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  • Writer's pictureAlex Pettee, CFA
    • Aug 12, 2021
    • 2 min read

Apartment REITs: Rents Are Soaring

Summary

  • After lagging early in the pandemic, Apartment REITs have surged nearly 40% this year as rental operators across the country have been "passed the torch" of the flaming-hot housing market.

  • Apartment rents are rising at the fastest rate on record as the pandemic-driven boom in household formations - including 1.6 million new renters - has clashed with the record-low housing supply.

  • Demographics suggested the 2020s were already poised to see historic housing demand, but the Work From Home era has begun to unleash millions of extra "deferred" formations among adult children.

  • Apartment REITs reported that new lease rates soared 15% in July - the highest on record - as rents are now rising by double-digit rates across half of the major markets.

  • While there are few "bargains" left across any asset class, residential REITs appear to be at the genesis of a multi-year growth phase and have historically been quintessential inflation hedges.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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