Equity forecasts for residential equity (EQR).

Summary

Equity Residential, based in Chicago, is one of the largest apartment mutual funds in the US. The company focuses on high-end properties and has benefited from the high cost of homeownership. Before the pandemic, the company’s properties were primarily located in major coastal cities in four core states. The new growth strategy focuses on twelve Sunbelt and other non-coastal markets, including expansion projects in suburban Raleigh, Atlanta, Austin and Denver. The average EQR tenant is a professional in their early thirties; a group that has recently seen strong employment demographics. Current average rents are about $3,000 per month. Approximately 42% of the portfolio is in California, 20% in New York and Boston, and 8% in expansion markets. EQ