Residential REITs: North America Monthly Fundamental Report: October 2026

In 65+ charts, we analyze key supply, demand & performance metrics for Multifamily, Single-Family Rental, and Manufactured Housing REITs. What's our view? We remain constructive on residential REITs, with the 3Q data reinforcing a gradual, stock-specific recovery rather than a broad inflection. Multifamily 3Q rent growth and vacancy improved versus 2Q, while starts and units under construction remained at decade-plus lows. Absorption slowed sequentially but finished slightly above its seasonal average, and the South remains negative despite improvement. The apartment recovery therefore looks intact but uneven. We're OW VMRK, seeing 2026e as the operating trough, with significant upside and peer-best earnings growth even with conservative modeling. SFR fundamentals are mixed: AlphaWise new-lease growth decelerated in 3Q to +1.3% for AMH and -1.5% for INVH;