Americas Real Estate: REITs Sunbelt Resi Field Trip Takeaways

This report covers site visits and data analysis of Sunbelt residential markets, concluding that supply-demand dynamics are inflecting positively. Rental occupancy and growth are showing stability, particularly in markets like Atlanta, supporting a constructive outlook for residential REITs.

Key Takeaways

• 1.Multiple key Sunbelt markets including Atlanta have seen a recent inflection in occupancy and rent growth.
• 2.Supply deliveries in Atlanta and across the Sunbelt are declining sharply, reducing competitive pressure.
• 3.Single-family rental (SFR) rent growth is showing signs of stabilization despite seasonal inventory increases.

Table of Contents

• MAA Property Tour & Management Lunch Takeaways
• INVH / ResiBuilt Property Tour
• Sunbelt demand finally outpacing supply in 2Q26
• Real time data: As sunbelt vacancy turns, so is rent growth
• Granular submarket dive into Atlanta
• SFR rent growth may be turning, as shadow supply may be stabilizing
• Sunbelt Migration trends no longer slowing
• Job growth weak, but stable in recent months
• Valuation: If rents turn, the rerate potential is meaningful
• Price Targets and Risks
• Appendix
• Disclosure Appendix

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