UDR Investor Presentation

2002 -60% 2004 2006 2008 2010 2012 (1) UDR Average Monthly Cost to Rent is as of 1Q 2023 and is defined as Total Revenue Per Occupied Home on a Same-Store basis. Blended cost to own a home is calculated using data from Moody's, National Association of Realtors, and property prices (both single-family and condos) from Zillow for the markets in which UDR operates and is based on UDR's NOI by market. Monthly mortgage costs assumes a 20% down payment and a 30-year fixed rate mortgage based on historical quarterly rates from Federal Reserve Economic Data. Monthly cost to own also includes taxes and insurance expense assumed at 1/12 of 2% of the historical median home price. Source: U.S. Census Bureau, Federal Reserve Economic Data, REIS, Zillow, Moody's National Association of Realtors, Company documents. 19 -50% -40% -30% -20% (800) (1,800) 2001 200 1,200 2,200 2014 2016 2018 2020 2022 UDR Monthly Cost To Rent vs. Total Cost To Own (1) % Less Expensive to Rent vs. Own (TTM) • • Rent-versus-own analysis (1) shows it is ~55% less expensive to rent than own across UDR markets. This equates to a 20%-25% improvement in relative affordability compared to pre-COVID levels. 2004 2007 Owner Nation 2010 Renter Nation 2013 Single Family Less Affordable 2016 2019 2022 • 20 Owner Nation Renter Nation I YOY Owner HH Formation YOY Renter HH Formation YOY Total Housing Completions Single Family Affordability (rt. axis) Single Family More Affordable APARTMENT DEMOGRAPHICS AND FUNDAMENTALS Low absolute and relative affordability represent a barrier to single-family ownership, resulting in a larger potential multifamily renter pool. Third-party forecasts indicate ~5 million additional apartments will be needed by 2030 to satisfy housing demand, thereby mitigating the potential supply risk of increased residential completions. Household Growth by Type (000s) 40 60 60 80 88

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