What the big apartment REITs told investors this summer, and what it means for marketers
Seven of the largest apartment owners reported their second quarter. Renewals carried them, new leases did not, and several spent more on marketing. Here is how that lands on your desk.
Built from 10 earnings releases filed with the SEC. Every number comes from the company's own second quarter 2026 earnings release and links to it. Companies define occupancy and turnover differently, so compare trends, not decimals.
Why a marketer should read earnings releases
Your owners and asset managers read these numbers, or numbers just like them, every quarter. When you can speak in the same terms, occupancy, lease rate growth, turnover and operating expense, your work stops sounding like a cost and starts sounding like a lever. This is the cheat sheet.
The story of the quarter: renewals up, new leases flat or down
At almost every company, existing residents renewed at rates several points higher than what new residents paid. New-lease pricing was flat or negative at most of them. In plain terms: keeping residents produced the rent growth, and winning new ones was a fight on price.
| Company | New lease rate change | Renewal rate change |
|---|---|---|
| MAA1 | -5.3% | +5.2% |
| Camden (excluding California)2 | -3.3% | +2.8% |
| Independence Realty Trust3 | -2.1% | +4.6% |
| Equity Residential4 | -0.7% | +5.2% |
| UDR5 | -0.6% | +4.2% |
| AvalonBay6 | +0.8% | +4.1% |
| Essex7 | +1.0% | +4.8% |
Second quarter 2026, same-store or same-property portfolios. Each company defines these slightly differently.
Marketing spend went up at several of them
Same-store marketing lines grew faster than revenue at most of the companies that report them separately. Equity Residential named the reason directly: higher interactive marketing and advertising costs. When the biggest operators lean into digital marketing in a soft pricing market, that is a signal about where they think leases come from.
| Company | Expense line | Q2 2026 vs Q2 2025 |
|---|---|---|
| Camden8 | Marketing and leasing | +15.5% |
| MAA9 | Marketing | +9.1% |
| Equity Residential4 | Leasing and advertising | +6.6% |
| UDR5 | Administrative and marketing | +2.6% |
| AvalonBay6 | Marketing | +1.2% |
Same-store or same-property portfolios, as each company labels the line. Essex and Independence Realty Trust do not break out a marketing line in their releases.
"Leasing and advertising – Increase primarily driven by higher interactive marketing/advertising costs, processing fees and certain one-time broker fee costs related to Non-Residential leasing activity."4
Equity Residential, second quarter 2026 release
Occupancy stayed high, and turnover stayed low
Buildings are full. Occupancy ran from about 95% to nearly 97% across these portfolios, and at AvalonBay and UDR fewer residents moved out than a year earlier. That is why renewals matter so much: every resident who stays is a unit you do not have to market.
- MAA said resident turnover stayed historically low at 39.6% over the trailing twelve months.1
- AvalonBay's annualized turnover fell to 42.6% from 45.9% a year earlier.6
- UDR's annualized turnover was 39.9%, down from 41.3%.5
| Company | Occupancy, Q2 2026 | How they measure it |
|---|---|---|
| UDR10 | 96.6% | Physical, weighted average |
| Essex7 | 96.3% | Financial |
| Equity Residential4 | 96.2% | Physical |
| AvalonBay6 | 96.1% | Economic |
| Camden (excluding California)2 | 95.7% | Physical |
| MAA1 | 95.3% | Average physical |
| Independence Realty Trust3 | 95.0% | Average |
Leaders think supply is easing and demand is holding
Across the releases, executives describe the same turn: new construction is fading and demand is steady, which should give them more pricing power later. For a marketer, that is the window to build visibility and reputation now, before every property is competing for the same renters with better rents.
"Lead volume is up meaningfully, new lease rate growth is nearing breakeven, and same-store results are ahead of plan."3
Independence Realty Trust, second quarter 2026 release
"The resiliency of the economy, waning supply, and attractive relative affordability of apartments position UDR for continued success."10
UDR, second quarter 2026 release
Talking points for your boss
- The big owners are getting their rent growth from renewals, not new leases. Retention is a revenue line.
- Several of them increased marketing spend this year, and one named digital advertising as the reason. We are not alone in investing here.
- Occupancy is high and turnover is low, so each move-out matters more, and filling it fast matters more.
- Leadership across the industry expects supply to ease. Visibility we build now pays off when pricing power returns.
What to do this quarter
- Report your own renewal rate change next to your new lease rate change, the same way the REITs do.
- Pull your marketing spend per lease for the last two quarters so you can show the trend, not just the total.
- Pick one resident-retention idea and measure it: a renewal offer sent earlier, a thank-you, a service follow-up.
- Learn the five terms in this piece. Use them in your next report to your regional or owner.
Sources
- Mid-America Apartment Communities, MAA Announces Second Quarter 2026 Results (press release dated July 29, 2026; Exhibit 99.1 to 8-K), published July 29, 2026. Covers Q2 2026.
- Camden Property Trust, Camden Property Trust Announces Second Quarter 2026 Operating Results, published July 30, 2026. Covers Q2 2026.
- Independence Realty Trust, Independence Realty Trust Announces Second Quarter 2026 Financial Results, published August 3, 2026. Covers Q2 2026.
- Equity Residential, Equity Residential Reports Second Quarter 2026 Results, published July 22, 2026. Covers Q2 2026.
- UDR, Inc., UDR, Inc. Announces Second Quarter 2026 Results and Raises Full-Year 2026 Guidance Ranges, published July 27, 2026. Covers Q2 2026.
- AvalonBay Communities, AvalonBay Communities, Inc. Provides Q2 2026 Results, Increases Same Store Outlook, and Suspends EPS, FFO, and Core FFO Outlook Due to Proposed Merger, published July 22, 2026. Covers Q2 2026.
- Essex Property Trust, Essex Announces Second Quarter 2026 Results and Raises Full-Year 2026 Guidance, published July 29, 2026. Covers Q2 2026.
- Camden Property Trust, Camden Property Trust Announces Second Quarter 2026 Operating Results, published July 30, 2026. Covers Q2 2026.
- Mid-America Apartment Communities, MAA Announces Second Quarter 2026 Results (press release dated July 29, 2026; Exhibit 99.1 to 8-K), published July 29, 2026. Covers Q2 2026.
- UDR, Inc., UDR, Inc. Announces Second Quarter 2026 Results and Raises Full-Year 2026 Guidance Ranges, published July 27, 2026. Covers Q2 2026.
These organizations publish the data; they did not review or endorse this brief. How we write and source.