On the latest round of earnings calls, several multifamily REIT leaders expressed growing confidence about their prospects in the Sun Belt, where high levels of supply have continued to moderate.
In the past quarter, Camden sold its entire 3,620-unit California portfolio in order to focus on Sun Belt states, while MAA leaders are expecting an unusually strong Q3 thanks to a high level of inbound migration to its Sun Belt properties.
UDR also saw growing momentum in the Sun Belt, driven in part by new lease growth. Plus, new company headquarters are juicing apartment demand in Plano and Frisco in Texas, as are major employers that are expanding their presence in Nashville.
Meanwhile, coasts-focused AvalonBay Communities and Equity Residential, which are in the process of merging, saw strength in San Francisco and New York City. Essex Property Trust’s West Coast portfolio had its best performance in Northern California, where the tech industry continues to draw workers, while Southern California lagged.
Read on for more detail about what major multifamily REITs reported in Q2.
