Apartment REITs: RBC MultiTracker for June 2026

Research evidence excerpt

Apartment REITs: RBC MultiTracker for June 2026

ormance since 2022. Sunbelt markets saw mixed results, with certain supply-afflicted

markets (Austin, Denver) showing signs of improvement while many others (Dallas, Florida, Houston,

Phoenix) continue to see pressure. At the company level, ESS reclaimed the top spot in our rankings,

followed closely by CSR and the remaining coastal names. The Sunbelt names (CPT, MAA, IRT) remain

at the bottom of our rankings, although the gap is narrowing slightly.

Occupancy up 10 bps, concessions flat in June. June's occupancy across the key apartment markets

was 95.6%, up 10 bps MoM. Nine of the top 10 below-average-occupancy markets we track are Sunbelt

markets, although occupancy in these markets was largely higher, while the Bay Area and Midwest

continue to see the most above-average occupancy. Concessions were flat MoM at 2.0% of rent, in line

with normal seasonality. Lease-ups from 2026 and 2025 vintages remain elevated but saw a notable

step down MoM to at 4.6 and 3.8 weeks free in June (previously 5.4 and 4.4 weeks, respectively). Even

so, Sunbelt concessions were up slightly in June, suggesting concessions remain a pressure on current

leasing trends.

Sunbelt leads job growth, however Florida looks notably weak. Recent payroll data for May shows

Sunbelt markets seeing the strongest trends, representing six of the top 10 strongest markets. California,

D.C. and Florida area are seeing weaker payroll trends, representing five of the bottom 10 markets.

In our analysis of state-level WARN data, D.C. also ranks among the weakest markets from a layoff

perspective, with only Orlando and Atlanta seeing weaker trends. Tertiary markets are generally seeing