Although they are delivering new multifamily units a bit later than expected, the timing appears to be right for Equity Residential officials. "It's clear the apartment market has finally turned the corner," says president and chief executive officer Bruce W. Duncan. "The only question now is how long will it take to see meaningful improvement in our revenue line."

Occupancy across the 168,179-unit portfolio has improved to 93.7%. Concessions are down about 25% for the year, saving the REIT $8.2 million so far. However, revenue is up only 0.4% this year. "We're making good progress in reducing our concessions right now and we have started moving the rent," says chief operating officer Gerald Spector. "But it's very nominal now."

Meanwhile, prices of class A multifamily assets in the high-barrier-to-entry markets Equity Residential seeks to grow has remained flat, Duncan notes. While the REIT still expects to buy $800 million in new properties while selling an equal amount this year, sales exceeded purchases during the first six months. Equity Residential has sold $523 million in assets, including $221 million in the second quarter, at a capitalization rate of 5.9% while buying $448 million, half of that in the second quarter, at a 5.8% cap rate.