Mike Coto's questions to Equity Residential (EQR) leadership • Q2 2025
Question
Speaking for Haendel St. Just of Mizuho Securities, an analyst asked about the operating strategy for the D.C. and Los Angeles markets for the remainder of the year, including expectations for concessions. He also inquired about the renewal rates being sent out for the coming months.
Answer
EVP & COO Michael Manelis stated that for 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. remaining strong while Downtown and Koreatown will continue to see heavy concessions. For upcoming renewals, he noted offers were sent out slightly above 6%, with an expected achievement of 4.25% to 4.5% on a net effective basis.