Haendel St. Just's questions to EQUITY RESIDENTIAL (EQR) leadership • Q2 2025
Question
On behalf of Haendel St. Just at Mizuho Securities, a question was asked about the operating strategy and concession expectations for the D.C. and Los Angeles markets in the second half of the year. A follow-up question requested details on renewal rates being sent out for August and September.
Answer
EVP & COO Michael Manelis stated that in D.C., the strategy is to maintain occupancy, with some concessions expected in the shoulder season. In L.A., performance varies by submarket, with West L.A. showing strength while Downtown will likely continue to see concessions. For upcoming renewals, he noted offers were sent at just over 6%, with an expected achievement of 4.25% to 4.5% on a net effective basis.