Equity Residential

EQR’s pricing levers are renewal rent increases, mix shift, and ancillary income rather than pure markups. 2025 saw renewal gains of roughly 4 to 5 percent but negative new lease rates in most markets due to elevated supply; blended growth turned slightly positive by Q4. As supply fades in 2026 and occupancy stays high, we expect mid single digit renewal growth to continue, but rent control and political scrutiny in several core markets cap upside.

Overall, pricing power is solid through the cycle but not unconstrained.