Shares of Equity Residential (NYSE: EQR) tumbled 20.2% in the first half of 2022, according to data provided by S&P Global Market Intelligence . That was slightly less than the S&P 500 's 20.6% decline to start the year.
The same recessionary concerns that triggered the broader market sell-off were largely to blame for the real estate investment trust's ( REIT ) slump.
Equity Residential is having a strong year financially. The residential REIT reported robust first-quarter results in late April, delivering double-digit percentage growth in its funds from operations per share. This year, demand for apartments has been intense, keeping occupancy levels high and rental rates rising. Equity Residential reported the lowest tenant turnover in its history, as its renters didn't have many options other than keeping their existing apartments due to surging real estate prices.
For further details see:
Why Equity Residential Stock Slumped More than 20% in the First Half of 2022