Multi-Family REITs: GO Residential Tour Points To NYC Rents Moving Higher, Market Tightening Further

Research evidence excerpt

Multi-Family REITs: GO Residential Tour Points To NYC Rents Moving Higher, Market Tightening Further

J P M O R G A N North America Equity Research

01 July 2026

Multi-Family REITs

GO Residential Tour Points To NYC Rents Moving

Higher, Market Tightening Further

We spent part of today touring apartment assets owned by GO Residential (GO – REITs & Real Estate Services

ACTSX, not covered) in New York City. While we don’t cover GO, we found it helpful Anthony Paolone, CFA

to see what is happening on the ground at large institutional apartment rentals in (1-212) 622-6682

New York City. The short summary is that trends are strong with market rents anthony.paolone@jpmorgan.com

continuing to increase in the low/mid-single digits broadly. But what was even J.P. Morgan Securities LLC

more interesting to us was that the market has gotten so tight that lower-rent areas/

buildings have seen a step-function up in rents to the tune of 15%+ over just the last

couple of quarters. This was clearly evident at the company’s 1 East River Place

asset on the Upper East Side, where the market has moved from the mid-$80s/sf

to about $100/sf today in certain units (more on this below). When combined with

the continued increase in market rents in already high-rent buildings, GO’s blended

rent spreads are running in the 10-12% range.

Stepping back, GO’s portfolio currently totals eight assets and 2,730 units; there

is also one pending acquisition for 304 units. All its assets are high-end, fully-

amenitized properties with average rents of $6,876/month at the end of 1Q. But

even within this portfolio, there are A+ newer skyline properties, such as The

Copper, and older-vintage large assets, like 1 East River Place built in 1992. The

company’s rent/income levels sit at about 25%.