Major apartment REITs reported a shortage of new leases and stagnant rent growth, with some owners going so far as to lower guidance for the remainder of the year as economic concerns grow.
Renewed leases remain steadier as people stay put in uncertain economic conditions, but a dearth of new leases is stifling rent growth, according to third-quarter results released by five multifamily landlords this week.
“Blends began the quarter ahead of our expectations but over the last 45 days have decelerated beyond typical seasonality, which we largely attribute to the economic uncertainty,” said UDR CEO Michael Lacy, describing combined rent growth for new…