label="us-gaap_AssetsFairValueDisclosure"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="us-gaap_CommonClassAMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_RangeAxis" xlink:label="srt_RangeAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest" xlink:label="us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RealEstateMember" xlink:label="us-gaap_RealEstateMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsForCapitalImprovements" xlink:label="us-gaap_PaymentsForCapitalImprovements"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsOfDebtExtinguishmentCosts" xlink:label="us-gaap_PaymentsOfDebtExtinguishmentCosts"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CreditFacilityAxis" xlink:label="us-gaap_CreditFacilityAxis"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_GainLossOnDispositionsOfUnconsolidatedRealEstatePartnerships" xlink:label="airc_GainLossOnDispositionsOfUnconsolidatedRealEstatePartnerships"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_VariableRateAxis" xlink:label="us-gaap_VariableRateAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="us-gaap_VariableRateDomain"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PaymentsToAcquirePurchasesOfCorporateAssetsInvestingActivities" xlink:label="airc_PaymentsToAcquirePurchasesOfCorporateAssetsInvestingActivities"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="us-gaap_BusinessAcquisitionAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SegmentReportingAbstract" xlink:label="us-gaap_SegmentReportingAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfInvestmentIncomeReportedAmountsByCategoryLineItems" xlink:label="us-gaap_ScheduleOfInvestmentIncomeReportedAmountsByCategoryLineItems"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ProceedsFromOtherDebt" xlink:label="us-gaap_ProceedsFromOtherDebt"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PercentageOfOwnershipSoldToAffiliate" xlink:label="airc_PercentageOfOwnershipSoldToAffiliate"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_UnsecuredLeverageRatio" xlink:label="airc_UnsecuredLeverageRatio"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_TemporaryEquityByClassOfStockTable" xlink:label="us-gaap_TemporaryEquityByClassOfStockTable"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_CostOfDerivativeInstrument" xlink:label="airc_CostOfDerivativeInstrument"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LesseeOperatingLeaseTermOfContract" xlink:label="us-gaap_LesseeOperatingLeaseTermOfContract"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PartnersCapitalAccountDistributionsToPreferredUnitHolders" xlink:label="airc_PartnersCapitalAccountDistributionsToPreferredUnitHolders"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_IssuanceCost" xlink:label="airc_IssuanceCost"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_LondonInterBankOfferedRateSpreadRateMember" xlink:label="airc_LondonInterBankOfferedRateSpreadRateMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LeasesAcquiredInPlaceMarketAdjustmentMember" xlink:label="us-gaap_LeasesAcquiredInPlaceMarketAdjustmentMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_FourPointFiveEightNotesPayableDueInJuneTwentyTwentySevenMember" xlink:label="airc_FourPointFiveEightNotesPayableDueInJuneTwentyTwentySevenMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NotesPayable" xlink:label="us-gaap_NotesPayable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="us-gaap_DebtInstrumentCarryingAmount"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SegmentReportingInformationLineItems" xlink:label="us-gaap_SegmentReportingInformationLineItems"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_NonRecoursePropertyDebtMember" xlink:label="airc_NonRecoursePropertyDebtMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtInstrumentInterestRateTerms" xlink:label="us-gaap_DebtInstrumentInterestRateTerms"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_SecuredIndebtednessToTotalAssetsRatio" xlink:label="airc_SecuredIndebtednessToTotalAssetsRatio"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_TemporaryEquityTableTextBlock" xlink:label="us-gaap_TemporaryEquityTableTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="us-gaap_DeferredFinanceCostsNet"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerEconomicInterest" xlink:label="airc_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerEconomicInterest"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DerivativeCapInterestRate" xlink:label="us-gaap_DerivativeCapInterestRate"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="us-gaap_FairValueInputsLevel2Member"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FloodMember" xlink:label="us-gaap_FloodMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncreaseDecreaseInPartnersCapitalRollForward" xlink:label="us-gaap_IncreaseDecreaseInPartnersCapitalRollForward"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_ContributionFromNoncontrollingInterestsInConsolidatedRealEstatePartnerships" xlink:label="airc_ContributionFromNoncontrollingInterestsInConsolidatedRealEstatePartnerships"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_CreditAgreementMember" xlink:label="airc_CreditAgreementMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DerivativeDescriptionOfTerms" xlink:label="us-gaap_DerivativeDescriptionOfTerms"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfInvestmentIncomeReportedAmountsByCategoryTable" xlink:label="us-gaap_ScheduleOfInvestmentIncomeReportedAmountsByCategoryTable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LineOfCredit" xlink:label="us-gaap_LineOfCredit"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LongTermPurchaseCommitmentTable" xlink:label="us-gaap_LongTermPurchaseCommitmentTable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="us-gaap_FairValueInputsLevel3Member"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="us-gaap_DebtInstrumentLineItems"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_AffiliateOfBlackstoneMember" xlink:label="airc_AffiliateOfBlackstoneMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SecuredDebt" xlink:label="us-gaap_SecuredDebt"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_UnsecuredDebtGrossMember" xlink:label="airc_UnsecuredDebtGrossMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StandbyLettersOfCreditMember" xlink:label="us-gaap_StandbyLettersOfCreditMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment" xlink:label="us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PartnersCapitalAccountRedemptions" xlink:label="us-gaap_PartnersCapitalAccountRedemptions"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="us-gaap_InvestmentIncomeInterest"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_AIMCOOperatingPartnershipMember" xlink:label="airc_AIMCOOperatingPartnershipMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DisposalGroupClassificationAxis" xlink:label="us-gaap_DisposalGroupClassificationAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="us-gaap_FairValueInputsLevel1Member"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember" xlink:label="airc_NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CatastrophicEventDomain" xlink:label="us-gaap_CatastrophicEventDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:label="us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTable" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PartnersCapitalAccountDistributions" xlink:label="us-gaap_PartnersCapitalAccountDistributions"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InvestmentTypeAxis" xlink:label="us-gaap_InvestmentTypeAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PartnersCapitalAccountExchangesAndConversions" xlink:label="us-gaap_PartnersCapitalAccountExchangesAndConversions"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_SameStoreMember" xlink:label="airc_SameStoreMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:label="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract" xlink:label="us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_TemporaryEquityNetIncome" xlink:label="us-gaap_TemporaryEquityNetIncome"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_TableTextBlockSupplementAbstract" xlink:label="us-gaap_TableTextBlockSupplementAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_Land" xlink:label="us-gaap_Land"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="us-gaap_PaymentsOfDividendsCommonStock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_InterestEarningAssetsNetYield" xlink:label="srt_InterestEarningAssetsNetYield"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SalesTypeLeaseInterestIncomeLeaseReceivable" xlink:label="us-gaap_SalesTypeLeaseInterestIncomeLeaseReceivable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodShares" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="us-gaap_LongtermDebtTypeAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PreferredUnitsMember" xlink:label="airc_PreferredUnitsMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_LeasedRealEstateAssets" xlink:label="airc_LeasedRealEstateAssets"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:label="srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsMember" xlink:label="us-gaap_FiniteLivedIntangibleAssetsMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MinimumMember" xlink:label="srt_MinimumMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LossContingencyLossInPeriod" xlink:label="us-gaap_LossContingencyLossInPeriod"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueMeasurementFrequencyDomain" xlink:label="us-gaap_FairValueMeasurementFrequencyDomain"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_CapitalLeasesOfLessorContingentRentalsBasisSpreadOnVariableRate1" xlink:label="airc_CapitalLeasesOfLessorContingentRentalsBasisSpreadOnVariableRate1"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:label="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_RentalAndOtherPropertyRevenuesMember" xlink:label="airc_RentalAndOtherPropertyRevenuesMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AvailableforsaleSecuritiesMember" xlink:label="us-gaap_AvailableforsaleSecuritiesMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfDebtTableTextBlock" xlink:label="us-gaap_ScheduleOfDebtTableTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:label="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DistributionMadeToLimitedPartnerDistributionsPaidPerUnit" xlink:label="us-gaap_DistributionMadeToLimitedPartnerDistributionsPaidPerUnit"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_AvailableForSaleDebtSecuritiesFaceValue" xlink:label="airc_AvailableForSaleDebtSecuritiesFaceValue"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="us-gaap_DebtInstrumentAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_AssetRatioMember" xlink:label="airc_AssetRatioMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_VariableRateMember" xlink:label="airc_VariableRateMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SalesTypeLeaseUnguaranteedResidualAsset" xlink:label="us-gaap_SalesTypeLeaseUnguaranteedResidualAsset"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_ExpectedRemainingTermAvailableForSaleSecurities" xlink:label="airc_ExpectedRemainingTermAvailableForSaleSecurities"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_AIROperatingPartnershipMember" xlink:label="airc_AIROperatingPartnershipMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:label="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_OrganizationLineItems" xlink:label="airc_OrganizationLineItems"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="us-gaap_FairValueDisclosuresAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OtherAssets" xlink:label="us-gaap_OtherAssets"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtWeightedAverageInterestRate" xlink:label="us-gaap_DebtWeightedAverageInterestRate"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PartnersCapitalOther" xlink:label="us-gaap_PartnersCapitalOther"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_HedgedAssetFairValueHedge" xlink:label="us-gaap_HedgedAssetFairValueHedge"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_MaximumMember" xlink:label="srt_MaximumMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PartnersCapitalAccountEffectOfChangesInOwnershipOfPartnershipUnitsAndConsolidated" xlink:label="airc_PartnersCapitalAccountEffectOfChangesInOwnershipOfPartnershipUnitsAndConsolidated"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_ApartmentCommunityMember" xlink:label="airc_ApartmentCommunityMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_OperatingIncomeLossProperty" xlink:label="airc_OperatingIncomeLossProperty"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_GeneralAndSpecialLimitedPartnersCapitalAccount" xlink:label="airc_GeneralAndSpecialLimitedPartnersCapitalAccount"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLoss" xlink:label="us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLoss"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearFour" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearFour"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockholdersEquityOtherShares" xlink:label="us-gaap_StockholdersEquityOtherShares"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_TemporaryEquityLineItems" xlink:label="us-gaap_TemporaryEquityLineItems"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_OperatingLeasesFutureMinimumPaymentsReceivableUndiscountedExcessAmount" xlink:label="airc_OperatingLeasesFutureMinimumPaymentsReceivableUndiscountedExcessAmount"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="us-gaap_EquityComponentDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SegmentDomain" xlink:label="us-gaap_SegmentDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_ScheduleOfEarningsPerShareAndPerUnitLineItems" xlink:label="airc_ScheduleOfEarningsPerShareAndPerUnitLineItems"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:label="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OperatingLeaseVariableLeaseIncome" xlink:label="us-gaap_OperatingLeaseVariableLeaseIncome"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearThree" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearThree"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InformationByCategoryOfDebtSecurityAxis" xlink:label="us-gaap_InformationByCategoryOfDebtSecurityAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_ConsolidationItemsDomain" xlink:label="srt_ConsolidationItemsDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_ConsolidatedEntitiesAxis" xlink:label="srt_ConsolidatedEntitiesAxis"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_CreditAgreementOneMember" xlink:label="airc_CreditAgreementOneMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract" xlink:label="us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_CreditAgreementTwoMember" xlink:label="airc_CreditAgreementTwoMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_ScheduleOfEarningsPerShareAndPerUnitTable" xlink:label="airc_ScheduleOfEarningsPerShareAndPerUnitTable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment" xlink:label="us-gaap_WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:label="us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PembrokePinesFloridaMember" xlink:label="airc_PembrokePinesFloridaMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_DebtInstrumentMaturityMonthAndYear" xlink:label="airc_DebtInstrumentMaturityMonthAndYear"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_SecuredDebtGross" xlink:label="airc_SecuredDebtGross"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_BusinessSegmentsTextualAbstract" xlink:label="airc_BusinessSegmentsTextualAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SharesIssued" xlink:label="us-gaap_SharesIssued"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PropertyOperatingExpenses" xlink:label="airc_PropertyOperatingExpenses"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_AverageMonthlyRent" xlink:label="airc_AverageMonthlyRent"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_VariableRateTermsLoanMember" xlink:label="airc_VariableRateTermsLoanMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonLimitedPartnersUnits" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonLimitedPartnersUnits"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="us-gaap_SubsequentEventMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_InterestRateOptionMember" xlink:label="airc_InterestRateOptionMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="us-gaap_RestrictedCashAndCashEquivalents"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ProceedsFromUnsecuredNotesPayable" xlink:label="us-gaap_ProceedsFromUnsecuredNotesPayable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CoverAbstract" xlink:label="dei_CoverAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="us-gaap_CreditFacilityDomain"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PreferredUnitsRedeemedDuringPeriodValue" xlink:label="airc_PreferredUnitsRedeemedDuringPeriodValue"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DividendsPreferredStockStock" xlink:label="us-gaap_DividendsPreferredStockStock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_MaterialReconcilingItemsMember" xlink:label="us-gaap_MaterialReconcilingItemsMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_TemporaryEquitySharesOutstanding" xlink:label="us-gaap_TemporaryEquitySharesOutstanding"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:label="us-gaap_VariableInterestEntityDisclosureTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" xlink:label="us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_DerivativeCapInterestRateForLimitedSettlement" xlink:label="airc_DerivativeCapInterestRateForLimitedSettlement"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_AffiliateOfBlackstoneInvestmentMember" xlink:label="airc_AffiliateOfBlackstoneInvestmentMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_RedemptionOfOperatingPartnershipUnitsInExchangeForShares" xlink:label="airc_RedemptionOfOperatingPartnershipUnitsInExchangeForShares"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_GeneralPartnerAndSpecialLimitedPartnerMember" xlink:label="airc_GeneralPartnerAndSpecialLimitedPartnerMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_FixedRateMember" xlink:label="airc_FixedRateMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RealEstateAssetsHeldForDevelopmentAndSale" xlink:label="us-gaap_RealEstateAssetsHeldForDevelopmentAndSale"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_ScheduleOfFutureMinimumRentalPaymentForOperatingLeasesTableTextBlock" xlink:label="airc_ScheduleOfFutureMinimumRentalPaymentForOperatingLeasesTableTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:label="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceived"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CorporateNonSegmentMember" xlink:label="us-gaap_CorporateNonSegmentMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_DebtInstrumentAllInCostRate" xlink:label="airc_DebtInstrumentAllInCostRate"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NetIncomeLossFromRealEstateInvestmentPartnership" xlink:label="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnership"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ParentMember" xlink:label="us-gaap_ParentMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementBusinessSegmentsAxis" xlink:label="us-gaap_StatementBusinessSegmentsAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OtherOperatingIncomeExpenseNet" xlink:label="us-gaap_OtherOperatingIncomeExpenseNet"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DividendsCommonStockCash" xlink:label="us-gaap_DividendsCommonStockCash"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RealEstateLiabilitiesAssociatedWithAssetsHeldForDevelopmentAndSale" xlink:label="us-gaap_RealEstateLiabilitiesAssociatedWithAssetsHeldForDevelopmentAndSale"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CollateralDomain" xlink:label="us-gaap_CollateralDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup" xlink:label="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncreaseDecreaseInTemporaryEquityRollForward" xlink:label="us-gaap_IncreaseDecreaseInTemporaryEquityRollForward"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_GainLossOnDispositionOfRealEstateDiscontinuedOperations" xlink:label="us-gaap_GainLossOnDispositionOfRealEstateDiscontinuedOperations"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="us-gaap_NatureOfOperations"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PartnersCapitalAttributableToPartnershipMember" xlink:label="airc_PartnersCapitalAttributableToPartnershipMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapital" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapital"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="us-gaap_EquityMethodInvestments"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_GeneralPartnersCapitalAccountUnitsOutstanding" xlink:label="us-gaap_GeneralPartnersCapitalAccountUnitsOutstanding"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_OwnershipAxis" xlink:label="srt_OwnershipAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsToAcquireResidentialRealEstate" xlink:label="us-gaap_PaymentsToAcquireResidentialRealEstate"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest" xlink:label="us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_AcquisitionAndOtherRealEstateMember" xlink:label="airc_AcquisitionAndOtherRealEstateMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueByMeasurementFrequencyAxis" xlink:label="us-gaap_FairValueByMeasurementFrequencyAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" xlink:label="us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_FourPointEightFourNotesPayableDueInJuneTwoThousandAndThirtyTwoMember" xlink:label="airc_FourPointEightFourNotesPayableDueInJuneTwoThousandAndThirtyTwoMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsToAcquireAssetsInvestingActivities" xlink:label="us-gaap_PaymentsToAcquireAssetsInvestingActivities"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LossContingencyEstimatedRecoveryFromThirdParty" xlink:label="us-gaap_LossContingencyEstimatedRecoveryFromThirdParty"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LimitedPartnerMember" xlink:label="us-gaap_LimitedPartnerMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AccumulatedDistributionsInExcessOfNetIncome" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncome"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic" xlink:label="us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="us-gaap_EarningsPerShareTextBlock"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_IssuanceOfCommonLimitedPartnersUnits" xlink:label="airc_IssuanceOfCommonLimitedPartnersUnits"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain" xlink:label="us-gaap_FairValueDisclosureItemAmountsDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SeniorNotesMember" xlink:label="us-gaap_SeniorNotesMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_NumberOfUnitsInRealEstatePropertySold" xlink:label="airc_NumberOfUnitsInRealEstatePropertySold"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_LeasesOfCompanyAsLessorAndLesseeTextBlock" xlink:label="airc_LeasesOfCompanyAsLessorAndLesseeTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_ConsolidationItemsAxis" xlink:label="srt_ConsolidationItemsAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_ProductOrServiceAxis" xlink:label="srt_ProductOrServiceAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DisposalGroupClassificationDomain" xlink:label="us-gaap_DisposalGroupClassificationDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:label="us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_UnsecuredInterestCoverageRatio" xlink:label="airc_UnsecuredInterestCoverageRatio"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueMeasurementsNonrecurringMember" xlink:label="us-gaap_FairValueMeasurementsNonrecurringMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SegmentReportingInformationProfitLossAbstract" xlink:label="us-gaap_SegmentReportingInformationProfitLossAbstract"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_FourPointSevenSevenNotesPayableDueInJuneTwentyTwentyNineMember" xlink:label="airc_FourPointSevenSevenNotesPayableDueInJuneTwentyTwentyNineMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LongTermPurchaseCommitmentLineItems" xlink:label="us-gaap_LongTermPurchaseCommitmentLineItems"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_TemporaryEquityDistributionMadeToMemberOrLimitedPartnerDistributionsPaidPercentage" xlink:label="airc_TemporaryEquityDistributionMadeToMemberOrLimitedPartnerDistributionsPaidPercentage"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RevenueRecognitionLeasesOperating" xlink:label="us-gaap_RevenueRecognitionLeasesOperating"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LongTermDebt" xlink:label="us-gaap_LongTermDebt"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_AccumulatedOtherComprehensiveIncomeLossCumulativeChangeInNetGainLossFromCashFlowHedgesEffectNetOfTax" xlink:label="airc_AccumulatedOtherComprehensiveIncomeLossCumulativeChangeInNetGainLossFromCashFlowHedgesEffectNetOfTax"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueMeasurementsRecurringMember" xlink:label="us-gaap_FairValueMeasurementsRecurringMember"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_ApartmentIncomeReitLPMember" xlink:label="airc_ApartmentIncomeReitLPMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InterestRateDerivativeLiabilitiesAtFairValue" xlink:label="us-gaap_InterestRateDerivativeLiabilitiesAtFairValue"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RepaymentsOfDebt" xlink:label="us-gaap_RepaymentsOfDebt"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_MinorityInterestInLimitedPartnerships" xlink:label="us-gaap_MinorityInterestInLimitedPartnerships"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_SignificantTransactionsAbstract" xlink:label="airc_SignificantTransactionsAbstract"/>
<link:loc xlink:type="locator" xlink:href="airc-20220630.xsd#airc_PropertyDebtMember" xlink:label="airc_PropertyDebtMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DerivativeInstrumentsLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortion" xlink:label="us-gaap_DerivativeInstrumentsLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortion"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_SegmentGeographicalDomain" xlink:label="srt_SegmentGeographicalDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementOfPartnersCapitalAbstract" xlink:label="us-gaap_StatementOfPartnersCapitalAbstract"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockholdersEquityOther" xlink:label="us-gaap_StockholdersEquityOther"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PartiallyOwnedPropertiesMember" xlink:label="us-gaap_PartiallyOwnedPropertiesMember"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="us-gaap_SubsidiarySaleOfStockAxis"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:label="us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RealEstatePropertiesDomain" xlink:label="us-gaap_RealEstatePropertiesDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="us-gaap_FairValueDisclosuresTextBlock"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RedeemableNoncontrollingInterestEquityPreferredRedemptionValue" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityPreferredRedemptionValue"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:label="srt_CumulativeEffectPeriodOfAdoptionDomain"/>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock"/>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnerTypeOfPartnersCapitalAccountNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Partner Type of Partners' Capital Account, Name [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnerTypeOfPartnersCapitalAccountNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Partner Type of Partners' Capital Account, Name </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingSegmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Operating Segments [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingSegmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Operating Segments [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CapitalLeasesOfLessorContingentRentalsBasisSpreadOnVariableRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Basis points above cost of capital </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CapitalLeasesOfLessorContingentRentalsBasisSpreadOnVariableRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Capital Leases of Lessor, Contingent Rentals, Basis Spread on Variable Rate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Document Information [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Document Information [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Conversion of AIR Operating Partnership units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Stock Issued During Period, Value, Conversion of Units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_EquityMethodInvestmentTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Equity method investment, term </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_EquityMethodInvestmentTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Equity method investment term. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_EquityMethodInvestmentTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Equity Method Investment Term </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_IndemnifiedEnvironmentalAndOtherLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Indemnified environmental and other liabilities. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_IndemnifiedEnvironmentalAndOtherLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Indemnified Environmental And Other Liabilities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_IndemnifiedEnvironmentalAndOtherLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Bearing environmental liabilities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Other Comprehensive Income (Loss), Net of Tax </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Change in accumulated other comprehensive income </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Other Comprehensive Income (Loss), Net of Tax, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Change in accumulated other comprehensive income (loss) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingExpensesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Operating Expenses [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingExpensesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> EXPENSES </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Finite-Lived Intangible Assets by Major Class [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherRealEstateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Other Real Estate [Member] - Other Real Estate segment. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherRealEstateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Other Real Estate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherRealEstateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Other Real Estate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_SecuredIndebtednessToTotalAssetsRatioThereafter_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Secured Indebtedness to Total Assets Ratio Thereafter </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_SecuredIndebtednessToTotalAssetsRatioThereafter_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Secured Indebtedness to Total Assets Ratio Thereafter </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_SecuredIndebtednessToTotalAssetsRatioThereafter_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Secured Indebtedness to Total Assets Ratio Thereafter </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherRevenuesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Other revenues. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherRevenuesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Other Revenues [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherRevenuesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Other Revenues [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OperatingPartnershipCommonUnitsOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Operating partnership common units outstanding. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OperatingPartnershipCommonUnitsOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Operating Partnership Common Units Outstanding </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OperatingPartnershipCommonUnitsOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Common operating partnership units and equivalents outstanding </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Emerging Growth Company </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity Emerging Growth Company </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditDerivativesContractTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Credit Derivatives Contract Type [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditDerivativesContractTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Credit Derivatives Contract Type </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_EquityMethodInvestmentInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Equity method investment interest rate. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_EquityMethodInvestmentInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Equity Method Investment Interest Rate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_EquityMethodInvestmentInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Equity method investment, interest rate percentage </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialInstrumentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Financial Instrument [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialInstrumentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Financial Instrument </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfReportableSegments_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Number of Reportable Segments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfReportableSegments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Number of reportable segments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Net (income) loss attributable to preferred noncontrolling interests in AIR Operating Partnership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Net income attributable to preferred noncontrolling interests in AIR Operating Partnership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel"> Net (loss) income attributable to preferred noncontrolling interests in AIR Operating Partnership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Noncontrolling Interest in Net Income (Loss) Preferred Unit Holders, Redeemable </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_StatementGeographicalAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Geographical [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Common Stock, Value, Issued, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel"> Common Stock, Value, Issued, Beginning Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel"> Common Stock, Value, Issued, Ending Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Common Stock, Value, Issued </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Common Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Address, State or Province </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity Address, State or Province </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Liabilities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Total liabilities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DividendsAndDistributionsPaidPerShareAndUnit_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Dividends​ and​ distributions​ paid ​per share and​ unit. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DividendsAndDistributionsPaidPerShareAndUnit_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Dividends And Distributions Paid Per Share And Unit </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DividendsAndDistributionsPaidPerShareAndUnit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Dividends and distributions paid </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Goodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel"> Goodwill, Ending Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Goodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel"> Goodwill, Beginning Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Goodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Goodwill, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Goodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Goodwill </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Goodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Goodwill </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireBuildings_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Purchase price of apartment communities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireBuildings_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments to Acquire Buildings </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentsForRedemptionOfCommonAndPreferredUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Payments For Redemption Of Common And Preferred Units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentsForRedemptionOfCommonAndPreferredUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments For Redemption Of Common And Preferred Units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentsForRedemptionOfCommonAndPreferredUnits_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Redemption of common and preferred units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ClassOfStockDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Class of Stock [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ClassOfStockDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Class of Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireIntangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Consideration allocated to intangible assets </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireIntangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments to Acquire Intangible Assets </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredUnitsContributedCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Preferred Units, Contributed Capital </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredUnitsContributedCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Preferred units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LimitedPartnersCapitalAccount_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Limited Partners' Capital Account </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LimitedPartnersCapitalAccount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Limited Partners </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LimitedPartnersCapitalAccount_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Limited Partners' Capital Account, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LondonInterbankOfferedRateFloorRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> LIBOR floor rate. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LondonInterbankOfferedRateFloorRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> London Interbank Offered Rate Floor Rate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LondonInterbankOfferedRateFloorRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> LIBOR Floor [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Operating Lease, Lease Income </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Total lease income </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Comprehensive (income) loss attributable to noncontrolling interests </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Business Acquisition [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_LegalEntityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Legal Entity [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_LegalEntityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Legal Entity </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ResidualValueOfLeasedAsset_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Residual Value of Leased Asset, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ResidualValueOfLeasedAsset_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Residual Value of Leased Asset </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ResidualValueOfLeasedAsset_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Guaranteed residual value </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PercentageOfAverageOwnershipOfPortfolio_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Percentage of average ownership of portfolio. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PercentageOfAverageOwnershipOfPortfolio_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Percentage Of Average Ownership Of Portfolio </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PercentageOfAverageOwnershipOfPortfolio_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Percentage of average ownership of portfolio </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncomeLeasePayments_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Operating Lease, Lease Income, Lease Payments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncomeLeasePayments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fixed lease income </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentOfDistributionsToGeneralPartnerAndSpecialLimitedPartner_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Payment of distributions to general partner and special limited partner. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentOfDistributionsToGeneralPartnerAndSpecialLimitedPartner_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payment Of Distributions To General Partner And Special Limited Partner </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentOfDistributionsToGeneralPartnerAndSpecialLimitedPartner_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Payment of distributions General Partner and Special Limited Partner </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromRepaymentsOfLinesOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Net (repayments of) borrowings on revolving credit facility </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromRepaymentsOfLinesOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Proceeds from (Repayments of) Lines of Credit </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromRepaymentsOfLinesOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Proceeds from (Repayments of) Lines of Credit, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value, Recurring and Nonrecurring [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Significant Accounting Policies [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Summary of Significant Accounting Policies </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CityAreaCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> City Area Code </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CityAreaCode_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> City Area Code </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Reconciliation of Assets from Segment to Consolidated [Table Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Reconciliation of Assets from Segment to Consolidated </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Variable Interest Entity, Primary Beneficiary [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Variable Interest Entity, Primary Beneficiary [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Basic weighted-average common units outstanding </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Weighted Average Limited Partnership Units Outstanding, Basic </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDilutedAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Denominator: </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDilutedAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Earnings Per Share, Diluted [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDilutedAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Earnings (loss) per common share - diluted </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevenuesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Revenues [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevenuesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> REVENUES </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Operating Lease, Payment to be Received, Year Two </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 2024 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorLeaseDescriptionLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Lease, Description [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> General partner ownership percentage </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Commitments and contingencies (Note 6) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Commitments and Contingencies </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Weighted-average term </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Acquired Finite-lived Intangible Assets, Weighted Average Useful Life </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireLand_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Consideration allocated to land </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireLand_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments to Acquire Land </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Issuance of Common Stock (in shares) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Stock Issued During Period, Shares, New Issues </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Share issued and sold </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Debt Securities, Available-for-sale, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt Securities, Available-for-sale </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> AFS debt securities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidatedEntitiesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Consolidated Entities [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidatedEntitiesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Consolidated Entities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherSignificantTransactionsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Other Significant Transactions [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherSignificantTransactionsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Other Significant Transactions [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherSignificantTransactionsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Significant Transactions </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ProceedsFromAcquiredBelowMarketLeaseLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Consideration allocated to below-market lease liabilities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ProceedsFromAcquiredBelowMarketLeaseLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Proceeds from acquired below market lease liabilities. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ProceedsFromAcquiredBelowMarketLeaseLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Proceeds From Acquired Below Market Lease Liabilities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Proceeds from Sale of Real Estate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Proceeds from Sale of Real Estate, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel"> CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel"> CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Related Party [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Related Party </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherNoncashIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Other adjustments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherNoncashIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Other Noncash Income (Expense) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherNoncashIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Other Noncash Income (Expense), Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherNoncashIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Other, net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Income Statement [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeaseOptionToExtend_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Operating Lease, Option to Extend </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeaseOptionToExtend_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Lessor, Operating Lease, Option to Extend </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Cash Provided by (Used in) Investing Activities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Net cash provided by (used in) investing activities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt Disclosure [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Real Estate Investment Property, Net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Net real estate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Net real estate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NumberOfVariableInterestEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Number of variable interest entities in which the company holds variable interests. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NumberOfVariableInterestEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Number Of Variable Interest Entities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NumberOfVariableInterestEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> VIEs with interests in apartment communities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> General and Administrative Expense, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> General and Administrative Expense </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> General and administrative expenses </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LiabilitiesSubjectToCompromiseAccountsReceivableToIndemnification_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Amount receivable to indemnification </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LiabilitiesSubjectToCompromiseAccountsReceivableToIndemnification_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Liabilities Subject to Compromise, Accounts Receivable to Indemnification </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LiabilitiesSubjectToCompromiseAccountsReceivableToIndemnification_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Liabilities Subject to Compromise, Accounts Receivable to Indemnification </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialLiabilitiesFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Termination value of swap liabilities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialLiabilitiesFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Financial Liabilities Fair Value Disclosure </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialLiabilitiesFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Financial Liabilities Fair Value Disclosure, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_WhollyOwnedConsolidatedPropertiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Wholly Owned Consolidated Properties [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_WhollyOwnedConsolidatedPropertiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Wholly Owned Consolidated Properties [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_WhollyOwnedConsolidatedPropertiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Wholly Owned Consolidated Properties [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Common Stock, Shares, Issued, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Common Stock, Shares, Issued </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Common Stock, shares issued (in shares) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Statement of Comprehensive Income [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Debt Securities, Available-for-sale, Amortized Cost, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt Securities, Available-for-sale, Amortized Cost </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Amortized cost of the investment in available-for-sale debt securities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForProceedsFromOtherRealEstatePartnerships_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Proceeds from dispositions of unconsolidated real estate partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForProceedsFromOtherRealEstatePartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Proceeds from dispositions of unconsolidated real estate partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForProceedsFromOtherRealEstatePartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments for (Proceeds from) Other Real Estate Partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseRightOfUseAsset_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Lease, Right of use assets </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseRightOfUseAsset_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Operating Lease, Right-of-Use Asset </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Partners' Capital </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Partners’ capital attributable to the AIR Operating Partnership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel"> Partners' Capital, Ending Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel"> Partners' Capital, Beginning Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel"> Net (income) loss attributable to noncontrolling interests </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Net income (loss) attributable to noncontrolling interests </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Income (Loss) Attributable to Noncontrolling Interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentToAcquireRightOfUseLeaseAsset_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Consideration allocated to right of use lease asset </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentToAcquireRightOfUseLeaseAsset_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payment to Acquire Right of Use Lease Asset </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentToAcquireRightOfUseLeaseAsset_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Payment to acquire right of use lease asset </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_SecurityExchangeName_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Security Exchange Name </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_SecurityExchangeName_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Security Exchange Name </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Statistical Measurement [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Statistical Measurement </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Basic and dilutive net income (loss) attributable to the AIR Operating Partnership's common unitholders </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Net income (loss) attributable to AIR common stockholders </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Net (loss) income attributable to AIR common stockholders </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Income (Loss) Available to Common Stockholders, Basic </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NumberOfSharesOfCommonStockRequiredToRedeemPreferredOPUnitsTenderedForRedemptionIfParentChoosesToRedeemInSharesRatherThanCash_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Number of Shares of Common Stock Required to Redeem Preferred OP Units Tendered for Redemption, if Parent Chooses to Redeem in Shares Rather than Cash </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NumberOfSharesOfCommonStockRequiredToRedeemPreferredOPUnitsTenderedForRedemptionIfParentChoosesToRedeemInSharesRatherThanCash_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Number Of Shares Of Common Stock Required To Redeem Preferred O P Units Tendered For Redemption If Parent Chooses To Redeem In Shares Rather Than Cash </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NumberOfSharesOfCommonStockRequiredToRedeemPreferredOPUnitsTenderedForRedemptionIfParentChoosesToRedeemInSharesRatherThanCash_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Number of shares potentially redeemable for (in shares) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_GainLossOnDerecognitionOfLeasedPropertiesAndDispositionsOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Gain on derecognition of leased properties and dispositions of real estate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_GainLossOnDerecognitionOfLeasedPropertiesAndDispositionsOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Gain (loss) on derecognition of leased properties and dispositions of real estate, net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_GainLossOnDerecognitionOfLeasedPropertiesAndDispositionsOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Gain (loss) on derecognition of leased properties and dispositions of real estate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_GainLossOnDerecognitionOfLeasedPropertiesAndDispositionsOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Gain loss on derecognition of leased properties and dispositions of real estate. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_GainLossOnDerecognitionOfLeasedPropertiesAndDispositionsOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Gain Loss On Derecognition Of Leased Properties And Dispositions Of Real Estate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel"> Balance at June 30, 2022 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Preferred noncontrolling interests in AIR Operating Partnership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel"> Balance at January 1, 2022 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Subsequent Event Type [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestInOperatingPartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Noncontrolling Interest in Operating Partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestInOperatingPartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Common noncontrolling interests in AIR Operating Partnership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Revolving credit facility </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Line of Credit Facility, Maximum Borrowing Capacity </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt Disclosure [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsMinorityInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments of Ordinary Dividends, Noncontrolling Interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsMinorityInterest_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Payment of distributions to noncontrolling interests </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Document Period End Date </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Document Period End Date </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentAdditions_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Property, Plant and Equipment, Additions </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentAdditions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Capital additions </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentTypeCategorizationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Investments [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentTypeCategorizationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Investments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevolvingCreditFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Revolving Credit Facility [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevolvingCreditFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Revolving Credit Facility [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_HeldForSaleMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Held For Sale. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_HeldForSaleMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Held For Sale [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_HeldForSaleMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Held For Sale [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NotesReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Notes receivable. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NotesReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Notes Receivable </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NotesReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Note receivable from Amico </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Dilutive net income (loss) attributable to Aimco common stockholders </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Income (Loss) Available to Common Stockholders, Diluted </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Common Stock, Shares Authorized </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Common Stock, shares authorized (in shares) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UseOfEstimates_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Use of Estimates, Policy [Policy Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UseOfEstimates_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Use of Estimates </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Operating Lease, Payment to be Received, after Year Five </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Thereafter </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommercialRealEstateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Commercial Real Estate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommercialRealEstateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Commercial Real Estate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentsToAcquireBuildingsAndImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Consideration allocated to building and improvements </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentsToAcquireBuildingsAndImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Payments to acquire buildings and improvements. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentsToAcquireBuildingsAndImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments To Acquire Buildings And Improvements </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Related Party [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Related Party </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Income (loss) from discontinued operations attributable to AIR per common share </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Class of Stock [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Class of Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Adjustments to reconcile net income to net cash provided by operating activities: </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NumberOfUnitsInRealEstatePropertyHeldForSale_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Number Of Units In Real Estate Property Held For Sale </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NumberOfUnitsInRealEstatePropertyHeldForSale_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Number Of Units In Real Estate Property Held For Sale </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NumberOfUnitsInRealEstatePropertyHeldForSale_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Number Of Units In Real Estate Property Held For Sale </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ProceedsFromRepaymentOfNotesReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Proceeds from repayment of note receivable </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ProceedsFromRepaymentOfNotesReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Proceeds from repayment of notes receivable </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ProceedsFromRepaymentOfNotesReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Proceeds from repayment of notes receivable </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Repayments of Secured Debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Principal repayments on non-recourse property debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Schedule of Long-term Debt Instruments [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherOperatingExpensesNotAllocatedToReportableSegment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Other Operating Expenses Not Allocated to Reportable Segment </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherOperatingExpensesNotAllocatedToReportableSegment_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Other Operating Expenses Not Allocated To Reportable Segment </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherOperatingExpensesNotAllocatedToReportableSegment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Other operating expenses not allocated to segments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Operating Lease, Payment to be Received, Year One </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 2023 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_CumulativeEffectPeriodOfAdoptionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Cumulative Effect, Period of Adoption [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_CumulativeEffectPeriodOfAdoptionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Cumulative Effect, Period of Adoption </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Debt Instrument, Maturity Date </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt Instrument, Maturity Date </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainLossOnDispositionOfAssets1_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Gain (Loss) on Disposition of Assets </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainLossOnDispositionOfAssets1_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Gain (Loss) on Disposition of Assets, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Summary of Fair Value for Interest Rate Options and swaps </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Address, Address Line Two </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity Address, Address Line Two </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Current Fiscal Year End Date </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Current Fiscal Year End Date </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl" xlink:role="http://fasb.org/us-gaap/role/label/axisDefault"> Portion at Fair Value Measurement [Member] [Default] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Portion at Fair Value Measurement [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fair Value Disclosure Item Amounts [Default] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OptionToAcquireEquityInterestInPartnershipPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Option to acquire equity interest in partnership, percentage. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OptionToAcquireEquityInterestInPartnershipPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Option To Acquire Equity Interest In Partnership Percentage </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OptionToAcquireEquityInterestInPartnershipPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Option To Acquire Equity Interest In Partnership Percentage </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Document Information [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Document Information [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Repurchases of common partnership units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Partners' Capital Account, Treasury Units, Purchased </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Discontinued Operations </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Segment Reporting Disclosure [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Business Segments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCategoriesOfInvestmentsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Other than Temporary Impairment, Credit Losses Recognized in Earnings, Categories of Investments [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DistributionsPreferredUnitholdersCash_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Distributions, Preferred Unitholders, Cash </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DistributionsPreferredUnitholdersCash_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Distributions Preferred Unitholders Cash </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DistributionsPreferredUnitholdersCash_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Preferred distributions </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Assets [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> ASSETS </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentOfDistributionsToCommonNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Payment of distributions to common noncontrolling interests </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentOfDistributionsToCommonNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payment of distributions to common noncontrolling interests </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentOfDistributionsToCommonNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Payment of distributions to common noncontrolling interests </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ParkmercedInvestmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Parkmerced investment. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ParkmercedInvestmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Parkmerced Investment [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ParkmercedInvestmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Parkmerced Investment [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeCashReceivedOnHedge_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Cash received, settlement of hedge </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeCashReceivedOnHedge_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Derivative, Cash Received on Hedge </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NoncontrollingInterestsInCompanysOperatingPartnershipPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Noncontrolling Interests In Companys Operating Partnership Policy [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NoncontrollingInterestsInCompanysOperatingPartnershipPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Noncontrolling Interests in the Aimco Operating Partnership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LeverageRatioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Leverage Ratio [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LeverageRatioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Leverage Ratio [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LeverageRatioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Leverage Ratio. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Estimate of Fair Value Measurement [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fair Value [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditDerivativesByContractTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Credit Derivatives Contract Type [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditDerivativesByContractTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Credit Derivatives Contract Type </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt Instrument, Name [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PrivatePlacementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Private Placement [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PrivatePlacementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Private Placement [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Common stock, per share </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Common Stock, Par or Stated Value Per Share </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Common Stock, par value (in dollars per share) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CreditAgreementFourMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Credit agreement four member. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CreditAgreementFourMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Credit Agreement Four [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CreditAgreementFourMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Credit Agreement Four [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestRateDerivativeAssetsAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Interest rate swap asset </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestRateDerivativeAssetsAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Interest Rate Derivative Assets, at Fair Value </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentContinuingOperationsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Continuing Operations [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentContinuingOperationsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Continuing Operations [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FixedChargeCoverageRatioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fixed Charge Coverage Ratio [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FixedChargeCoverageRatioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fixed Charge Coverage Ratio [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FixedChargeCoverageRatioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Fixed Charge Coverage Ratio. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfRealEstateProperties_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Number of apartment communities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfRealEstateProperties_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Number of owned and managed apartment communities in segments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfRealEstateProperties_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Number of Real Estate Properties </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Basic weighted-average common shares outstanding </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Weighted Average Number of Shares Outstanding, Basic </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Weighted average common shares/units outstanding - basic </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Net income attributable to AIR common stockholders, Shares </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ExpectToSellOrLeaseToThirdPartyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Expect to Sell or Lease to Third Party [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ExpectToSellOrLeaseToThirdPartyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Expect to Sell or Lease to Third Party [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ExpectToSellOrLeaseToThirdPartyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Expect to Sell or Lease to Third Party [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Accumulated Distributions in Excess of Net Income [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Distributions in Excess of Earnings </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DebtInstrumentWeightedAverageMaturityPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Debt Instrument Weighted Average Maturity Period </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DebtInstrumentWeightedAverageMaturityPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt Instrument Weighted Average Maturity Period </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DebtInstrumentWeightedAverageMaturityPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Debt Instrument Weighted Average Maturity Period </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CostOfRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Cost of Revenue, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CostOfRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Cost of Revenue </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CostOfRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Property operating expenses </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value by Liability Class [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fair Value by Liability Class </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Income (loss) from discontinued operations attributable to AIR per common share </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfUnitsInRealEstateProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Number of apartment homes </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfUnitsInRealEstateProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Number of Units in Real Estate Property </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfUnitsInRealEstateProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Number of apartment homes in apartment communities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FloatingRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Floating Rate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FloatingRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Floating Rate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FloatingRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Floating Rate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Dilutive weighted-average common units outstanding </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Weighted Average Limited Partnership Units Outstanding, Diluted </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Income (loss) before income tax (expense) benefit </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> (Loss) income from continuing operations before income tax </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Income from continuing operations before income tax (expense) benefit and discontinued operations </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentType_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Document Type </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentType_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Document Type </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Preferred Stock, Value, Issued, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel"> Preferred Stock, Value, Issued, Beginning Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel"> Preferred Stock, Value, Issued, Ending Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Preferred Stock, Value, Issued </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Perpetual preferred stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Secured Debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Secured Debt [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Reclassification, Comparability Adjustment [Policy Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Reclassifications and Revisions </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Earnings Per Share, Basic [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Earnings (loss) per common share - basic </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentOfDistributionsToLimitedPartners_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Payment Of Distributions To Limited Partners, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentOfDistributionsToLimitedPartners_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Payment of distributions to limited partners. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentOfDistributionsToLimitedPartners_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payment Of Distributions To Limited Partners </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentOfDistributionsToLimitedPartners_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Payment of distributions to Limited Partners </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Operating Lease, Payments to be Received, Rolling Year Two </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 2024 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ApartmentCommunitiesSold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Apartment Communities Sold </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ApartmentCommunitiesSold_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Apartment Communities Sold </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnsecuredDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Unsecured Debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnsecuredDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Unsecured Debt [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByLiabilityClassAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Liability Class [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByLiabilityClassAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Liability Class </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NumberOfUnitsInRealEstatePropertyForSold_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Number Of Units In Real Estate Property For Sold </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NumberOfUnitsInRealEstatePropertyForSold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Number Of Units In Real Estate Property For Sold </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_WhollyAndPartiallyOwnedConsolidatedPropertiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Consolidated Properties including those that are wholly and partially owned </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_WhollyAndPartiallyOwnedConsolidatedPropertiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Wholly And Partially Owned Consolidated Properties [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_WhollyAndPartiallyOwnedConsolidatedPropertiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Wholly And Partially Owned Consolidated Properties [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Limited partner ownership percentage </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PartnersCapitalAccountAmortizationOfStockBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Partners capital account amortization of stock based compensation. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PartnersCapitalAccountAmortizationOfStockBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Partners Capital Account Amortization Of Stock Based Compensation </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PartnersCapitalAccountAmortizationOfStockBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Amortization of share-based compensation cost </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentOfDistributionsToPreferredNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Payment of distributions to preferred noncontrolling interests. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentOfDistributionsToPreferredNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payment of distributions to preferred noncontrolling interests </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentOfDistributionsToPreferredNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Payment of distributions to preferred noncontrolling interests </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentOfDistributionsToPreferredNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Payment of distributions to preferred noncontrolling interests </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongtermDebtTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Long-term Debt, Type [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentDiscontinuedOperationsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Discontinued Operations [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentDiscontinuedOperationsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Discontinued Operations [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentAggregateCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Equity Method Investment, Aggregate Cost </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentAggregateCost_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Investment owned amount </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Income tax (expense) benefit </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Income tax expense </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Income Tax Expense (Benefit) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Income Tax Expense (Benefit), Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_EquityMethodInvestmentRightToExtendTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Equity method investment right to extend term. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_EquityMethodInvestmentRightToExtendTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Equity Method Investment Right To Extend Term </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_EquityMethodInvestmentRightToExtendTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Equity method investment, right to extend term </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Earnings (loss) per common unit - basic and diluted </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Net income (loss) attributable to AIR per common share - basic and diluted </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Earnings Per Share, Basic and Diluted </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Earnings Per Share, Basic and Diluted, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeFairValueOfDerivativeNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Derivative, Fair Value, Net, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeFairValueOfDerivativeNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Derivative, Fair Value, Net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeFairValueOfDerivativeNet_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Interest rate option </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LeasesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Leases [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableMaturityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Sales-type and Direct Financing Leases, Lease Receivable, Maturity [Table Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableMaturityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Summary of Sales Type and Direct Financing Leases Receivable Maturity </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Consolidation, Policy [Policy Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Principles of Consolidation </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DividendAndDistributionPaidTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Dividend and distribution paid. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DividendAndDistributionPaidTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Dividend And Distribution Paid Table [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DividendAndDistributionPaidTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Summary of Dividend and Distribution Paid per Unit </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByMeasurementBasisAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Measurement Basis [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByMeasurementBasisAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Measurement Basis </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ResidentialLeaseMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Residential lease. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ResidentialLeaseMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Residential Lease [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ResidentialLeaseMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Residential Lease [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Schedule of Acquisition </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Schedule of Business Acquisitions, by Acquisition [Table Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Stock Repurchased During Period, Value </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Repurchases of Common Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstatePropertiesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Real Estate Property Ownership [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstatePropertiesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Real Estate Property Ownership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel"> Common Stock, Shares, Outstanding, Ending Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel"> Common Stock, Shares, Outstanding, Beginning Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Common Stock, Shares, Outstanding </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Common Stock, shares outstanding (in shares) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Schedule of Segment Reporting Information, by Segment [Table Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Summary of Information for Reportable Segments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Finite-Lived Intangible Assets [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_SubsidiariesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Subsidiaries [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_SubsidiariesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> AIMCO PROPERTIES, L.P [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Disposal Groups, Including Discontinued Operations [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AIMCOPropertiesLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> AIMCO Properties, L.P. [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AIMCOPropertiesLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> A I M C O Properties L P [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AIMCOPropertiesLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> AIMCO Properties, LP [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ScheduleOfPropertyPlantAndEquipmentAdditionsBySegmentTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Schedule Of Property, Plant And Equipment Additions, By Segment [Table Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ScheduleOfPropertyPlantAndEquipmentAdditionsBySegmentTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Schedule Of Property Plant And Equipment Additions By Segment Table [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ScheduleOfPropertyPlantAndEquipmentAdditionsBySegmentTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Capital Additions Related to Segments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CreditAgreementThreeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 4.84% Notes payable due June 2032 (5) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CreditAgreementThreeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Credit Agreement Three [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CreditAgreementThreeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Credit agreement three member. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CapitalLeasedAssetsNumberOfUnits1_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> The number of units (items of property) under capital lease arrangement. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CapitalLeasedAssetsNumberOfUnits1_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Capital Leased Assets Number of Units 1 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CapitalLeasedAssetsNumberOfUnits1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Number of leased properties </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Total consideration </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Total consideration </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments to Acquire Businesses, Net of Cash Acquired </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Operating Expenses </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Total operating expenses </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_OwnershipDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Ownership [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_OwnershipDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Ownership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Financial Instruments [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Financial Instruments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Issuance costs </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Issuance costs </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Preferred Stock [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Perpetual Preferred Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Cash Provided by (Used in) Operating Activities [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> CASH FLOWS FROM OPERATING ACTIVITIES: </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromLeasePayments_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Proceeds from Lease Payment, Operating Activity </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromLeasePayments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Remaining cash lease payments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_TermLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Term loan. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_TermLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Term Loan [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_TermLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Term Loan [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CollateralAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Collateral Held [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Earnings (loss) per share - diluted </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Earnings Per Share, Diluted </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Net income attributable to AIR common stockholders per share - diluted </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_EffectOfChangesInOwnershipForConsolidatedEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Adjustment to additional paid-in capital resulting from acquisition of noncontrolling interests in consolidated entities. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_EffectOfChangesInOwnershipForConsolidatedEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Effect Of Changes In Ownership For Consolidated Entities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_EffectOfChangesInOwnershipForConsolidatedEntities_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Effect of changes in ownership for consolidated entities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Earnings Per Share [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Net income (loss) attributable to AIR </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Income (Loss) Attributable to Parent </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_RedemptionOfOperatingPartnershipUnitsInExchangeForCash_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Redemption of operating partnership units in exchange for cash. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_RedemptionOfOperatingPartnershipUnitsInExchangeForCash_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Redemption Of Operating Partnership Units In Exchange For Cash </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_RedemptionOfOperatingPartnershipUnitsInExchangeForCash_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Redemption of AIR Operating Partnership units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_RedemptionOfOperatingPartnershipUnitsInExchangeForCash_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Redemption of AIR Operating Partnership units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Operating Lease, Payment to be Received, Remainder of Fiscal Year </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 2022 (remaining) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorLeaseDescriptionTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Lease, Description [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Document Fiscal Period Focus </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Document Fiscal Period Focus </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Proceeds from (Payments for) Other Financing Activities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Other financing activities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Issuance of Preferred Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Temporary Equity, Stock Issued During Period, Value, New Issues </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_RealEstatePropertyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Real estate property. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_RealEstatePropertyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Real Estate Property [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_RealEstatePropertyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Real Estate Property [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Accumulated other comprehensive income </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Accumulated other comprehensive income </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Accumulated Other Comprehensive Income (Loss), Net of Tax, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Accumulated Other Comprehensive Income (Loss), Net of Tax </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Address, Address Line One </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity Address, Address Line One </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilityForCatastropheClaimsByCatastrophicEventAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Catastrophic Event [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Net income (loss) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Net income </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Net income (loss) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Income (Loss), Including Portion Attributable to Noncontrolling Interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Address, Postal Zip Code </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity Address, Postal Zip Code </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Schedule of Variable Interest Entities [Table Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Schedule of Variable Interest Entities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherItemsIncludedInContinuingOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Other items included in income before income tax expense </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherItemsIncludedInContinuingOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Other Items Included In Continuing Operations </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherItemsIncludedInContinuingOperations_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Other items included in income before income tax benefit (expense) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OtherItemsIncludedInContinuingOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Other items included in continuing operations, including but not limited to nonoperating income and expense and the provision (benefit) for income taxes. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FixedChargesCoverageRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fixed Charge Coverage Ratio </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FixedChargesCoverageRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fixed Charges Coverage Ratio </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FixedChargesCoverageRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Fixed Charges Coverage Ratio </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedAfterRollingYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Operating Lease, Payments to be Received, after Rolling Year Five </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedAfterRollingYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Thereafter </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ProductsAndServicesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Product and Service [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ProductsAndServicesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Product and Service </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccruedLiabilitiesAndOtherLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Accrued Liabilities and Other Liabilities, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccruedLiabilitiesAndOtherLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Accrued Liabilities and Other Liabilities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccruedLiabilitiesAndOtherLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Accrued liabilities and other </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Proceeds from investments in debt securities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Proceeds from Sale of Debt Securities, Available-for-sale </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Revenues_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Revenues, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Revenues_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Revenues </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Revenues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Total revenues </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_FL_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Pembroke Pines, Florida [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_FL_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> FLORIDA </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Cash Provided by (Used in) Operating Activities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Net cash provided by operating activities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Repurchases of Common Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments for Repurchase of Common Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncomeTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Operating Lease, Lease Income [Table Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseLeaseIncomeTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Lease Income for Operating Leases </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Equity Components [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Equity Components </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentsToAcquireLeaseLiability_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Consideration allocated to Lease liability </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentsToAcquireLeaseLiability_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments to Acquire Lease Liability </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentsToAcquireLeaseLiability_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Payments to acquire lease liability </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnerTypeOfPartnersCapitalAccountAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Partner Type [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnerTypeOfPartnersCapitalAccountAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Partner Type </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnsecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Term loans </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnsecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Unsecured Debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnsecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Unsecured Debt, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Registrant Name </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Entity Registrant Name </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextRollingTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Operating Lease, Payments to be Received, Next Rolling Twelve Months </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextRollingTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 2023 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentBuildingAndBuildingImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Investment Building and Building Improvements, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentBuildingAndBuildingImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Investment Building and Building Improvements </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentBuildingAndBuildingImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Buildings and improvements </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Interactive Data Current </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity Interactive Data Current </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Address, City or Town </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity Address, City or Town </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Purchase price </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments to Acquire Real Estate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Payments to Acquire Real Estate, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Equity: </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Operating Lease, Payment to be Received, Year Three </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 2025 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_TradingSymbol_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Trading Symbol </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_TradingSymbol_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Trading Symbol </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Cash Provided by (Used in) Investing Activities [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> CASH FLOWS FROM INVESTING ACTIVITIES: </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel"> Balances </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel"> Balances </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Total equity </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Common noncontrolling interests in Aimco operating partnership. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Common Noncontrolling Interests In Aimco Operating Partnership [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Common Noncontrolling Interests In AIR Operating Partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments for (Proceeds from) Other Investing Activities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Other investing activities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ScheduleOfCarryingValueAndFairValueOfNonRecoursePropertyDebtTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Tabular disclosure of carrying value and fair value of non-recourse property debt. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ScheduleOfCarryingValueAndFairValueOfNonRecoursePropertyDebtTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Schedule Of Carrying Value And Fair Value Of Non Recourse Property Debt [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ScheduleOfCarryingValueAndFairValueOfNonRecoursePropertyDebtTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Summary of Carrying Value and Fair Value of Non-recourse Property Debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_LocalPhoneNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Local Phone Number </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_LocalPhoneNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Local Phone Number </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PlanAssetCategoriesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Defined Benefit Plan, Plan Assets, Category [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel"> Stockholders' Equity Attributable to Parent, Beginning Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel"> Stockholders' Equity Attributable to Parent, Ending Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Stockholders' Equity Attributable to Parent </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Total AIR equity </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Total AIR equity </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Payment of debt issuance costs </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments of Debt Issuance Costs </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Subsequent Event Type [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Conversion of AIR Operating Partnership units, Shares </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Conversion of common partnership units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Stock Issued During Period, Shares, Conversion of Units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> SOFR </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_HedgeFundsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Hedge Funds [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Assets, Fair Value Disclosure </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fair value of real estate measure on a nonrecurring basis </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonClassAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Common Class A [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonClassAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Class A Common Stock [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Statistical Measurement [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Statistical Measurement </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntitySmallBusiness_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Small Business </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntitySmallBusiness_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity Small Business </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments for Repurchase of Redeemable Noncontrolling Interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Redemptions of noncontrolling interests in the AIR Operating Partnership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Real Estate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Real Estate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Organization, Consolidation and Presentation of Financial Statements [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForCapitalImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments for Capital Improvements </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForCapitalImprovements_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Capital expenditures </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDebtExtinguishmentCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payment for Debt Extinguishment or Debt Prepayment Cost </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDebtExtinguishmentCosts_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Payment of debt extinguishment costs </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value Hierarchy and NAV [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fair Value Hierarchy and NAV </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> APIC, Share-based Payment Arrangement, Increase for Cost Recognition, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> APIC, Share-based Payment Arrangement, Increase for Cost Recognition </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Amortization of share-based compensation cost </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditFacilityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Credit Facility [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditFacilityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Credit Facility </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_GainLossOnDispositionsOfUnconsolidatedRealEstatePartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Gain on dispositions of unconsolidated real estate partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_GainLossOnDispositionsOfUnconsolidatedRealEstatePartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Gain (Loss) On Dispositions Of Unconsolidated Real Estate Partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_GainLossOnDispositionsOfUnconsolidatedRealEstatePartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Gain (Loss) On Dispositions Of Unconsolidated Real Estate Partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableRateAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Variable Rate [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableRateAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Variable Rate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableRateDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Variable Rate [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableRateDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Variable Rate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentsToAcquirePurchasesOfCorporateAssetsInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Payments to acquire purchases of corporate assets investing activities. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentsToAcquirePurchasesOfCorporateAssetsInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments To Acquire Purchases Of Corporate Assets Investing Activities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PaymentsToAcquirePurchasesOfCorporateAssetsInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Purchases of corporate assets </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Business Acquisition [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Segment Reporting [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value Measurement, Policy [Policy Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fair Value of Financial Instruments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Additional Paid in Capital, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel"> Additional Paid in Capital, Beginning Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel"> Additional Paid in Capital, Ending Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Additional Paid in Capital </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Additional paid-in capital </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel"> Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Ending Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel"> Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Beginning Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfInvestmentIncomeReportedAmountsByCategoryLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Investment Income [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfInvestmentIncomeReportedAmountsByCategoryLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Schedule Of Investment Income Reported Amounts By Category [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Partners' Capital, Including Portion Attributable to Noncontrolling Interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel"> Balances </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel"> Balances </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Total partners’ capital </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromOtherDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Proceeds from term loans </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromOtherDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Proceeds from Other Debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Sale of Stock [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Sale of Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PercentageOfOwnershipSoldToAffiliate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Percentage of ownership sold to affiliate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PercentageOfOwnershipSoldToAffiliate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Percentage of ownership sold to affiliate. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PercentageOfOwnershipSoldToAffiliate_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Percentage of Ownership Sold to Affiliate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_UnsecuredLeverageRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Unsecured Leverage Ratio </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_UnsecuredLeverageRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Unsecured Leverage Ratio </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_UnsecuredLeverageRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Unsecured Leverage Ratio </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityByClassOfStockTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Temporary Equity, by Class of Stock [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityByClassOfStockTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Temporary Equity By Class Of Stock [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CostOfDerivativeInstrument_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Costs associated with a derivative instrument. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CostOfDerivativeInstrument_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Cost Of Derivative Instrument </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CostOfDerivativeInstrument_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Payments for purchase of swaption </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LesseeOperatingLeaseTermOfContract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessee, Operating Lease, Term of Contract </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PartnersCapitalAccountDistributionsToPreferredUnitHolders_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Partners Capital Account Distributions To Preferred Unitholders. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PartnersCapitalAccountDistributionsToPreferredUnitHolders_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Partners Capital Account Distributions To Preferred Unit Holders </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PartnersCapitalAccountDistributionsToPreferredUnitHolders_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Distributions to preferred unitholders </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_IssuanceCost_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Issuance costs </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_IssuanceCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Issuance Cost </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_IssuanceCost_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Issuance cost associated to partnership. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LondonInterBankOfferedRateSpreadRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> London Inter Bank Offered Rate Spread Rate. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LondonInterBankOfferedRateSpreadRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> London Inter Bank Offered Rate Spread Rate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LondonInterBankOfferedRateSpreadRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> LIBOR Spread [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Issuance of Common Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Stock Issued During Period, Value, New Issues </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LeasesAcquiredInPlaceMarketAdjustmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Below-market leases [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LeasesAcquiredInPlaceMarketAdjustmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Leases, Acquired-in-Place, Market Adjustment [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FourPointFiveEightNotesPayableDueInJuneTwentyTwentySevenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 4.58% Notes payable due June 2027 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FourPointFiveEightNotesPayableDueInJuneTwentyTwentySevenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Four Point Five Eight Notes Payable Due In June Twenty Twenty Seven [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FourPointFiveEightNotesPayableDueInJuneTwentyTwentySevenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Four Point Five Eight Notes Payable Due In June Twenty Twenty Seven [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Interest expense </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Interest Expense, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Interest Expense </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Unsecured notes payable, net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Notes Payable </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Notes Payable, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Long-Lived Tangible Asset [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Long-Lived Tangible Asset </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Long-term debt, gross </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Long-term Debt, Gross </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Amortization of share-based compensation cost (in shares) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingInformationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Segment Reporting Information [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingInformationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Segment Reporting Information [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NonRecoursePropertyDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Non-recourse property debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NonRecoursePropertyDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Non-recourse property debt. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NonRecoursePropertyDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Non Recourse Property Debt [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateTerms_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Debt Instrument, Interest Rate Terms </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateTerms_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt Instrument, Interest Rate Terms </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_SecuredIndebtednessToTotalAssetsRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Secured Indebtedness to Total Assets Ratio </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_SecuredIndebtednessToTotalAssetsRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Secured Indebtedness to Total Assets Ratio </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_SecuredIndebtednessToTotalAssetsRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Secured Indebtedness to Total Assets Ratio </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Temporary Equity [Table Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Reconciliation of Preferred OP Units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Cash Provided by (Used in) Financing Activities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Net cash used in financing activities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Commitments and Contingencies Disclosure [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Debt issuance costs, net of accumulated amortization </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt Issuance Costs, Net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Debt Issuance Costs, Net, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Assets </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Total assets </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Total assets </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerEconomicInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Limited liability company (LLC) or limited partnership (LP), managing member or general partner, economic interest. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerEconomicInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Limited Liability Company L L C Or Limited Partnership L P Managing Member Or General Partner Economic Interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerEconomicInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Percentage of economic interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeCapInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Derivative, Cap Interest Rate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeCapInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Derivative strike rate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value, Inputs, Level 2 [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Level 2 [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FloodMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Flood [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInPartnersCapitalRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Increase (Decrease) in Partners' Capital [Roll Forward] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInPartnersCapitalRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Increase (Decrease) in Partners' Capital [Roll Forward] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ContributionFromNoncontrollingInterestsInConsolidatedRealEstatePartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Contribution from noncontrolling interests in consolidated real estate partnerships. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ContributionFromNoncontrollingInterestsInConsolidatedRealEstatePartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Contribution from noncontrolling interests in consolidated real estate partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ContributionFromNoncontrollingInterestsInConsolidatedRealEstatePartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Contributions from noncontrolling interests in consolidated real estate partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CreditAgreementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Credit Agreement [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CreditAgreementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Credit Agreement [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CreditAgreementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Credit Agreement </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Statement [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Statement [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Liabilities and Equity </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Total liabilities and equity </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentQuarterlyReport_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Document Quarterly Report </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentQuarterlyReport_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Document Quarterly Report </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Statement of Cash Flows [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Additional Paid-in Capital [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Additional Paid-in Capital </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeDescriptionOfTerms_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Derivative, Description of Terms </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeDescriptionOfTerms_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Derivative, description of terms </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfInvestmentIncomeReportedAmountsByCategoryTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Investment Income [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfInvestmentIncomeReportedAmountsByCategoryTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Schedule Of Investment Income Reported Amounts By Category [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_Security12bTitle_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Title of 12(b) Security </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_Security12bTitle_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Title of 12(b) Security </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Comprehensive income (loss) attributable to the AIR Operating Partnership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Comprehensive income (loss) attributable to AIR </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Comprehensive Income (Loss), Net of Tax, Attributable to Parent </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Income (Loss) from Continuing Operations, Per Basic Share </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Income (Loss) from Continuing Operations, Per Outstanding Share, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Income (loss) from continuing operations attributable to AIR per common share </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> New unsecured credit facility </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Long-term Line of Credit, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Long-term Line of Credit </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Revolving credit facility borrowings </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermPurchaseCommitmentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Long-term Purchase Commitment [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermPurchaseCommitmentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Long Term Purchase Commitment [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel3Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value, Inputs, Level 3 [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel3Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Level 3 [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Debt Instrument [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt Instrument [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AffiliateOfBlackstoneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Affiliate of Blackstone [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AffiliateOfBlackstoneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Affiliate of Blackstone [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AffiliateOfBlackstoneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Affiliate of Blackstone [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Total secured debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Secured Debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Non-recourse property debt, net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_UnsecuredDebtGrossMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Unsecured Debt Gross </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_UnsecuredDebtGrossMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Unsecured Debt Gross [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_UnsecuredDebtGrossMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Unsecured Debt Gross [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StandbyLettersOfCreditMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Standby Letters of Credit [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel"> Distributions paid to noncontrolling interests in consolidated real estate partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Distributions to noncontrolling interests </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value Hierarchy and NAV [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fair Value Hierarchy and NAV </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Proceeds from dispositions of real asset </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Proceeds from Sale of Real Estate Held-for-investment, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Proceeds from Sale of Real Estate Held-for-investment </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountRedemptions_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Redemption of common partnership units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountRedemptions_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Partners' Capital Account, Redemptions </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountRedemptions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Redemption of common partnership units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Investment Income, Interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Interest income </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AIMCOOperatingPartnershipMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Aimco operating partnership. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AIMCOOperatingPartnershipMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> A I M C O Operating Partnership [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AIMCOOperatingPartnershipMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> AIMCO Operating Partnership [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DisposalGroupClassificationAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Disposal Group Classification [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DisposalGroupClassificationAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Disposal Group Classification </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value, Inputs, Level 1 [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Level 1 [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Noncontrolling interests in consolidated real estate partnerships. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Noncontrolling Interests In Consolidated Real Estate Partnerships [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Noncontrolling Interest in Consolidated Real Estate Partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> interest rate locked on treasury </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Debt Instrument, Interest Rate, Stated Percentage </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt Instrument, Interest Rate, Stated Percentage </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CatastrophicEventDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Catastrophic Event [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Defined Benefit Plan, Plan Assets, Category [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value, by Balance Sheet Grouping [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fair Value By Balance Sheet Grouping [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Income (Loss) from Continuing Operations, Per Diluted Share </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Income (loss) from continuing operations attributable to AIR per common share </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountDistributions_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel"> Distributions to common unitholders </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountDistributions_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Partners' Capital Account, Distributions </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountDistributions_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Distributions paid to common unitholders </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountDistributions_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Partners' Capital Account, Distributions, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCurrentReportingStatus_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Current Reporting Status </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCurrentReportingStatus_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity Current Reporting Status </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Investment Type [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Investment Type </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountExchangesAndConversions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Conversion of common partnership units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountExchangesAndConversions_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Partners' Capital Account, Exchanges and Conversions </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_SameStoreMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Same Store [Member] - Same Store Segment. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_SameStoreMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Same Store [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_SameStoreMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Same Store [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Discontinued Operations and Disposal Groups [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityNetIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Temporary Equity, Net Income </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityNetIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Net income </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TableTextBlockSupplementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Table Text Block Supplement [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Land_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Land </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Land_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Land </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments of Ordinary Dividends, Common Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Payment of dividends to holders of Common Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_InterestEarningAssetsNetYield_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> NOI yield </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_InterestEarningAssetsNetYield_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Interest-Earning Assets, Net Yield </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SalesTypeLeaseInterestIncomeLeaseReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Sales-type Lease, Interest Income, Lease Receivable </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SalesTypeLeaseInterestIncomeLeaseReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Sales-type Lease, Interest Income, Lease Receivable </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Stock Repurchased During Period, Shares </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Repurchases of Common Stock (in shares) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> AOCI Attributable to Parent [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Accumulated Other Comprehensive Income (Loss) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongtermDebtTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Long-term Debt, Type [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments of Ordinary Dividends, Preferred Stock and Preference Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Payment of distributions to preferred units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PreferredUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Preferred units. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PreferredUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Preferred Units [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PreferredUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Preferred Units [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LeasedRealEstateAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Leased real estate assets. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LeasedRealEstateAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Leased Real Estate Assets </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LeasedRealEstateAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Leased real estate assets </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Reported Value Measurement [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Carrying Value [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Cumulative Effect, Period of Adoption, Adjustment [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Cumulative Effect, Period of Adoption, Adjustment </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Earnings (loss) per share - basic </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Earnings Per Share, Basic </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Net income attributable to AIR common stockholders per share - basic </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Intangible Assets [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Finite-Lived Intangible Assets [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MinimumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Minimum [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MinimumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Minimum [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LossContingencyLossInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Loss Contingency, Loss in Period </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LossContingencyLossInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Loss due to contingency </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementFrequencyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Measurement Frequency [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementFrequencyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Measurement Frequency </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CapitalLeasesOfLessorContingentRentalsBasisSpreadOnVariableRate1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Basis points above cost of capital </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CapitalLeasesOfLessorContingentRentalsBasisSpreadOnVariableRate1_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Capital Leases of Lessor, Contingent Rentals, Basis Spread on Variable Rate1 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CapitalLeasesOfLessorContingentRentalsBasisSpreadOnVariableRate1_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Capital Leases of Lessor, Contingent Rentals, Basis Spread on Variable Rate1 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Accounting Standards Update and Change in Accounting Principle [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_RentalAndOtherPropertyRevenuesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Rental and other property revenues. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_RentalAndOtherPropertyRevenuesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Rental And Other Property Revenues [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_RentalAndOtherPropertyRevenuesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Rental And Other Property Revenues [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AvailableforsaleSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Available-for-sale Securities [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AvailableforsaleSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Available-for-sale Securities [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Schedule of Debt summmary </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Schedule of Debt [Table Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Operating Lease, Payment to be Received, Year Four </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 2026 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Schedule of Business Acquisitions, by Acquisition [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DistributionMadeToLimitedPartnerDistributionsPaidPerUnit_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Distribution Made to Limited Partner, Distributions Paid, Per Unit </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DistributionMadeToLimitedPartnerDistributionsPaidPerUnit_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Distributions per annum (in dollars per share) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Comprehensive income (loss) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Comprehensive income (loss) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AvailableForSaleDebtSecuritiesFaceValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Available for sale debt securities face value. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AvailableForSaleDebtSecuritiesFaceValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Available For Sale Debt Securities Face Value </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AvailableForSaleDebtSecuritiesFaceValue_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Face amount of investment in available-for-sale debt securities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Cash Provided by (Used in) Financing Activities [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> CASH FLOWS FROM FINANCING ACTIVITIES: </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt Instrument [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityFilerCategory_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Filer Category </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityFilerCategory_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity Filer Category </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AssetRatioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Asset Ratio [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AssetRatioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Asset Ratio [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Document Fiscal Year Focus </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Document Fiscal Year Focus </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_VariableRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Variable Rate Property Debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_VariableRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Variable Rate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_VariableRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Variable rate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SalesTypeLeaseUnguaranteedResidualAsset_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Sales-type Lease, Unguaranteed Residual Asset </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SalesTypeLeaseUnguaranteedResidualAsset_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Add: Unguaranteed residual value </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ExpectedRemainingTermAvailableForSaleSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Expected Remaining Term Available For Sale Securities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ExpectedRemainingTermAvailableForSaleSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Expected Remaining Term Available For Sale Securities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ExpectedRemainingTermAvailableForSaleSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Expected remaining term of available for sale securities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AIROperatingPartnershipMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> A I R Operating Partnership [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AIROperatingPartnershipMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> AIR Operating Partnership [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Dilutive common share equivalents outstanding </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Weighted Average Number Diluted Shares Outstanding Adjustment, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Weighted Average Number Diluted Shares Outstanding Adjustment </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Depreciation, Depletion and Amortization, Nonproduction, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Depreciation, Depletion and Amortization, Nonproduction </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Depreciation and amortization </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OrganizationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Organization </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OrganizationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Organization [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OrganizationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Organization [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosuresAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value Disclosures [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Other Assets, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Other Assets </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Other assets </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Other assets, net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtWeightedAverageInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Debt, Weighted Average Interest Rate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtWeightedAverageInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt, Weighted Average Interest Rate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalOther_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Partners' Capital, Other </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalOther_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Other, net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_HedgedAssetFairValueHedge_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Hedging amount </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_HedgedAssetFairValueHedge_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Hedged Asset, Fair Value Hedge </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MaximumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Maximum [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MaximumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Maximum [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PartnersCapitalAccountEffectOfChangesInOwnershipOfPartnershipUnitsAndConsolidated_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Partners capital account effect of changes in ownership of partnership units and consolidated. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PartnersCapitalAccountEffectOfChangesInOwnershipOfPartnershipUnitsAndConsolidated_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Partners Capital Account Effect Of Changes In Ownership Of Partnership Units And Consolidated </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PartnersCapitalAccountEffectOfChangesInOwnershipOfPartnershipUnitsAndConsolidated_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Effect of changes in ownership of consolidated entities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ApartmentCommunityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Apartment Community [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ApartmentCommunityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Apartment Community [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Central Index Key </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity Central Index Key </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OperatingIncomeLossProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Operating Income (Loss), Property </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OperatingIncomeLossProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Operating Income Loss Property </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OperatingIncomeLossProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Proportionate property net operating income </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Business Acquisition, Acquiree [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_GeneralAndSpecialLimitedPartnersCapitalAccount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> The value of the general partner's and special limited partner's ownership interest. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_GeneralAndSpecialLimitedPartnersCapitalAccount_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> General And Special Limited Partners Capital Account </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_GeneralAndSpecialLimitedPartnersCapitalAccount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> General Partner and Special Limited Partner </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Unrealized gains on derivative instruments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLoss_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Unrealized gains on derivative instruments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Derivative Instruments Not Designated as Hedging Instruments, Loss </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Operating Lease, Payments to be Received, Rolling Year Four </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 2026 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityOtherShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Stockholders' Equity, Other Shares </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityOtherShares_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Other, net (in shares) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Temporary Equity [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Temporary Equity [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Net (income) loss attributable to common noncontrolling interests in AIR Operating Partnership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Net (income) loss attributable to common noncontrolling interests in AIR Operating Partnership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel"> Net (loss) income attributable to common noncontrolling interests in AIR Operating Partnership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Tax Identification Number </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity Tax Identification Number </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OperatingLeasesFutureMinimumPaymentsReceivableUndiscountedExcessAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Operating Leases Future Minimum Payments Receivable Undiscounted Excess Amount. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OperatingLeasesFutureMinimumPaymentsReceivableUndiscountedExcessAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Operating Leases Future Minimum Payments Receivable Undiscounted Excess Amount </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_OperatingLeasesFutureMinimumPaymentsReceivableUndiscountedExcessAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Less: Discount </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityComponentDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Equity Component [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityComponentDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Equity Component </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Loss on extinguishment of debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Gain (Loss) on Extinguishment of Debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Gain (Loss) on Extinguishment of Debt, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Loss on extinguishment of debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Segments [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Segments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Real Estate Investment Property, at Cost </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Total real estate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ScheduleOfEarningsPerShareAndPerUnitLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Schedule of earnings per share and per unit. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ScheduleOfEarningsPerShareAndPerUnitLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Schedule Of Earnings Per Share And Per Unit [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ScheduleOfEarningsPerShareAndPerUnitLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Schedule Of Earnings Per Share And Per Unit [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Disposal Groups, Including Discontinued Operations [Table Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Summarized Results of Discontinued Operations </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseVariableLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Operating Lease, Variable Lease Income </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseVariableLeaseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Variable lease income </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Operating Lease, Payments to be Received, Rolling Year Three </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 2025 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InformationByCategoryOfDebtSecurityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt Security Category [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidationItemsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Consolidation Items [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidationItemsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Consolidation Items </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidatedEntitiesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Consolidated Entities [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidatedEntitiesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Consolidated Entities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CreditAgreementOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 4.58% Notes payable due June 2027 (5) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CreditAgreementOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Credit agreement one member. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CreditAgreementOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Credit Agreement One [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Noncontrolling Interest, Increase from Subsidiary Equity Issuance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Contribution from noncontrolling interest in consolidated real estate partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Income (Loss) Attributable to Noncontrolling Interest [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Noncontrolling interests: </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CreditAgreementTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 4.77% Notes payable due June 2029 (5) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CreditAgreementTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Credit agreement two member. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_CreditAgreementTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Credit Agreement Two [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ScheduleOfEarningsPerShareAndPerUnitTable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Schedule of earnings per share and per unit. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ScheduleOfEarningsPerShareAndPerUnitTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Schedule Of Earnings Per Share And Per Unit [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ScheduleOfEarningsPerShareAndPerUnitTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Schedule Of Earnings Per Share And Per Unit [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Dilutive common unit equivalents outstanding </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Weighted Average Number Diluted Limited Partnership Units Outstanding Adjustment </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Statement [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Statement [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Operating Lease, Weighted Average Remaining Lease Term </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Operating Lease, Weighted Average Remaining Lease Term </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityFileNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity File Number </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityFileNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity File Number </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PembrokePinesFloridaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Pembroke Pines, Florida [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PembrokePinesFloridaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Pembroke Pines, Florida [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DebtInstrumentMaturityMonthAndYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Debt Instrument Maturity Month and Year </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DebtInstrumentMaturityMonthAndYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt Instrument Maturity Month And Year </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DebtInstrumentMaturityMonthAndYear_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Debt Instrument Maturity Month And Year </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_SecuredDebtGross_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Non-recourse property debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_SecuredDebtGross_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Secured Debt Gross </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_SecuredDebtGross_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Secured debt gross. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_BusinessSegmentsTextualAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Business segments. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_BusinessSegmentsTextualAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Business Segments Textual [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_BusinessSegmentsTextualAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Business Segments (Textual) [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel"> Balances (in shares) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Shares, Issued </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel"> Balances (in shares) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PropertyOperatingExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Property operating expenses. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PropertyOperatingExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Property Operating Expenses </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PropertyOperatingExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Property operating expenses </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AverageMonthlyRent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Average monthly rent per property </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AverageMonthlyRent_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Average Monthly Rent </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AverageMonthlyRent_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Average Monthly Rent </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_VariableRateTermsLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Variable rate terms loan. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_VariableRateTermsLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Variable Rate Terms Loan [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_VariableRateTermsLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Variable Rate Term Loan [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonLimitedPartnersUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Proceeds from issuance of common partnership units to AIR, net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonLimitedPartnersUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Proceeds from Issuance of Common Limited Partners Units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Subsequent Event [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Real Estate Investment Property, Accumulated Depreciation </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Accumulated depreciation </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Numerator: </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Earnings (loss) per common unit basic and diluted </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Earnings Per Share, Basic and Diluted [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Commitments and Contingencies Disclosure [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Commitments and Contingencies </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_InterestRateOptionMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Interest rate option member. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_InterestRateOptionMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Interest Rate Option [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_InterestRateOptionMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Interest Rate Option [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Common Stock [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Common Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Restricted Cash and Cash Equivalents, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Restricted Cash and Cash Equivalents </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Restricted cash </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromUnsecuredNotesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Proceeds from the issuance of unsecured notes payable </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromUnsecuredNotesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Proceeds from Unsecured Notes Payable </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CoverAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Cover [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditFacilityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Credit Facility [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditFacilityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Credit Facility </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PreferredUnitsRedeemedDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Redemption of preferred units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PreferredUnitsRedeemedDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Preferred Units Redeemed During Period Value </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PreferredUnitsRedeemedDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Preferred units redeemed during period value. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPreferredStockStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Dividends, Preferred Stock, Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPreferredStockStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Preferred Stock dividends </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MaterialReconcilingItemsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Segment Reconciling Items [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MaterialReconcilingItemsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Segment Reconciling Items [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Temporary Equity, Shares Outstanding </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Units outstanding (in shares) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Variable Interest Entity Disclosure [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Variable Interest Entities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Net income (loss) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DerivativeCapInterestRateForLimitedSettlement_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Derivative cap interest rate for limited settlement. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DerivativeCapInterestRateForLimitedSettlement_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Derivative Cap Interest Rate For Limited Settlement </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DerivativeCapInterestRateForLimitedSettlement_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Derivative strike rate for limited settlement </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AffiliateOfBlackstoneInvestmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Affiliate of blackstone investment. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AffiliateOfBlackstoneInvestmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Affiliate of Blackstone Investment [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AffiliateOfBlackstoneInvestmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Affiliate of Blackstone Investment [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Statement of Stockholders' Equity [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_RedemptionOfOperatingPartnershipUnitsInExchangeForShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Redemption of AIR Operating Partnership units (in shares) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_RedemptionOfOperatingPartnershipUnitsInExchangeForShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Redemption Of Operating Partnership Units In Exchange For Shares </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_RedemptionOfOperatingPartnershipUnitsInExchangeForShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Redemption of operating partnership units in exchange for shares. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_GeneralPartnerAndSpecialLimitedPartnerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> General partner and special limited partner. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_GeneralPartnerAndSpecialLimitedPartnerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> General Partner And Special Limited Partner [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_GeneralPartnerAndSpecialLimitedPartnerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> General Partner and Special Limited Partner [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FixedRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Fixed-rate property debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FixedRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fixed Rate Property Debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FixedRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fixed Rate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FixedRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Fixed rate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Long-Lived Tangible Asset [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Long-Lived Tangible Asset </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Schedule of Segment Reporting Information, by Segment [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Schedule Of Segment Reporting Information By Segment [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentTransitionReport_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Document Transition Report </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentTransitionReport_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Document Transition Report </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAssetsHeldForDevelopmentAndSale_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Real Estate Assets Held for Development and Sale </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAssetsHeldForDevelopmentAndSale_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Total leased real estate assets </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Net income attributable to AIR preferred stockholders </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Net income attributable to AIR preferred stockholders </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Preferred Stock Dividends and Other Adjustments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Preferred Stock Dividends and Other Adjustments, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ScheduleOfFutureMinimumRentalPaymentForOperatingLeasesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease term in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ScheduleOfFutureMinimumRentalPaymentForOperatingLeasesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Schedule of Future Minimum Rental Payment for Operating Leases [Table Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ScheduleOfFutureMinimumRentalPaymentForOperatingLeasesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Schedule of Aggregate Minimum Lease Payments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> New Accounting Pronouncements or Change in Accounting Principle [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> New Accounting Pronouncements or Change in Accounting Principle [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Operating Lease, Payments to be Received </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Total lease receivable </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Dilutive weighted-average common shares outstanding </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Weighted Average Number of Shares Outstanding, Diluted </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Weighted average common shares/units outstanding - diluted </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Increase (Decrease) in Stockholders' Equity [Roll Forward] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Increase (Decrease) in Stockholders' Equity [Roll Forward] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CorporateNonSegmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Corporate, Non-Segment [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CorporateNonSegmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Corporate Non-Segment [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DebtInstrumentAllInCostRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Debt Instrument, All in Cost Rate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DebtInstrumentAllInCostRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Debt Instrument All In Cost Rate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_DebtInstrumentAllInCostRate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Debt Instrument All In Cost Rate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnership_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Net Income (Loss) from Real Estate Investment Partnership, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnership_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Income (Loss) from Real Estate Investment Partnership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnership_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Loss from unconsolidated real estate partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnership_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Loss from unconsolidated real estate partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ParentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Parent [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ParentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Total AIR Equity </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementBusinessSegmentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Segments [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementBusinessSegmentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Segments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Statement of Financial Position [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherOperatingIncomeExpenseNet_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Other (income) expenses, net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherOperatingIncomeExpenseNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Other Operating Income (Expense), Net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsCommonStockCash_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Dividends, Common Stock, Cash </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsCommonStockCash_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Common Stock dividends </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateLiabilitiesAssociatedWithAssetsHeldForDevelopmentAndSale_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Real Estate Liabilities Associated with Assets Held for Development and Sale, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateLiabilitiesAssociatedWithAssetsHeldForDevelopmentAndSale_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Real Estate Liabilities Associated with Assets Held for Development and Sale </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateLiabilitiesAssociatedWithAssetsHeldForDevelopmentAndSale_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Liabilities related to assets held for sale </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CollateralDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Collateral Held [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Assets Held-for-sale, Not Part of Disposal Group, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Assets Held-for-sale, Not Part of Disposal Group </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Assets held for sale </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInTemporaryEquityRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Increase (Decrease) in Temporary Equity [Roll Forward] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInTemporaryEquityRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Increase (Decrease) in Temporary Equity [Roll Forward] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainLossOnDispositionOfRealEstateDiscontinuedOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Gain on dispositions of real estate and derecognition of leased properties </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainLossOnDispositionOfRealEstateDiscontinuedOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Gain (Loss) on Disposition of Real Estate, Discontinued Operations </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NatureOfOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Basis of Presentation and Organization </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NatureOfOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Nature of Operations [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PartnersCapitalAttributableToPartnershipMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Partners' capital attributable to the partnership. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PartnersCapitalAttributableToPartnershipMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Partners Capital Attributable To Partnership [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PartnersCapitalAttributableToPartnershipMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Partners Capital Attributable To The Partnership [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Increase (Decrease) in Operating Capital </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapital_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Net changes in operating assets and operating liabilities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Increase (Decrease) in Operating Capital, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Equity Method Investments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Mezzanine investment </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Equity method investments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings (Loss) per Share and per Unit </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralPartnersCapitalAccountUnitsOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> General Partners' Capital Account, Units Outstanding </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralPartnersCapitalAccountUnitsOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Common operating partnership units and equivalents outstanding </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_OwnershipAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Ownership [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_OwnershipAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Ownership </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireResidentialRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments to Acquire Residential Real Estate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireResidentialRealEstate_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Purchases of real estate and deposits related to purchases of real estate </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AcquisitionAndOtherRealEstateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Acquisition and Other Real Estate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AcquisitionAndOtherRealEstateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Acquisition and Other Real Estate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AcquisitionAndOtherRealEstateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Acquisition and Other Real Estate [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Common Stock, Shares Outstanding </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Entity Common Stock, Shares Outstanding </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByMeasurementFrequencyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Measurement Frequency [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByMeasurementFrequencyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fair Value Measurements Recurring [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Capitalized transaction costs </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Business Acquisition, Transaction Costs </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FourPointEightFourNotesPayableDueInJuneTwoThousandAndThirtyTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 4.84% Notes payable due June 2032 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FourPointEightFourNotesPayableDueInJuneTwoThousandAndThirtyTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Four Point Eight Four Notes Payable Due In June Two Thousand And Thirty Two [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FourPointEightFourNotesPayableDueInJuneTwoThousandAndThirtyTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Four Point Eight Four Notes Payable Due In June Two Thousand And Thirty Two [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityShellCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity Shell Company </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityShellCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Shell Company </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireAssetsInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Payment to acquire additional Properties </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireAssetsInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Payments to Acquire Assets, Investing Activities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LossContingencyEstimatedRecoveryFromThirdParty_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Loss Contingency, Estimated Recovery from Third Party </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LossContingencyEstimatedRecoveryFromThirdParty_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Loss contingency estimated recovery from Third Party </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Liabilities and Equity [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> LIABILITIES AND EQUITY </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LimitedPartnerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Limited Partner [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LimitedPartnerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Limited Partners [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Accumulated Distributions in Excess of Net Income, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Accumulated Distributions in Excess of Net Income </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncome_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Distributions in excess of earnings </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Entity Incorporation, State or Country Code </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Entity Incorporation, State or Country Code </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Net income attributable to participating securities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Participating Securities, Distributed and Undistributed Earnings (Loss), Basic </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Earnings Per Share [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Earnings and Dividends per Share and per Unit </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_IssuanceOfCommonLimitedPartnersUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Issuance of common partnership units to AIR, net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_IssuanceOfCommonLimitedPartnersUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Issuance of Common Limited Partners Units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_IssuanceOfCommonLimitedPartnersUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Issuance of Common Limited Partners Units. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosureItemAmountsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value Measurement [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosureItemAmountsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fair Value Measurement </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeniorNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Senior Unsecured Notes [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeniorNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Senior Notes [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> London Interbank Offered Rate (LIBOR) [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 30-Day LIBOR [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Amendment Flag </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Amendment Flag </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NumberOfUnitsInRealEstatePropertySold_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Number Of Units In Real Estate Property Sold </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_NumberOfUnitsInRealEstatePropertySold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Number Of Units In Real Estate Property Sold </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LeasesOfCompanyAsLessorAndLesseeTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Leases of company as lessor and lessee. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LeasesOfCompanyAsLessorAndLesseeTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Leases Of Company As Lessor And Lessee [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_LeasesOfCompanyAsLessorAndLesseeTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Leases </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidationItemsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Consolidation Items [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidationItemsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Consolidation Items </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ProductOrServiceAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Product and Service [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ProductOrServiceAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Product and Service </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DisposalGroupClassificationDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Disposal Group Classification [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DisposalGroupClassificationDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Disposal Group Classification </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Schedule of Finite-Lived Intangible Assets [Table] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_UnsecuredInterestCoverageRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Unsecured Interest Coverage Ratio </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_UnsecuredInterestCoverageRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Unsecured Interest Coverage Ratio </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_UnsecuredInterestCoverageRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Unsecured Interest Coverage Ratio </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsNonrecurringMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value, Nonrecurring [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingInformationProfitLossAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Segment Reporting Information, Profit (Loss) [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingInformationProfitLossAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Summary information for the reportable segments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FourPointSevenSevenNotesPayableDueInJuneTwentyTwentyNineMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> 4.77% Notes payable due June 2029 </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FourPointSevenSevenNotesPayableDueInJuneTwentyTwentyNineMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Four Point Seven Seven Notes Payable Due In June Twenty Twenty Nine [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_FourPointSevenSevenNotesPayableDueInJuneTwentyTwentyNineMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Four Point Seven Seven Notes Payable Due In June Twenty Twenty Nine [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermPurchaseCommitmentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Long-term Purchase Commitment [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermPurchaseCommitmentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Long Term Purchase Commitment [Line Items] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel"> Cash and Cash Equivalents, at Carrying Value, Ending Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel"> Cash and Cash Equivalents, at Carrying Value, Beginning Balance </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Cash and Cash Equivalents, at Carrying Value, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Cash and Cash Equivalents, at Carrying Value </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Cash and cash equivalents </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Recent Accounting Pronouncements </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> New Accounting Pronouncements, Policy [Policy Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Income (Loss) from Equity Method Investments </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Mezzanine / Unconsolidated partnerships investment income, net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Income connection with Mezzanine loan </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Income (Loss) from Equity Method Investments, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_TemporaryEquityDistributionMadeToMemberOrLimitedPartnerDistributionsPaidPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Temporary Equity, Distribution Made to Member or Limited Partner, Distributions Paid, Percentage </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_TemporaryEquityDistributionMadeToMemberOrLimitedPartnerDistributionsPaidPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Temporary Equity Distribution Made To Member Or Limited Partner Distributions Paid Percentage </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_TemporaryEquityDistributionMadeToMemberOrLimitedPartnerDistributionsPaidPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Distributions per annum </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevenueRecognitionLeasesOperating_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Revenue Recognition Leases, Operating [Policy Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevenueRecognitionLeasesOperating_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Revenue from Leases </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> Total indebtedness </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Total debt, net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Long-term Debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Non-recourse property debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AccumulatedOtherComprehensiveIncomeLossCumulativeChangeInNetGainLossFromCashFlowHedgesEffectNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AccumulatedOtherComprehensiveIncomeLossCumulativeChangeInNetGainLossFromCashFlowHedgesEffectNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Accumulated Other Comprehensive Income (Loss) Cumulative Change in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_AccumulatedOtherComprehensiveIncomeLossCumulativeChangeInNetGainLossFromCashFlowHedgesEffectNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Accumulated Other Comprehensive Income (Loss) Cumulative Change in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsRecurringMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value, Recurring [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsRecurringMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fair value recurring [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ApartmentIncomeReitLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Apartment Income REIT, L.P. [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ApartmentIncomeReitLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Apartment Income REIT, L.P [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ApartmentIncomeReitLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Apartment Income REIT, L.P. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_ApartmentIncomeReitLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel"> AIMCO Properties, LP [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestRateDerivativeLiabilitiesAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Interest rate swap liability </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestRateDerivativeLiabilitiesAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Interest Rate Derivative Liabilities, at Fair Value </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfDebt_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel"> Repayment of term loan </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Repayment of term loan </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Repayments of Debt </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestInLimitedPartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Noncontrolling Interest in Limited Partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestInLimitedPartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Noncontrolling interests in consolidated real estate partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestInLimitedPartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> Noncontrolling interests in consolidated real estate partnerships </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_SignificantTransactionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Significant transactions. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_SignificantTransactionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Significant Transactions [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PropertyDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Property Debt [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="airc_PropertyDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation"> Property debt member. </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Unrealized losses on available for sale debt securities </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel"> OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax, Total </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeInstrumentsLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortion_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Losses on derivative instruments reclassified into interest expense from accumulated other comprehensive income (loss) </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeInstrumentsLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortion_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_SegmentGeographicalDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Geographical [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfPartnersCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Statement of Partners' Capital [Abstract] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityOther_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Stockholders' Equity, Other </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityOther_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Other, net </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartiallyOwnedPropertiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Partially Owned Properties [Member] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsidiarySaleOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Sale of Stock [Axis] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsidiarySaleOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Sale of Stock </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Finite-Lived Intangible Assets, Major Class Name [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstatePropertiesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Real Estate Properties [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstatePropertiesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Real Estate Properties </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosuresTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Fair Value Disclosures [Text Block] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosuresTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Fair Value Measurements </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityPreferredRedemptionValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Redeemable Noncontrolling Interest, Equity, Preferred, Redemption Value </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityPreferredRedemptionValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Redeemable preferred units </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_CumulativeEffectPeriodOfAdoptionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Cumulative Effect, Period of Adoption [Domain] </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_CumulativeEffectPeriodOfAdoptionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel"> Cumulative Effect, Period of Adoption </link:label>
<link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label"> Proceeds from Issuance of Common Stock </link:label>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnerTypeOfPartnersCapitalAccountNameDomain" xlink:to="us-gaap_PartnerTypeOfPartnersCapitalAccountNameDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingSegmentsMember" xlink:to="us-gaap_OperatingSegmentsMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesOfLessorContingentRentalsBasisSpreadOnVariableRate" xlink:to="us-gaap_CapitalLeasesOfLessorContingentRentalsBasisSpreadOnVariableRate_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentInformationLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" xlink:to="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_EquityMethodInvestmentTerm" xlink:to="airc_EquityMethodInvestmentTerm_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_IndemnifiedEnvironmentalAndOtherLiabilities" xlink:to="airc_IndemnifiedEnvironmentalAndOtherLiabilities_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpensesAbstract" xlink:to="us-gaap_OperatingExpensesAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:to="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_OtherRealEstateMember" xlink:to="airc_OtherRealEstateMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_SecuredIndebtednessToTotalAssetsRatioThereafter" xlink:to="airc_SecuredIndebtednessToTotalAssetsRatioThereafter_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_OtherRevenuesMember" xlink:to="airc_OtherRevenuesMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_OperatingPartnershipCommonUnitsOutstanding" xlink:to="airc_OperatingPartnershipCommonUnitsOutstanding_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditDerivativesContractTypeDomain" xlink:to="us-gaap_CreditDerivativesContractTypeDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_EquityMethodInvestmentInterestRate" xlink:to="airc_EquityMethodInvestmentInterestRate_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialInstrumentAxis" xlink:to="us-gaap_FinancialInstrumentAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfReportableSegments" xlink:to="us-gaap_NumberOfReportableSegments_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable" xlink:to="us-gaap_NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_StatementGeographicalAxis" xlink:to="srt_StatementGeographicalAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_DividendsAndDistributionsPaidPerShareAndUnit" xlink:to="airc_DividendsAndDistributionsPaidPerShareAndUnit_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Goodwill" xlink:to="us-gaap_Goodwill_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireBuildings" xlink:to="us-gaap_PaymentsToAcquireBuildings_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PaymentsForRedemptionOfCommonAndPreferredUnits" xlink:to="airc_PaymentsForRedemptionOfCommonAndPreferredUnits_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_ClassOfStockDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireIntangibleAssets" xlink:to="us-gaap_PaymentsToAcquireIntangibleAssets_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredUnitsContributedCapital" xlink:to="us-gaap_PreferredUnitsContributedCapital_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LimitedPartnersCapitalAccount" xlink:to="us-gaap_LimitedPartnersCapitalAccount_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_LondonInterbankOfferedRateFloorRateMember" xlink:to="airc_LondonInterbankOfferedRateFloorRateMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeaseLeaseIncome" xlink:to="us-gaap_OperatingLeaseLeaseIncome_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:to="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionLineItems" xlink:to="us-gaap_BusinessAcquisitionLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResidualValueOfLeasedAsset" xlink:to="us-gaap_ResidualValueOfLeasedAsset_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PercentageOfAverageOwnershipOfPortfolio" xlink:to="airc_PercentageOfAverageOwnershipOfPortfolio_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeaseLeaseIncomeLeasePayments" xlink:to="us-gaap_OperatingLeaseLeaseIncomeLeasePayments_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PaymentOfDistributionsToGeneralPartnerAndSpecialLimitedPartner" xlink:to="airc_PaymentOfDistributionsToGeneralPartnerAndSpecialLimitedPartner_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRepaymentsOfLinesOfCredit" xlink:to="us-gaap_ProceedsFromRepaymentsOfLinesOfCredit_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xlink:to="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:to="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding" xlink:to="us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDilutedAbstract" xlink:to="us-gaap_EarningsPerShareDilutedAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorLeaseDescriptionLineItems" xlink:to="us-gaap_LessorLeaseDescriptionLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:to="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:to="us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireLand" xlink:to="us-gaap_PaymentsToAcquireLand_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:to="us-gaap_AvailableForSaleSecuritiesDebtSecurities_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ConsolidatedEntitiesDomain" xlink:to="srt_ConsolidatedEntitiesDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_OtherSignificantTransactionsTextBlock" xlink:to="airc_OtherSignificantTransactionsTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_ProceedsFromAcquiredBelowMarketLeaseLiabilities" xlink:to="airc_ProceedsFromAcquiredBelowMarketLeaseLiabilities_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfRealEstate" xlink:to="us-gaap_ProceedsFromSaleOfRealEstate_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyDomain" xlink:to="us-gaap_RelatedPartyDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashIncomeExpense" xlink:to="us-gaap_OtherNoncashIncomeExpense_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeaseOptionToExtend" xlink:to="us-gaap_LessorOperatingLeaseOptionToExtend_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureTextBlock" xlink:to="us-gaap_DebtDisclosureTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyNet" xlink:to="us-gaap_RealEstateInvestmentPropertyNet_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_NumberOfVariableInterestEntities" xlink:to="airc_NumberOfVariableInterestEntities_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_LiabilitiesSubjectToCompromiseAccountsReceivableToIndemnification" xlink:to="airc_LiabilitiesSubjectToCompromiseAccountsReceivableToIndemnification_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialLiabilitiesFairValueDisclosure" xlink:to="us-gaap_FinancialLiabilitiesFairValueDisclosure_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_WhollyOwnedConsolidatedPropertiesMember" xlink:to="airc_WhollyOwnedConsolidatedPropertiesMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:to="us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForProceedsFromOtherRealEstatePartnerships" xlink:to="us-gaap_PaymentsForProceedsFromOtherRealEstatePartnerships_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeaseRightOfUseAsset" xlink:to="us-gaap_OperatingLeaseRightOfUseAsset_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnersCapital" xlink:to="us-gaap_PartnersCapital_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PaymentToAcquireRightOfUseLeaseAsset" xlink:to="airc_PaymentToAcquireRightOfUseLeaseAsset_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeMember" xlink:to="srt_RangeMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_NumberOfSharesOfCommonStockRequiredToRedeemPreferredOPUnitsTenderedForRedemptionIfParentChoosesToRedeemInSharesRatherThanCash" xlink:to="airc_NumberOfSharesOfCommonStockRequiredToRedeemPreferredOPUnitsTenderedForRedemptionIfParentChoosesToRedeemInSharesRatherThanCash_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_GainLossOnDerecognitionOfLeasedPropertiesAndDispositionsOfRealEstate" xlink:to="airc_GainLossOnDerecognitionOfLeasedPropertiesAndDispositionsOfRealEstate_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount" xlink:to="us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeDomain" xlink:to="us-gaap_SubsequentEventTypeDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestInOperatingPartnerships" xlink:to="us-gaap_MinorityInterestInOperatingPartnerships_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureAbstract" xlink:to="us-gaap_DebtDisclosureAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsMinorityInterest" xlink:to="us-gaap_PaymentsOfDividendsMinorityInterest_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentAdditions" xlink:to="us-gaap_PropertyPlantAndEquipmentAdditions_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentTypeCategorizationMember" xlink:to="us-gaap_InvestmentTypeCategorizationMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevolvingCreditFacilityMember" xlink:to="us-gaap_RevolvingCreditFacilityMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_HeldForSaleMember" xlink:to="airc_HeldForSaleMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_NotesReceivable" xlink:to="airc_NotesReceivable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UseOfEstimates" xlink:to="us-gaap_UseOfEstimates_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommercialRealEstateMember" xlink:to="us-gaap_CommercialRealEstateMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PaymentsToAcquireBuildingsAndImprovements" xlink:to="airc_PaymentsToAcquireBuildingsAndImprovements_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare" xlink:to="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_NumberOfUnitsInRealEstatePropertyHeldForSale" xlink:to="airc_NumberOfUnitsInRealEstatePropertyHeldForSale_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_ProceedsFromRepaymentOfNotesReceivable" xlink:to="airc_ProceedsFromRepaymentOfNotesReceivable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfSecuredDebt" xlink:to="us-gaap_RepaymentsOfSecuredDebt_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentTable" xlink:to="us-gaap_DebtInstrumentTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_OtherOperatingExpensesNotAllocatedToReportableSegment" xlink:to="airc_OtherOperatingExpensesNotAllocatedToReportableSegment_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:to="srt_CumulativeEffectPeriodOfAdoptionAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentMaturityDate" xlink:to="us-gaap_DebtInstrumentMaturityDate_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnDispositionOfAssets1" xlink:to="us-gaap_GainLossOnDispositionOfAssets1_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:to="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:to="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_OptionToAcquireEquityInterestInPartnershipPercentage" xlink:to="airc_OptionToAcquireEquityInterestInPartnershipPercentage_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationTable" xlink:to="dei_DocumentInformationTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases" xlink:to="us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:to="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="us-gaap_SegmentReportingDisclosureTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCategoriesOfInvestmentsDomain" xlink:to="us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCategoriesOfInvestmentsDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_DistributionsPreferredUnitholdersCash" xlink:to="airc_DistributionsPreferredUnitholdersCash_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PaymentOfDistributionsToCommonNoncontrollingInterests" xlink:to="airc_PaymentOfDistributionsToCommonNoncontrollingInterests_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_ParkmercedInvestmentMember" xlink:to="airc_ParkmercedInvestmentMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeCashReceivedOnHedge" xlink:to="us-gaap_DerivativeCashReceivedOnHedge_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_NoncontrollingInterestsInCompanysOperatingPartnershipPolicyTextBlock" xlink:to="airc_NoncontrollingInterestsInCompanysOperatingPartnershipPolicyTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_LeverageRatioMember" xlink:to="airc_LeverageRatioMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:to="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditDerivativesByContractTypeAxis" xlink:to="us-gaap_CreditDerivativesByContractTypeAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentNameDomain" xlink:to="us-gaap_DebtInstrumentNameDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrivatePlacementMember" xlink:to="us-gaap_PrivatePlacementMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_CreditAgreementFourMember" xlink:to="airc_CreditAgreementFourMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestRateDerivativeAssetsAtFairValue" xlink:to="us-gaap_InterestRateDerivativeAssetsAtFairValue_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentContinuingOperationsMember" xlink:to="us-gaap_SegmentContinuingOperationsMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_FixedChargeCoverageRatioMember" xlink:to="airc_FixedChargeCoverageRatioMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfRealEstateProperties" xlink:to="us-gaap_NumberOfRealEstateProperties_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_ExpectToSellOrLeaseToThirdPartyMember" xlink:to="airc_ExpectToSellOrLeaseToThirdPartyMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember" xlink:to="us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_DebtInstrumentWeightedAverageMaturityPeriod" xlink:to="airc_DebtInstrumentWeightedAverageMaturityPeriod_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRevenue" xlink:to="us-gaap_CostOfRevenue_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:to="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfUnitsInRealEstateProperty" xlink:to="us-gaap_NumberOfUnitsInRealEstateProperty_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_FloatingRateMember" xlink:to="airc_FloatingRateMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted" xlink:to="us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuredDebtMember" xlink:to="us-gaap_SecuredDebtMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:to="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAbstract" xlink:to="us-gaap_EarningsPerShareBasicAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PaymentOfDistributionsToLimitedPartners" xlink:to="airc_PaymentOfDistributionsToLimitedPartners_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest" xlink:to="us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearTwo" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearTwo_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_ApartmentCommunitiesSold" xlink:to="airc_ApartmentCommunitiesSold_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnsecuredDebtMember" xlink:to="us-gaap_UnsecuredDebtMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByLiabilityClassAxis" xlink:to="us-gaap_FairValueByLiabilityClassAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_NumberOfUnitsInRealEstatePropertyForSold" xlink:to="airc_NumberOfUnitsInRealEstatePropertyForSold_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_WhollyAndPartiallyOwnedConsolidatedPropertiesMember" xlink:to="airc_WhollyAndPartiallyOwnedConsolidatedPropertiesMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest" xlink:to="us-gaap_SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PartnersCapitalAccountAmortizationOfStockBasedCompensation" xlink:to="airc_PartnersCapitalAccountAmortizationOfStockBasedCompensation_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PaymentOfDistributionsToPreferredNoncontrollingInterests" xlink:to="airc_PaymentOfDistributionsToPreferredNoncontrollingInterests_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongtermDebtTypeDomain" xlink:to="us-gaap_LongtermDebtTypeDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentDiscontinuedOperationsMember" xlink:to="us-gaap_SegmentDiscontinuedOperationsMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentAggregateCost" xlink:to="us-gaap_EquityMethodInvestmentAggregateCost_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_EquityMethodInvestmentRightToExtendTerm" xlink:to="airc_EquityMethodInvestmentRightToExtendTerm_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeFairValueOfDerivativeNet" xlink:to="us-gaap_DerivativeFairValueOfDerivativeNet_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeasesAbstract" xlink:to="us-gaap_LeasesAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableMaturityTableTextBlock" xlink:to="us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableMaturityTableTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConsolidationPolicyTextBlock" xlink:to="us-gaap_ConsolidationPolicyTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_DividendAndDistributionPaidTableTextBlock" xlink:to="airc_DividendAndDistributionPaidTableTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByMeasurementBasisAxis" xlink:to="us-gaap_FairValueByMeasurementBasisAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_ResidentialLeaseMember" xlink:to="airc_ResidentialLeaseMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock" xlink:to="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodValue" xlink:to="us-gaap_StockRepurchasedDuringPeriodValue_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstatePropertiesAxis" xlink:to="us-gaap_RealEstatePropertiesAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:to="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:to="us-gaap_FiniteLivedIntangibleAssetsLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_SubsidiariesMember" xlink:to="srt_SubsidiariesMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:to="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_AIMCOPropertiesLPMember" xlink:to="airc_AIMCOPropertiesLPMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_ScheduleOfPropertyPlantAndEquipmentAdditionsBySegmentTableTextBlock" xlink:to="airc_ScheduleOfPropertyPlantAndEquipmentAdditionsBySegmentTableTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_CreditAgreementThreeMember" xlink:to="airc_CreditAgreementThreeMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_CapitalLeasedAssetsNumberOfUnits1" xlink:to="airc_CapitalLeasedAssetsNumberOfUnits1_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:to="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_OwnershipDomain" xlink:to="srt_OwnershipDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:to="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockMember" xlink:to="us-gaap_PreferredStockMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromLeasePayments" xlink:to="us-gaap_ProceedsFromLeasePayments_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_TermLoanMember" xlink:to="airc_TermLoanMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CollateralAxis" xlink:to="us-gaap_CollateralAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDiluted" xlink:to="us-gaap_EarningsPerShareDiluted_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_EffectOfChangesInOwnershipForConsolidatedEntities" xlink:to="airc_EffectOfChangesInOwnershipForConsolidatedEntities_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareAbstract" xlink:to="us-gaap_EarningsPerShareAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_RedemptionOfOperatingPartnershipUnitsInExchangeForCash" xlink:to="airc_RedemptionOfOperatingPartnershipUnitsInExchangeForCash_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorLeaseDescriptionTable" xlink:to="us-gaap_LessorLeaseDescriptionTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:to="us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_RealEstatePropertyTable" xlink:to="airc_RealEstatePropertyTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilityForCatastropheClaimsByCatastrophicEventAxis" xlink:to="us-gaap_LiabilityForCatastropheClaimsByCatastrophicEventAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:to="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_OtherItemsIncludedInContinuingOperations" xlink:to="airc_OtherItemsIncludedInContinuingOperations_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_FixedChargesCoverageRatio" xlink:to="airc_FixedChargesCoverageRatio_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeasePaymentsToBeReceivedAfterRollingYearFive" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceivedAfterRollingYearFive_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ProductsAndServicesDomain" xlink:to="srt_ProductsAndServicesDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:to="us-gaap_AccruedLiabilitiesAndOtherLiabilities_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt" xlink:to="us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="stpr_FL" xlink:to="stpr_FL_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:to="us-gaap_OperatingLeaseLeaseIncomeTableTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PaymentsToAcquireLeaseLiability" xlink:to="airc_PaymentsToAcquireLeaseLiability_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnerTypeOfPartnersCapitalAccountAxis" xlink:to="us-gaap_PartnerTypeOfPartnersCapitalAccountAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnsecuredDebt" xlink:to="us-gaap_UnsecuredDebt_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextRollingTwelveMonths" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextRollingTwelveMonths_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:to="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:to="us-gaap_InvestmentBuildingAndBuildingImprovements_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireRealEstate" xlink:to="us-gaap_PaymentsToAcquireRealEstate_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember" xlink:to="airc_CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:to="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_ScheduleOfCarryingValueAndFairValueOfNonRecoursePropertyDebtTextBlock" xlink:to="airc_ScheduleOfCarryingValueAndFairValueOfNonRecoursePropertyDebtTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanAssetCategoriesDomain" xlink:to="us-gaap_PlanAssetCategoriesDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDebtIssuanceCosts" xlink:to="us-gaap_PaymentsOfDebtIssuanceCosts_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:to="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember" xlink:to="us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_HedgeFundsMember" xlink:to="us-gaap_HedgeFundsMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsFairValueDisclosure" xlink:to="us-gaap_AssetsFairValueDisclosure_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonClassAMember" xlink:to="us-gaap_CommonClassAMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeAxis" xlink:to="srt_RangeAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest" xlink:to="us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateMember" xlink:to="us-gaap_RealEstateMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForCapitalImprovements" xlink:to="us-gaap_PaymentsForCapitalImprovements_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDebtExtinguishmentCosts" xlink:to="us-gaap_PaymentsOfDebtExtinguishmentCosts_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditFacilityAxis" xlink:to="us-gaap_CreditFacilityAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_GainLossOnDispositionsOfUnconsolidatedRealEstatePartnerships" xlink:to="airc_GainLossOnDispositionsOfUnconsolidatedRealEstatePartnerships_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableRateAxis" xlink:to="us-gaap_VariableRateAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableRateDomain" xlink:to="us-gaap_VariableRateDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PaymentsToAcquirePurchasesOfCorporateAssetsInvestingActivities" xlink:to="airc_PaymentsToAcquirePurchasesOfCorporateAssetsInvestingActivities_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingAbstract" xlink:to="us-gaap_SegmentReportingAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:to="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfInvestmentIncomeReportedAmountsByCategoryLineItems" xlink:to="us-gaap_ScheduleOfInvestmentIncomeReportedAmountsByCategoryLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromOtherDebt" xlink:to="us-gaap_ProceedsFromOtherDebt_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SaleOfStockNameOfTransactionDomain" xlink:to="us-gaap_SaleOfStockNameOfTransactionDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PercentageOfOwnershipSoldToAffiliate" xlink:to="airc_PercentageOfOwnershipSoldToAffiliate_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_UnsecuredLeverageRatio" xlink:to="airc_UnsecuredLeverageRatio_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityByClassOfStockTable" xlink:to="us-gaap_TemporaryEquityByClassOfStockTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_CostOfDerivativeInstrument" xlink:to="airc_CostOfDerivativeInstrument_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LesseeOperatingLeaseTermOfContract" xlink:to="us-gaap_LesseeOperatingLeaseTermOfContract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PartnersCapitalAccountDistributionsToPreferredUnitHolders" xlink:to="airc_PartnersCapitalAccountDistributionsToPreferredUnitHolders_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_IssuanceCost" xlink:to="airc_IssuanceCost_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_LondonInterBankOfferedRateSpreadRateMember" xlink:to="airc_LondonInterBankOfferedRateSpreadRateMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeasesAcquiredInPlaceMarketAdjustmentMember" xlink:to="us-gaap_LeasesAcquiredInPlaceMarketAdjustmentMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_FourPointFiveEightNotesPayableDueInJuneTwentyTwentySevenMember" xlink:to="airc_FourPointFiveEightNotesPayableDueInJuneTwentyTwentySevenMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayable" xlink:to="us-gaap_NotesPayable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentCarryingAmount" xlink:to="us-gaap_DebtInstrumentCarryingAmount_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingInformationLineItems" xlink:to="us-gaap_SegmentReportingInformationLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_NonRecoursePropertyDebtMember" xlink:to="airc_NonRecoursePropertyDebtMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentInterestRateTerms" xlink:to="us-gaap_DebtInstrumentInterestRateTerms_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_SecuredIndebtednessToTotalAssetsRatio" xlink:to="airc_SecuredIndebtednessToTotalAssetsRatio_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityTableTextBlock" xlink:to="us-gaap_TemporaryEquityTableTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsNet" xlink:to="us-gaap_DeferredFinanceCostsNet_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerEconomicInterest" xlink:to="airc_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerEconomicInterest_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeCapInterestRate" xlink:to="us-gaap_DerivativeCapInterestRate_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel2Member" xlink:to="us-gaap_FairValueInputsLevel2Member_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FloodMember" xlink:to="us-gaap_FloodMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPartnersCapitalRollForward" xlink:to="us-gaap_IncreaseDecreaseInPartnersCapitalRollForward_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_ContributionFromNoncontrollingInterestsInConsolidatedRealEstatePartnerships" xlink:to="airc_ContributionFromNoncontrollingInterestsInConsolidatedRealEstatePartnerships_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_CreditAgreementMember" xlink:to="airc_CreditAgreementMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeDescriptionOfTerms" xlink:to="us-gaap_DerivativeDescriptionOfTerms_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfInvestmentIncomeReportedAmountsByCategoryTable" xlink:to="us-gaap_ScheduleOfInvestmentIncomeReportedAmountsByCategoryTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:to="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="us-gaap_LineOfCredit_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermPurchaseCommitmentTable" xlink:to="us-gaap_LongTermPurchaseCommitmentTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel3Member" xlink:to="us-gaap_FairValueInputsLevel3Member_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentLineItems" xlink:to="us-gaap_DebtInstrumentLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_AffiliateOfBlackstoneMember" xlink:to="airc_AffiliateOfBlackstoneMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuredDebt" xlink:to="us-gaap_SecuredDebt_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_UnsecuredDebtGrossMember" xlink:to="airc_UnsecuredDebtGrossMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StandbyLettersOfCreditMember" xlink:to="us-gaap_StandbyLettersOfCreditMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:to="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment" xlink:to="us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnersCapitalAccountRedemptions" xlink:to="us-gaap_PartnersCapitalAccountRedemptions_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentIncomeInterest" xlink:to="us-gaap_InvestmentIncomeInterest_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_AIMCOOperatingPartnershipMember" xlink:to="airc_AIMCOOperatingPartnershipMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupClassificationAxis" xlink:to="us-gaap_DisposalGroupClassificationAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel1Member" xlink:to="us-gaap_FairValueInputsLevel1Member_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember" xlink:to="airc_NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CatastrophicEventDomain" xlink:to="us-gaap_CatastrophicEventDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:to="us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByBalanceSheetGroupingTable" xlink:to="us-gaap_FairValueByBalanceSheetGroupingTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:to="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnersCapitalAccountDistributions" xlink:to="us-gaap_PartnersCapitalAccountDistributions_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentTypeAxis" xlink:to="us-gaap_InvestmentTypeAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnersCapitalAccountExchangesAndConversions" xlink:to="us-gaap_PartnersCapitalAccountExchangesAndConversions_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_SameStoreMember" xlink:to="airc_SameStoreMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract" xlink:to="us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityNetIncome" xlink:to="us-gaap_TemporaryEquityNetIncome_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TableTextBlockSupplementAbstract" xlink:to="us-gaap_TableTextBlockSupplementAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Land" xlink:to="us-gaap_Land_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsCommonStock" xlink:to="us-gaap_PaymentsOfDividendsCommonStock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_InterestEarningAssetsNetYield" xlink:to="srt_InterestEarningAssetsNetYield_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesTypeLeaseInterestIncomeLeaseReceivable" xlink:to="us-gaap_SalesTypeLeaseInterestIncomeLeaseReceivable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodShares" xlink:to="us-gaap_StockRepurchasedDuringPeriodShares_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongtermDebtTypeAxis" xlink:to="us-gaap_LongtermDebtTypeAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PreferredUnitsMember" xlink:to="airc_PreferredUnitsMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_LeasedRealEstateAssets" xlink:to="airc_LeasedRealEstateAssets_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:to="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:to="srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsMember" xlink:to="us-gaap_FiniteLivedIntangibleAssetsMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MinimumMember" xlink:to="srt_MinimumMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyLossInPeriod" xlink:to="us-gaap_LossContingencyLossInPeriod_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementFrequencyDomain" xlink:to="us-gaap_FairValueMeasurementFrequencyDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_CapitalLeasesOfLessorContingentRentalsBasisSpreadOnVariableRate1" xlink:to="airc_CapitalLeasesOfLessorContingentRentalsBasisSpreadOnVariableRate1_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:to="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_RentalAndOtherPropertyRevenuesMember" xlink:to="airc_RentalAndOtherPropertyRevenuesMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableforsaleSecuritiesMember" xlink:to="us-gaap_AvailableforsaleSecuritiesMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDebtTableTextBlock" xlink:to="us-gaap_ScheduleOfDebtTableTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DistributionMadeToLimitedPartnerDistributionsPaidPerUnit" xlink:to="us-gaap_DistributionMadeToLimitedPartnerDistributionsPaidPerUnit_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_AvailableForSaleDebtSecuritiesFaceValue" xlink:to="airc_AvailableForSaleDebtSecuritiesFaceValue_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_AssetRatioMember" xlink:to="airc_AssetRatioMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_VariableRateMember" xlink:to="airc_VariableRateMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesTypeLeaseUnguaranteedResidualAsset" xlink:to="us-gaap_SalesTypeLeaseUnguaranteedResidualAsset_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_ExpectedRemainingTermAvailableForSaleSecurities" xlink:to="airc_ExpectedRemainingTermAvailableForSaleSecurities_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_AIROperatingPartnershipMember" xlink:to="airc_AIROperatingPartnershipMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:to="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_OrganizationLineItems" xlink:to="airc_OrganizationLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosuresAbstract" xlink:to="us-gaap_FairValueDisclosuresAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssets" xlink:to="us-gaap_OtherAssets_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtWeightedAverageInterestRate" xlink:to="us-gaap_DebtWeightedAverageInterestRate_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnersCapitalOther" xlink:to="us-gaap_PartnersCapitalOther_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_HedgedAssetFairValueHedge" xlink:to="us-gaap_HedgedAssetFairValueHedge_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MaximumMember" xlink:to="srt_MaximumMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PartnersCapitalAccountEffectOfChangesInOwnershipOfPartnershipUnitsAndConsolidated" xlink:to="airc_PartnersCapitalAccountEffectOfChangesInOwnershipOfPartnershipUnitsAndConsolidated_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_ApartmentCommunityMember" xlink:to="airc_ApartmentCommunityMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_OperatingIncomeLossProperty" xlink:to="airc_OperatingIncomeLossProperty_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_GeneralAndSpecialLimitedPartnersCapitalAccount" xlink:to="airc_GeneralAndSpecialLimitedPartnersCapitalAccount_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLoss" xlink:to="us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLoss_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearFour" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearFour_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityOtherShares" xlink:to="us-gaap_StockholdersEquityOtherShares_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityLineItems" xlink:to="us-gaap_TemporaryEquityLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable" xlink:to="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_OperatingLeasesFutureMinimumPaymentsReceivableUndiscountedExcessAmount" xlink:to="airc_OperatingLeasesFutureMinimumPaymentsReceivableUndiscountedExcessAmount_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_EquityComponentDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:to="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentDomain" xlink:to="us-gaap_SegmentDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyAtCost" xlink:to="us-gaap_RealEstateInvestmentPropertyAtCost_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_ScheduleOfEarningsPerShareAndPerUnitLineItems" xlink:to="airc_ScheduleOfEarningsPerShareAndPerUnitLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:to="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeaseVariableLeaseIncome" xlink:to="us-gaap_OperatingLeaseVariableLeaseIncome_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearThree" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceivedRollingYearThree_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InformationByCategoryOfDebtSecurityAxis" xlink:to="us-gaap_InformationByCategoryOfDebtSecurityAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ConsolidationItemsDomain" xlink:to="srt_ConsolidationItemsDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ConsolidatedEntitiesAxis" xlink:to="srt_ConsolidatedEntitiesAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_CreditAgreementOneMember" xlink:to="airc_CreditAgreementOneMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" xlink:to="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract" xlink:to="us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_CreditAgreementTwoMember" xlink:to="airc_CreditAgreementTwoMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_ScheduleOfEarningsPerShareAndPerUnitTable" xlink:to="airc_ScheduleOfEarningsPerShareAndPerUnitTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment" xlink:to="us-gaap_WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:to="us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PembrokePinesFloridaMember" xlink:to="airc_PembrokePinesFloridaMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_DebtInstrumentMaturityMonthAndYear" xlink:to="airc_DebtInstrumentMaturityMonthAndYear_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_SecuredDebtGross" xlink:to="airc_SecuredDebtGross_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_BusinessSegmentsTextualAbstract" xlink:to="airc_BusinessSegmentsTextualAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PropertyOperatingExpenses" xlink:to="airc_PropertyOperatingExpenses_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_AverageMonthlyRent" xlink:to="airc_AverageMonthlyRent_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_VariableRateTermsLoanMember" xlink:to="airc_VariableRateTermsLoanMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfCommonLimitedPartnersUnits" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonLimitedPartnersUnits_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:to="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:to="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_InterestRateOptionMember" xlink:to="airc_InterestRateOptionMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalents" xlink:to="us-gaap_RestrictedCashAndCashEquivalents_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromUnsecuredNotesPayable" xlink:to="us-gaap_ProceedsFromUnsecuredNotesPayable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditFacilityDomain" xlink:to="us-gaap_CreditFacilityDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PreferredUnitsRedeemedDuringPeriodValue" xlink:to="airc_PreferredUnitsRedeemedDuringPeriodValue_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPreferredStockStock" xlink:to="us-gaap_DividendsPreferredStockStock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaterialReconcilingItemsMember" xlink:to="us-gaap_MaterialReconcilingItemsMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquitySharesOutstanding" xlink:to="us-gaap_TemporaryEquitySharesOutstanding_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:to="us-gaap_VariableInterestEntityDisclosureTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_DerivativeCapInterestRateForLimitedSettlement" xlink:to="airc_DerivativeCapInterestRateForLimitedSettlement_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_AffiliateOfBlackstoneInvestmentMember" xlink:to="airc_AffiliateOfBlackstoneInvestmentMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_RedemptionOfOperatingPartnershipUnitsInExchangeForShares" xlink:to="airc_RedemptionOfOperatingPartnershipUnitsInExchangeForShares_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_GeneralPartnerAndSpecialLimitedPartnerMember" xlink:to="airc_GeneralPartnerAndSpecialLimitedPartnerMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_FixedRateMember" xlink:to="airc_FixedRateMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:to="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateAssetsHeldForDevelopmentAndSale" xlink:to="us-gaap_RealEstateAssetsHeldForDevelopmentAndSale_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:to="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_ScheduleOfFutureMinimumRentalPaymentForOperatingLeasesTableTextBlock" xlink:to="airc_ScheduleOfFutureMinimumRentalPaymentForOperatingLeasesTableTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:to="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CorporateNonSegmentMember" xlink:to="us-gaap_CorporateNonSegmentMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_DebtInstrumentAllInCostRate" xlink:to="airc_DebtInstrumentAllInCostRate_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnership" xlink:to="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnership_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ParentMember" xlink:to="us-gaap_ParentMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementBusinessSegmentsAxis" xlink:to="us-gaap_StatementBusinessSegmentsAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherOperatingIncomeExpenseNet" xlink:to="us-gaap_OtherOperatingIncomeExpenseNet_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsCommonStockCash" xlink:to="us-gaap_DividendsCommonStockCash_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateLiabilitiesAssociatedWithAssetsHeldForDevelopmentAndSale" xlink:to="us-gaap_RealEstateLiabilitiesAssociatedWithAssetsHeldForDevelopmentAndSale_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CollateralDomain" xlink:to="us-gaap_CollateralDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup" xlink:to="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInTemporaryEquityRollForward" xlink:to="us-gaap_IncreaseDecreaseInTemporaryEquityRollForward_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnDispositionOfRealEstateDiscontinuedOperations" xlink:to="us-gaap_GainLossOnDispositionOfRealEstateDiscontinuedOperations_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NatureOfOperations" xlink:to="us-gaap_NatureOfOperations_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PartnersCapitalAttributableToPartnershipMember" xlink:to="airc_PartnersCapitalAttributableToPartnershipMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapital" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapital_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestments" xlink:to="us-gaap_EquityMethodInvestments_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralPartnersCapitalAccountUnitsOutstanding" xlink:to="us-gaap_GeneralPartnersCapitalAccountUnitsOutstanding_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_OwnershipAxis" xlink:to="srt_OwnershipAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireResidentialRealEstate" xlink:to="us-gaap_PaymentsToAcquireResidentialRealEstate_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_AcquisitionAndOtherRealEstateMember" xlink:to="airc_AcquisitionAndOtherRealEstateMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByMeasurementFrequencyAxis" xlink:to="us-gaap_FairValueByMeasurementFrequencyAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" xlink:to="us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_FourPointEightFourNotesPayableDueInJuneTwoThousandAndThirtyTwoMember" xlink:to="airc_FourPointEightFourNotesPayableDueInJuneTwoThousandAndThirtyTwoMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireAssetsInvestingActivities" xlink:to="us-gaap_PaymentsToAcquireAssetsInvestingActivities_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyEstimatedRecoveryFromThirdParty" xlink:to="us-gaap_LossContingencyEstimatedRecoveryFromThirdParty_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LimitedPartnerMember" xlink:to="us-gaap_LimitedPartnerMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDistributionsInExcessOfNetIncome" xlink:to="us-gaap_AccumulatedDistributionsInExcessOfNetIncome_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic" xlink:to="us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_IssuanceOfCommonLimitedPartnersUnits" xlink:to="airc_IssuanceOfCommonLimitedPartnersUnits_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosureItemAmountsDomain" xlink:to="us-gaap_FairValueDisclosureItemAmountsDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeniorNotesMember" xlink:to="us-gaap_SeniorNotesMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_NumberOfUnitsInRealEstatePropertySold" xlink:to="airc_NumberOfUnitsInRealEstatePropertySold_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_LeasesOfCompanyAsLessorAndLesseeTextBlock" xlink:to="airc_LeasesOfCompanyAsLessorAndLesseeTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ConsolidationItemsAxis" xlink:to="srt_ConsolidationItemsAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ProductOrServiceAxis" xlink:to="srt_ProductOrServiceAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupClassificationDomain" xlink:to="us-gaap_DisposalGroupClassificationDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:to="us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_UnsecuredInterestCoverageRatio" xlink:to="airc_UnsecuredInterestCoverageRatio_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementsNonrecurringMember" xlink:to="us-gaap_FairValueMeasurementsNonrecurringMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingInformationProfitLossAbstract" xlink:to="us-gaap_SegmentReportingInformationProfitLossAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_FourPointSevenSevenNotesPayableDueInJuneTwentyTwentyNineMember" xlink:to="airc_FourPointSevenSevenNotesPayableDueInJuneTwentyTwentyNineMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermPurchaseCommitmentLineItems" xlink:to="us-gaap_LongTermPurchaseCommitmentLineItems_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_TemporaryEquityDistributionMadeToMemberOrLimitedPartnerDistributionsPaidPercentage" xlink:to="airc_TemporaryEquityDistributionMadeToMemberOrLimitedPartnerDistributionsPaidPercentage_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenueRecognitionLeasesOperating" xlink:to="us-gaap_RevenueRecognitionLeasesOperating_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_AccumulatedOtherComprehensiveIncomeLossCumulativeChangeInNetGainLossFromCashFlowHedgesEffectNetOfTax" xlink:to="airc_AccumulatedOtherComprehensiveIncomeLossCumulativeChangeInNetGainLossFromCashFlowHedgesEffectNetOfTax_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementsRecurringMember" xlink:to="us-gaap_FairValueMeasurementsRecurringMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_ApartmentIncomeReitLPMember" xlink:to="airc_ApartmentIncomeReitLPMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestRateDerivativeLiabilitiesAtFairValue" xlink:to="us-gaap_InterestRateDerivativeLiabilitiesAtFairValue_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfDebt" xlink:to="us-gaap_RepaymentsOfDebt_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestInLimitedPartnerships" xlink:to="us-gaap_MinorityInterestInLimitedPartnerships_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_SignificantTransactionsAbstract" xlink:to="airc_SignificantTransactionsAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="airc_PropertyDebtMember" xlink:to="airc_PropertyDebtMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortion" xlink:to="us-gaap_DerivativeInstrumentsLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortion_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_SegmentGeographicalDomain" xlink:to="srt_SegmentGeographicalDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfPartnersCapitalAbstract" xlink:to="us-gaap_StatementOfPartnersCapitalAbstract_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityOther" xlink:to="us-gaap_StockholdersEquityOther_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartiallyOwnedPropertiesMember" xlink:to="us-gaap_PartiallyOwnedPropertiesMember_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiarySaleOfStockAxis" xlink:to="us-gaap_SubsidiarySaleOfStockAxis_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:to="us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstatePropertiesDomain" xlink:to="us-gaap_RealEstatePropertiesDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosuresTextBlock" xlink:to="us-gaap_FairValueDisclosuresTextBlock_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RedeemableNoncontrollingInterestEquityPreferredRedemptionValue" xlink:to="us-gaap_RedeemableNoncontrollingInterestEquityPreferredRedemptionValue_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:to="srt_CumulativeEffectPeriodOfAdoptionDomain_lbl"/>
<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl"/>
</link:labelLink>
</link:linkbase>

1 Subsequent Filing that References this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/31/23  Apartment Income REIT Corp.       S-8         1/31/23    6:284K                                   Donnelley … Solutions/FA

6 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/05/22  Apartment Income REIT Corp.       8-K:1,7,9   6/29/22   14:1.8M                                   Donnelley … Solutions/FA
 6/21/22  Apartment Income REIT Corp.       8-K:1,7,9   6/14/22   14:417K                                   Donnelley … Solutions/FA
 5/25/22  Apartment Income REIT Corp.       8-K:1,7,9   5/19/22   12:253K                                   Donnelley … Solutions/FA
 5/09/22  Apartment Income REIT Corp.       8-K:8,9     5/06/22   12:763K                                   Donnelley … Solutions/FA
 7/08/21  Apartment Income REIT, L.P.       8-K:5,9     7/07/21   11:2.2M                                   ActiveDisclosure/FA
12/15/20  Apartment Income REIT Corp.       8-K:1,2,3,512/15/20   28:4.5M                                   Donnelley … Solutions/FA
↑Top
Filing Submission 0000950170-22-013536   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help — Wed., May 1, 7:31:59.1am ET