Jul
26
NYC, San Francisco Rental Slowdowns Hit Biggest Apartment REITs
By-
Equity Residential lowers revenue guidance for third time
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Landlords contending with more supply, sluggish job growth
Apartment construction in New York and San Francisco is taking its toll on landlords, with Equity Residential, the largest publicly traded U.S. multifamily owner, cutting its revenue forecast for the third time this year.
Equity Residential expects revenue growth from properties open at least a year to be 3.5 percent to 4 percent in 2016, according to the company’s second-quarter earnings statement Tuesday. The Chicago-based real estate investment trust in late April lowered the upper limit to 5 percent, then reduced it again in June to 4.5 percent…
NYC, San Francisco Rental Slowdowns Hit Biggest Apartment REITs
