Mark Parrell, president and CEO of Equity Residential CEO (NYSE: EQR), participated in a video interview in conjunction with Nareit’s REITweek: 2022 Investor Conference in New York on June 7-9.
Parrell discussed the leasing trends that have emerged at Equity Residential so far this year. And what the REIT is anticipating for the rest of 2022.
“We’ve had a super-charged leasing season,” Parrell said,
With occupancy levels across the portfolio at 97%. The company has also raised rents 10% year to date, versus a normal increase of 5%, he said. Furthermore, Equity Residential is retaining 60% of its residents.
“We’ve really fully recovered from the pandemic… the business really feels outstanding at this point,” Parrell said.
Meanwhile, Parrell discussed the company’s 2022 acquisition strategy, as well as some of the tenant-focused trends the REIT is watching at this time.
As for three top reasons to invest in Equity Residential today
Parrell said growth over the next year-and-a-half to two years is going to be “outstanding.” Meanwhile, the demand picture looks strong from both millennials and generation Z. In addition, the REIT is able to reprice its leases annually, enabling it to combat inflation pressures.
