Daniel Oberste, president and CEO of BSR Real Estate Investment Trust (TSX: HOM.U), sat down for a video interview at Nareit’s REITweek: 2026 Investor Conference in New York, June 1-4.
Sun Belt affordability and job growth continue to underpin demand for apartments, according to Oberste, whose company concentrates its portfolio in some of the nation's fastest-growing markets.
"It's simple. Affordability in the Sun Belt leads to job growth, and job growth leads to economic expansion," Oberste said. He noted that BSR has long invested ahead of population growth, focusing on suburban areas surrounding major employment centers where housing remains relatively affordable.
Higher homeownership costs are also benefiting apartment owners by encouraging renters to stay put. Oberste said multifamily resident retention has climbed to about 60%, well above the sector's historical average of roughly 50%, as many households delay purchasing homes.
"It's not just about interest rates," he said. "It's also about taxes and insurance" and the challenge of saving for a down payment. He added that fewer residents have been leaving BSR communities to buy homes for six consecutive quarters.
To capitalize on that trend, BSR emphasizes resident experience through amenities and customer service. Oberste said the company has built what he described as the industry's top online reputation by creating "lifestyle communities" and providing concierge-style services that encourage residents to renew their leases.