From left: Equity Residential CEO David Neithercut and UDR CEO Thomas ToomeyAs nationwide residential rental vacancy rates near their five-year lows, multi-family real estate investment trusts are performing well and believe more profit is on the way. Reporting from the National Association of Real Estate Investment Trusts’ conference in Dallas the Wall Street Journal said generational factors and the weak economy are driving rental strength, and large landlords will hike rents in their portfolios as a result.
Young adults prefer to live close to city centers, UDR CEO Thomas Toomey said, and the firm’s 62,000-unit portfolio is more than 96 percent occupied. “We don’t have a problem finding customers. This is now a time when we’re just going to end up increasing rents.”… [more]