UDR Investor Presentation
STRONG DEMAND & SOLID RESIDENT FISCAL HEALTH(1)
Demand indicators continue to show strength as consumer financial health remains resilient and relative affordability
continues to favor multifamily renting. Further, concession usage is minimal and we see no evidence of doubling-up.
Steady Rent-to-Income Ratio ("R/I")
Growing UDR household income supports strong rent growth
while keeping median resident R/I ratio in the low/mid-20% range
Long-Term Avg. R/I Ratio (Ihs) TTM Avg. Income, $000s (rhs)
R/I Ratio (Ihs)
30%
Improving Bad Debt Trends
Collections trend and prevalence of long-term
delinquent residents continue to improve
Collections % in Month of Billing (Ihs)
Long-Term Delinquent Residents (rhs)
800
25%
20%
15%
Mar-17
-20%
-30%
-40%
-50%
-60%
-70%
Mar-03
24% increase in average UDR
household income vs. pre-COVID
прим
$165
96.5%
$155
95.5%
600
$145
94.5%
400
$135
$125
93.5%
200
Mar-22
Jun-22 Sep-22
Dec-22
Mar-23
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Relative Affordability
~55% less expensive to rent than
own across UDR markets
Mar-07
Coastal Outperformance
Market rent growth and loss-to-lease (2) support
continued East Coast leadership
■YTD Market Rent Growth
■Loss-to-Lease
4%
3%
2%
Only 5% of 1Q 2023 moveouts
were to buy a single-family home,
~60% lower than average.
1%
0%
-1%
Mar-11
Mar-15
Mar-19
Mar-23
Total
East Coast
West Coast
Sunbelt
4
(1) Metrics as of March 31, 2023, unless otherwise noted..
(2)
Market rent growth and loss-to-lease statistics are as of May 11, 2023.
Source: Company documents.View entire presentation