Bay Area Apartment REITs Report Moderate Growth In Q3 Despite Rent Slowdown
A slowdown in rent growth has several public REITs boasting only moderate increases in income during the third quarter, but their portfolios are leasing quickly. An influx of new apartment deliveries this year and into next are keeping demand in check for the most part and skyrocketing rents have yet to be reported this year. Despite slower rent growth, new and existing apartments maintain high occupancy and strong leasing activity. Essex Property Trust, Equity Residential, Aimco and AvalonBay reported occupancy in the mid-90s by the end of the third quarter.
Check out how these REITs performed so far this year below:
Equity Residential
Year-To-Date Net Operating Income for San Francisco: $215M (+2.5%)
Total Units: 12,959
Weighted Average Physical Occupancy: 95.9%
Equity Residential's under-development project in San Francisco, 855 Brannan, was 94% completed by the end of the third quarter and 40% leased. It…
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