Ianna Gallen's questions to Equity Residential (EQR) leadership • Q2 2025
Question
An analyst from Bank of America asked about Equity Residential's use of concessions during the spring and summer leasing season compared to last year and how this might affect renewals in 2026. They also inquired about performance differences between Washington D.C. proper and Northern Virginia.
Answer
EVP & COO Michael Manelis explained that concession use was higher than expected in Q2, averaging about seven days per move-in, to support occupancy in supply-heavy submarkets. He expects this to continue in expansion markets and parts of LA. Regarding D.C., he noted the recent softness is systemic across both the district and Northern Virginia, describing it as a 'watch market' where demand responded quickly to rate adjustments.