April 30 (Reuters) - Real estate investment trust UDR , which leases out apartments for rent in the U.S., raised its forecast for full-year adjusted funds from operations on Tuesday as stable supply in East Coast markets led to healthy rent growth.
The Colorado-based REIT expects full-year 2024 adjusted FFO, a key measure of performance, to be in the per share range of $2.12 to $2.24, compared to its prior per share forecast of $2.10 to $2.22.
Rental supply in the U.S. remains elevated. However, compared to the Sunbelt region where supply is currently outstripping demand, the East Coast has been relatively stable, allowing REITs to modestly increase asking prices there.
The rental market has also benefited from continued wage growth and relatively higher affordability compared to monthly mortgage home ownership payments in the current interest-rate environment.
"We have started the year with improving leasing conditions, largely due to employment growth that has exceeded expectations and led to near-record high absorption," said CEO Tom Toomey.