Jun
01
Apartment Owners Fall as NYC, San Francisco Rents Seen Soft
By-
Equity Residential says that new supply is hurting rent growth
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Essex Property, AvalonBay, UDR shares hit by the warning
Apartment owners with properties in San Francisco and New York tumbled after landlord Equity Residential said new leases in those cities — two of the most expensive U.S. rental markets — are falling short of revenue expectations.
Essex Property Trust Inc., a real estate investment trust focused on the West Coast, slid 3.7 percent for the biggest decline since February. AvalonBay Communities Inc. and UDR Inc., which operate in both cities, dropped 1.9 percent and 2.8 percent, respectively…
Apartment Owners Fall as NYC, San Francisco Rents Seen Soft
