U.S. Residential REITs: Takeaways From 2Q‘26 Residential Survey - UBS Evidence Lab inside

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U.S. Residential REITs: Takeaways From 2Q‘26 Residential Survey - UBS Evidence Lab inside

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U.S. Residential REITs Equities

AmericasTakeaways From 2Q'26 Residential Survey - UBS

Evidence Lab inside Real Estate

Michael Goldsmith

Analyst

michael.goldsmith@ubs.com

Our Take: UBS Evidence Lab survey points to resilient rental demand and +1-212-713 2951

continued low turnover

Ami Probandt

The key insight from the 2Q'26 UBS Evidence Lab Housing Intentions survey of 2k+ US Analyst

adults (>Access Dataset) is that rental demand trends remain broadly stable. The share of ami.probandt@ubs.com

respondents living rent-free declined modestly, while rent affordability perceptions +1-212-713 2078

improved modestly, particularly among SFR renters. Importantly, the survey showed no Justin Haasbeek

signs of worsening affordability pressure among renters. Results also point to continued Associate Analyst

low turnover, consistent with recent Apartment and SFR REIT commentary. While justin.haasbeek@ubs.com

homeownership affordability remains challenged, sentiment toward eventual +1-212-713 2014

homeownership improved, with fewer respondents believing they will never be able to Connor Mitchell

afford a home. Overall, we expect 2Q'26 Apartment and SFR REIT results to reflect Associate Analyst

ongoing price sensitivity among new renters in higher-supply markets, offset by connor.mitchell@ubs.com

increasing pricing power in lower-supply markets. In our view, these dynamics should +1-212-649 8246

continue to favor urban and coastal portfolios over suburban and Sunbelt portfolios. Anna O'Neil

Associate Analyst Demand for renting new units ticked down. In the June 2026 survey, 8% of

anna.oneil@ubs.com