Essex Property Trust reports strong Q3 results with low tenant turnover and stable rents
Essex Property Trust, Inc. reported strong third-quarter results, exceeding its guidance for the year. The company noted record low tenant turnover and progress in resolving delinquency issues, contributing to its positive performance.
In the third quarter, market rents peaked in July and remained stable through August, before showing signs of moderation in September. The blended rate growth for the quarter was 2.5%, affected by seasonal trends and challenging year-over-year comparisons.
Essex also provided preliminary insights for 2025 and discussed the current investment market. The company highlighted that limited new housing supply has supported its favorable results this year.