At a glance
- Camden Property Trust accounted for $754.5 million of the group's acquisitions, 92% of the total, and $1.68 billion of dispositions.
- The REITs' retreat leaves private buyers to set multifamily pricing.
- Average monthly rent across the eight REITs reporting same-store figures reached $1,926 in the third quarter, up 1.90% from $1,890 a year earlier and 1.39% from the second quarter.
Nine major U.S. apartment REITs sold $3.31 billion of property in the first nine months of 2026, up 26.1% from $2.62 billion a year earlier, while acquisitions fell to $816.7 million from $3.21 billion, according to Trepp.
Camden Property Trust accounted for $754.5 million of the group's acquisitions, 92% of the total, and $1.68 billion of dispositions. Its sales included 11 California communities with 3,620 units, sold to BlackRock for $1.63 billion in July, Trepp reported.
The REITs' retreat leaves private buyers to set multifamily pricing. Camden said it could not reach agreements on several potential purchases after seeking lower prices and has since favored share repurchases over property buying. BlackRock's $1.63 billion purchase of the 3,620-unit California portfolio is the largest private mark in the data.
Average monthly rent across the eight REITs reporting same-store figures reached $1,926 in the third quarter, up 1.90% from $1,890 a year earlier and 1.39% from the second quarter. Occupancy slipped to 95.2% from 95.4%. Three companies reported year-over-year rent declines, and all but one posted a sequential increase. Same-store rent was not available for Vivmark Residential; Trepp's averages are simple, unweighted means across the eight REITs with data.
The apartment REITs flipped from net buyers to net sellers
Property sold and acquired by nine major apartment REITs, first nine months, $B
- Dispositions
- Acquisitions
Select a row for its counts and shares.
Through 3Q 2025
- Dispositions$2.62B44.2% of all dispositions
- Acquisitions$3.21B79.7% of all acquisitions
Through 3Q 2026
- Dispositions$3.31B55.8% of all dispositions
- Acquisitions$0.82B20.3% of all acquisitions
Show as table
| Group | Dispositions | Dispositions share | Acquisitions | Acquisitions share |
|---|---|---|---|---|
| Through 3Q 2025 | $2.62B | 44.2% | $3.21B | 79.7% |
| Through 3Q 2026 | $3.31B | 55.8% | $0.82B | 20.3% |
Renewals rise while new leases fall
MAA reported a 5.3% increase on renewed leases while new-lease rates fell 6% from a year earlier. Camden's renewals rose 3.6% against a 2% decline in new-lease rates. Camden President and Chief Financial Officer Alex Jessett described concessions as "remarkably sticky."
MAA has largely avoided acquisitions, favoring development where projected returns exceed its cost of capital. Trepp attributes the group's slower purchasing to higher interest rates and expanding capitalization rates, which make it harder for REITs to justify buying.
Across 494,371 units, that leaves the nine REITs a net seller of roughly $2.49 billion of property through three quarters, with share repurchases and development, not acquisitions, the stated outlet for capital at Camden and MAA.
New leases fell while renewals rose at MAA and Camden
Year-over-year change in rent on new versus renewed leases, 3Q 2026, %
- Above zero
- Below zero
- MAA — renewed leases+5.3%
- Camden — renewed leases+3.6%
- Camden — new leases−2%
- MAA — new leases−6%
Show as table
| Label | Value (%) |
|---|---|
| MAA — renewed leases | +5.3% |
| MAA — new leases | −6% |
| Camden — renewed leases | +3.6% |
| Camden — new leases | −2% |
Reported by the Sectors desk from Trepp — Research. Published . Corrections