Says renewal lease rate growth for July August of 4.4% vs. 5.6% in 2Q24, with new lease rate growth of 1.9% vs. 3.6% in 2Q24, and blended lease rate growth of 3.7% vs. 5% in 2Q24. Says fundamentals for SFR housing expected to remain favorable. Despite recent temporary supply pressures, expects a decade-long shortfall in single-family construction likely to persist for foreseeable future. Expects portfolio to be more resilient as new supply comes online. Comments taken from investor presentation slides.
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