Real Estate

Earnings for apartment owners show the pain of urban flight

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Pedestrians walk past commercial real estate in Manhattan.

Michael Nagle | Bloomberg | Getty Images

Decidedly weak quarterly earnings reports from major apartment real estate investment trusts this week paint a bleak picture for some of the largest urban rental markets. The coronavirus pandemic has caused thousands of apartment dwellers to seek safer, larger, single-family suburban homes, causing vacancies in high-rise rental buildings to spike.

Equity Residential, whose portfolio consists mostly of mid- to high-rise buildings on the East and West coasts, saw a particularly bleak third quarter. Its stock is down about 43% year to date. Occupancy and average rent rates fell and will likely…



Source cnbc.com

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