Residential REITs | North America Monthly Fundamental Report

Research evidence excerpt

Residential REITs | North America Monthly Fundamental Report

Foundation

June 16, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMResidential REITs | North America Adam Kramer

Equity Analyst

Monthly Fundamental Report Adam.Kramer@morganstanley.comDerrick Metzler +1 212 761-4623

Research Associate

Derrick.Metzler@morganstanley.com +1 212 761-3366

In 65+ charts, we analyze key supply, demand & performance Caroline Long

metrics for Multifamily, Single-Family Rental, and Manufactured ResearchCaroline.Long1@morganstanley.comAssociate +1 212 761-0102

Housing REITs.

Real Estate Investment Trusts

North America

Key Takeaways Industry View In-Line

2Q26-QTD national CoStar multifamily rent growth improved to 0.4% YoY, up Exhibit 1 : CoStar projects continued

from -0.2% YoY in 1Q26; vacancy rates remained broadly stable at +8.4% vs. 8.5% slowdown in multifamily deliveries across all

in 1Q US regions

2Q26-QTD TTM multifamily construction starts slowed further to 1.5% of 2Q26 EST Gross Delivered Units % of Inventory (Unit W.A.)

Region NTM TTM Change

inventory (vs. 1.6% in 1Q) per CoStar, the lowest level since 2012

Northeast 1.7% 2.0% (31) bps

South 2.0% 2.8% (78) bps

Apr '26 RCA apartment transaction volume fell -49.9% YoY to $6.2bn; cap rates

West 1.4% 1.8% (43) bps

stable at 5.6% Midwest 1.4% 1.8% (45) bps

U.S. Total 1.7% 2.3% (59) bps

Jun '26 Zillow single-family supply growth slowed to -1.8% YoY, the first month of

Source: CoStar, Morgan Stanley Research

negative supply growth since we started tracking 24 U.S. markets

RVIA survey shows RV shipments declined -16.9% in Apr '26; Towables, the Exhibit 2 : Y/Y growth in single-family homes

largest category, declined -20.7% YoY available for rent in 24 key markets

SFR Homes Available For Rent & Y/Y Change In 24 Key Markets