Residential REITs: Residential REIT Rundown: positive Nareit updates and more jobs

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Residential REITs: Residential REIT Rundown: positive Nareit updates and more jobs

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Residential REITs

Residential REIT Rundown: positive Nareit

updates and more jobs

Industry Overview

Apartment meetings focus on better seasonal trends 08 June 2026

We met with CPT, ESS, MAA and UDR last week and all pointed to a healthier demand Equity

trajectory. Last year, leasing season peaked early (April/May), but this spring, rents United States

continue to improve in May and tighter 30-day forward availability suggests rent growth REITs

can accelerate in June as well. Concession usage is moderating and M/M momentum is Jana Galan

stronger, supporting a more normal seasonal leasing curve. If rent trends persist through Research Analyst

July, apartment REITs will likely have to increase guidance for 2026 given conservative BofAS+1 646 855-5042

assumptions in early 1Q26 after false signals in 2025. Our 2027 CPT FFO estimate is jana.galan@bofa.com

above the Street and we model new lease spreads turning positive in 2Q27. We maintain Jeffrey Spector

Research Analyst

Buy ratings on AVB/EQR, CPT and MAA. Maintain Neutral on ESS and UDR on valuation. BofAS

+1 646 855 1363

SFR fundamentals also improving into June jeff.spector@bofa.com Andrew Berger

AMH and INVH’s fundamentals are improving with better new lease trends and higher Research Analyst

occupancy, suggesting moderating shadow supply and BTR deliveries. AMH had a 50 bps BofAS

+1 646 855 1589

increase in occupancy from 1Q to April and another 60 bps in May to average 96.2% for andrew.berger2@bofa.com

the month. INVH gained 90 bps to average 97.2% 2QTD. Renewals were slightly lower Julieta Michelin

than we had modeled at 3.1% and 3.2% respectively for AMH and INVH. Both SFR REITs Research Analyst BofAS