Camden Property Trust

Recent leasing metrics show limited pricing power: in 3Q25 effective new leases were −2.5% and blended effective growth only +0.6%, reflecting heavy 2024–2025 deliveries in many Sun Belt metros. Renewal increases remain positive in the low single digits, indicating some embedded pricing on the existing base.

Forecasts call for declining deliveries into 2026–2027, which should restore some rent momentum, but we model a gradual rebuild rather than a snapback. Camden’s product is Class A with lifestyle amenities, yet its ability to push rents meaningfully is cyclical. We score pricing power at 55 for now with upside if supply normalizes on schedule.