Strong Start to 2025
UDR reported better-than-expected first-quarter same-store revenue growth of 2.6% and NOI growth of 2.8%, driven by lower resident turnover, higher occupancy, and improving pricing power.
Record Low Resident Turnover
Annualized resident turnover was more than 300 basis points below the prior year period and nearly 700 basis points better than the first quarter average over the last 10 years.
High Occupancy Rates
Occupancy averaged 97.2% in the first quarter, which is higher than the historical first-quarter average and 40 basis points higher sequentially versus the fourth quarter.
Operational and Innovation Initiatives
UDR's customer experience project and value-add initiatives have driven high single-digit growth and added 50 or more basis points annually to same-store NOI growth.
Favorable Market Dynamics
Demand outpaces supply in many markets, with the pace of new supply slowing and renting being 60% more affordable than owning a home in UDR’s markets.