UDR Investor Presentation

APARTMENT DEMOGRAPHICS AND FUNDAMENTALS Long-term demographics remain strong for apartments. Since 2010, approximately 28% fewer total housing units have been produced versus total households formed over the same period. 25 U.S. POPULATION BY AGE COHORT (MILLIONS) ■Domestically Born ■Foreign Born 20 20 15 10 5 Future renter cohort Primary renter cohort 0 PROPENSITY TO RENT BY AGE COHORT -1023 TTM (It. axis) OIncrease Since Peak H.O. Rate (bps, rt. axis) 70% 60.9% 800 697 60% 652 635 600 50% 399 40% 37.7% 29.3% 400 200 200 20% 24.6% 20.9% 10% 0 Age: < 35 35-44 45-54 55-64 >65 30% Increasingly important renter cohort Age: 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 Sizeable current primary renter cohort Larger domestically born future renter cohort Potential upside from foreign-born growth Peak home-buying age ↑ to 34 from 29 in the 1970s. Source: U.S. Census Bureau. Data as of March 31, 2023. Average age of marriage ↑ to 32 from 22 in the 1970s. Significantly higher propensity to rent due to: . Overall housing shortage • High for-sale home prices Pent-up demand (household formation) A 48% of Millennials have zero down payment savings. 18

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