- Equity Residential ( NYSE: EQR ) expects same-store revenue growth to meet or beat 10.5%, the midpoint of its 2022 guidance range, the apartment REIT said Wednesday.
- Consistent with normal seasonal demand patterns, rents peaked for the year in early August 2022 and are expected to moderate for the rest of the year, the company said.
- Equity Residential ( EQR ) said its same-store residential blended rent rate rose 11.8% Y/Y, according to preliminary data, vs. a 12.8% increase in July and 14.3% increase in June.
- Same-store physical occupancy stood at 96.6% in August, a tick down from 96.5% in July and from 96.7% in June.
- Percentage of residents renewing by month were 52% in both August and July and 55% in June.
- Equity Residential ( EQR ) shares were up 0.4% in Wednesday premarket trading.
- Earlier this month (Aug. 19), Redfin said U.S. median asking rent slowed for the second straight month in July.
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Equity Residential sees 2022 revenue growth meeting, beating guidance midpoint