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What's in Store for Equity Residential Stock in Q1 Earnings?
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Key Takeaways
EQR is set to report Q1 2026 results on April 28 after the close, with modest growth expected.
Portfolio occupancy was 96.5% in late February; renewals near 4.5%, and retention strong.
Consensus sees $782.5M revenues and 97 cents normalized FFO per share, within 94-98 cents guidance.
Equity Residential (EQR - Free Report) is slated to report first-quarter 2026 results after the closing bell on April 28. The company’s quarterly results are likely to reflect growth in both revenues and funds from operations (FFO) per share.
In the last reported quarter, this Chicago, IL-based residential real estate investment trust’s (REIT) normalized FFO per share narrowly missed the Zacks Consensus Estimate, delivering a negative surprise of 0.96%. Rental income also lagged the consensus mark.
Over the trailing four quarters, Equity Residential surpassed the Zacks Consensus Estimate on one occasion, met in two and missed in the remaining period, the average surprise being 0.30%. The graph below depicts this surprise history:
As we approach the release of Equity Residential's first-quarter 2026 earnings report, it is important to examine how this residential REIT is likely to have performed amid the current market conditions.
US Apartment Market in Q1
The U.S. apartment market entered 2026 in better shape than many investors feared, though not yet in a clean pricing recovery. RealPage reported that first-quarter demand rebounded, with absorption of nearly 93,300 units, making it one of the strongest first quarters of the past decade. The snapback helped reverse the late-2025 move-out weakness, but annual demand still ran only a little above 303,000 units, below the roughly 340,000-unit decade average.
The good news is that the new supply is finally rolling over. Roughly 367,000 units were completed in the year-ending first quarter of 2026, including about 75,200 units in the quarter itself. This is still elevated in absolute terms, but it is a major comedown from the late-2024 peak of more than 589,000-unit annual deliveries and now sits near the 10-year average annual completion volume.
National occupancy stood at 94.9% in first-quarter 2026, up 10 basis points sequentially but 20 basis points below the prior year. Rents rose 0.4% in the quarter after two consecutive quarterly declines but remained down 0.5% year over year. Concessions continue to do much of the heavy lifting: 25.5% of apartments were offering concessions, with the average incentive at 7.2%.
The weakest rent trends remain in high-supply Sun Belt markets. Austin, Denver and Phoenix posted some of the deepest annual rent cuts, while San Antonio, Tampa, FL, Nashville, TN, and Las Vegas also lost momentum. In contrast, San Francisco, San Jose, CA, and New York showed rent growth, helped by easing supply pressure and better demand. Several Midwest markets, including Chicago, St. Louis, MO, and Cleveland, OH, also posted steady gains because new supply has been more limited.
Factors to Consider Ahead of EQR’s Q1 Results
Equity Residential started first-quarter 2026 from a position of solid occupancy and better pricing discipline. Management said that portfolio occupancy stood at 96.5% in late February. Pricing trends improved in December and January as concessions started to come down.
The biggest support remains the supply backdrop. EQR expects new apartment supply across its markets to fall 35% in 2026, with a larger benefit in the second half. For the first quarter, this does not remove pressure everywhere, but it should begin to ease competition and support steadier leasing activity.
Market performance is still uneven. San Francisco and New York remain the strong regions and are expected to continue to lead results, while Atlanta is improving. Expansion markets such as Denver remain softer because of heavy new supply.
EQR also entered the quarter with strong resident retention and stable renewals, which are expected to help keep occupancy high. Management said that renewal increases are holding near 4.5%, and turnover remains low amid limited move-outs and weak home affordability.
Overall, first-quarter 2026 is expected to have been a steady start rather than a breakout quarter. High occupancy, lower concessions and a better supply outlook should support modest growth now while setting up stronger operating momentum later in the year.
Projections for EQR
We expect first-quarter same-store revenues to increase 2.6% year over year, while same-store net operating income (NOI) is estimated to grow 2.4%. Physical occupancy is expected at 96.4%.
Currently, the Zacks Consensus Estimate for the company’s quarterly revenues stands at $782.5 million, which indicates a 2.86% increase year over year. For the first quarter of 2026, the company projected normalized FFO per share in the band of 94-98 cents.
Before the first-quarter earnings release, the company’s activities were not adequate to gain analysts’ confidence. The Zacks Consensus Estimate for the quarterly normalized FFO per share has remained unchanged in the past month at 97 cents. However, it suggests 2.11% year-over-year growth.
Here Is What Our Quantitative Model Predicts for EQR
Our proven model does not conclusively predict a surprise in terms of FFO per share for Equity Residential this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is not the case here.
Equity Residential currently carries a Zacks Rank of 3 and has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks That Warrant a Look
Here are two stocks from the broader REIT sector — Ventas, Inc. (VTR - Free Report) and Cousins Properties Inc. (CUZ - Free Report) — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter.
Cousins Properties is likely to report quarterly numbers around April 29. It has an Earnings ESP of +0.94% and carries a Zacks Rank of 3 at present.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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What's in Store for Equity Residential Stock in Q1 Earnings?
Key Takeaways
Equity Residential (EQR - Free Report) is slated to report first-quarter 2026 results after the closing bell on April 28. The company’s quarterly results are likely to reflect growth in both revenues and funds from operations (FFO) per share.
In the last reported quarter, this Chicago, IL-based residential real estate investment trust’s (REIT) normalized FFO per share narrowly missed the Zacks Consensus Estimate, delivering a negative surprise of 0.96%. Rental income also lagged the consensus mark.
Over the trailing four quarters, Equity Residential surpassed the Zacks Consensus Estimate on one occasion, met in two and missed in the remaining period, the average surprise being 0.30%. The graph below depicts this surprise history:
Equity Residential Price and EPS Surprise
Equity Residential price-eps-surprise | Equity Residential Quote
As we approach the release of Equity Residential's first-quarter 2026 earnings report, it is important to examine how this residential REIT is likely to have performed amid the current market conditions.
US Apartment Market in Q1
The U.S. apartment market entered 2026 in better shape than many investors feared, though not yet in a clean pricing recovery. RealPage reported that first-quarter demand rebounded, with absorption of nearly 93,300 units, making it one of the strongest first quarters of the past decade. The snapback helped reverse the late-2025 move-out weakness, but annual demand still ran only a little above 303,000 units, below the roughly 340,000-unit decade average.
The good news is that the new supply is finally rolling over. Roughly 367,000 units were completed in the year-ending first quarter of 2026, including about 75,200 units in the quarter itself. This is still elevated in absolute terms, but it is a major comedown from the late-2024 peak of more than 589,000-unit annual deliveries and now sits near the 10-year average annual completion volume.
National occupancy stood at 94.9% in first-quarter 2026, up 10 basis points sequentially but 20 basis points below the prior year. Rents rose 0.4% in the quarter after two consecutive quarterly declines but remained down 0.5% year over year. Concessions continue to do much of the heavy lifting: 25.5% of apartments were offering concessions, with the average incentive at 7.2%.
The weakest rent trends remain in high-supply Sun Belt markets. Austin, Denver and Phoenix posted some of the deepest annual rent cuts, while San Antonio, Tampa, FL, Nashville, TN, and Las Vegas also lost momentum. In contrast, San Francisco, San Jose, CA, and New York showed rent growth, helped by easing supply pressure and better demand. Several Midwest markets, including Chicago, St. Louis, MO, and Cleveland, OH, also posted steady gains because new supply has been more limited.
Factors to Consider Ahead of EQR’s Q1 Results
Equity Residential started first-quarter 2026 from a position of solid occupancy and better pricing discipline. Management said that portfolio occupancy stood at 96.5% in late February. Pricing trends improved in December and January as concessions started to come down.
The biggest support remains the supply backdrop. EQR expects new apartment supply across its markets to fall 35% in 2026, with a larger benefit in the second half. For the first quarter, this does not remove pressure everywhere, but it should begin to ease competition and support steadier leasing activity.
Market performance is still uneven. San Francisco and New York remain the strong regions and are expected to continue to lead results, while Atlanta is improving. Expansion markets such as Denver remain softer because of heavy new supply.
EQR also entered the quarter with strong resident retention and stable renewals, which are expected to help keep occupancy high. Management said that renewal increases are holding near 4.5%, and turnover remains low amid limited move-outs and weak home affordability.
Overall, first-quarter 2026 is expected to have been a steady start rather than a breakout quarter. High occupancy, lower concessions and a better supply outlook should support modest growth now while setting up stronger operating momentum later in the year.
Projections for EQR
We expect first-quarter same-store revenues to increase 2.6% year over year, while same-store net operating income (NOI) is estimated to grow 2.4%. Physical occupancy is expected at 96.4%.
Currently, the Zacks Consensus Estimate for the company’s quarterly revenues stands at $782.5 million, which indicates a 2.86% increase year over year. For the first quarter of 2026, the company projected normalized FFO per share in the band of 94-98 cents.
Before the first-quarter earnings release, the company’s activities were not adequate to gain analysts’ confidence. The Zacks Consensus Estimate for the quarterly normalized FFO per share has remained unchanged in the past month at 97 cents. However, it suggests 2.11% year-over-year growth.
Here Is What Our Quantitative Model Predicts for EQR
Our proven model does not conclusively predict a surprise in terms of FFO per share for Equity Residential this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is not the case here.
Equity Residential currently carries a Zacks Rank of 3 and has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks That Warrant a Look
Here are two stocks from the broader REIT sector — Ventas, Inc. (VTR - Free Report) and Cousins Properties Inc. (CUZ - Free Report) — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter.
Ventas, scheduled to report quarterly numbers on April 27, has an Earnings ESP of +0.62% and carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cousins Properties is likely to report quarterly numbers around April 29. It has an Earnings ESP of +0.94% and carries a Zacks Rank of 3 at present.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.