A dozen major multifamily owning REITs found coal in the stocking at year's end, according a data analysis from Trepp.
"The major apartment-owning REITs, 12 companies with 544,142 units, reported an average 0.63% decline in occupancy in the fourth quarter when compared with a year ago," the analysis noted. "Meanwhile, average rents for the 12 companies increased by 0.04% from the third quarter, outperforming the 0.17% national average decline during the period.
The overall results mean that the REITs in question problem lost revenue between September and December 2022.
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