Residential REITs | North America Monthly Fundamental Report | June 2026

Research evidence excerpt

Residential REITs | North America Monthly Fundamental Report | June 2026

Foundation

July 9, 2026 08:53 PM 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

June 2026 Caroline Long

Caroline.Long1@morganstanley.com +1 212 761-0102

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

Real Estate Investment Trusts

metrics for Multifamily, Single-Family Rental, and Manufactured North America

Housing REITs. Industry View In-Line

Exhibit 1 : CoStar projects continued

Key Takeaways

slowdown in multifamily deliveries across all

Multifamily 2Q26 national effective rent growth improved to 0.0% YoY vs. -0.8% US regions

in 1Q, while vacancy improved modestly to 8.2% vs. 8.4%. 2Q26 Gross Delivered Units % of Inventory (Unit W.A.)

Region NTM TTM Change

Multifamily absorption accelerated to 0.7% vs. 0.5% in 1Q, while TTM starts and Northeast 1.8% 2.0% (11) bps

units under construction slowed to 1.5% and 2.7%, lows since '12/'13. South 2.1% 2.7% (55) bps

West 1.6% 1.8% (15) bps

Single-family rental trends improved as AlphaWise shows accelerating new-lease Midwest 1.6% 1.7% (11) bps

U.S. Total 1.9% 2.2% (38) bps

growth in 2Q26 vs. 1Q alongside improving time-to-lease measures.

Source: CoStar, Morgan Stanley Research

Single-family rental supply tightened as the Zillow availability tracker shows SFR

listings lower YoY for second month this year in the 24-market tracker. Exhibit 2 : Y/Y growth in single-family homes

Manufactured housing steady on limited new supply and pricing power, but RV available for rent in 24 key markets