“Operating results in the quarter were challenging and widely varying. Our suburban portfolio continues to fare relatively well with occupancy similar to last year, rates down only modestly and recovery under way in some markets. However, the approximately 23% of our portfolio located in the urban cores of New York, San Francisco and Boston continues to struggle with pandemic-related reductions in economic activity, which have led to declines in occupancy, lower resident renewal levels and a related drop in rental rates. While we have seen recent improvements in renewals and application volume, pricing pressures continue and headwinds remain,” said Mark J. Parrell, Equity Residential’s President and CEO.
“We anticipate that our financial results will weaken over subsequent quarters as the full effect of the pandemic is felt on our business. Looking longer term, we expect that positive developments relating to the pandemic will eventually re-energize the urban centers which have persevered and thrived through many decades and in similarly challenging circumstances. We continue to see the urban locations in our markets as centers of our country’s knowledge industries and expect them to again attract disproportionate numbers of affluent renters once the pandemic ends. Many thanks to my colleagues at our properties and offices across the country for their hard work and dedication in these difficult times.”
NOTE: this is NOT the complete release.