Equity Residential (EQR), the largest publicly traded U.S. apartment landlord, said first-quarter funds from operations climbed as the nation’s rents increased amid surging tenant demand.
An improving job market and stricter mortgage-lending standards that impede homebuying are fueling demand for apartments nationally, allowing landlords to increase rents. Multifamily owners’ rental revenue probably will climb 6.3 percent this year, according to Axiometrics Inc. Apartment REITs have pushed rents up 2.8 percent this year, the Dallas-based research firm said.
Read the whole article: Equity Residential FFO Climbs on Surging U.S. Apartment Demand – Bloomberg.