1315_Nareit Testimonials_REITworld_Campo_2023-11-27_v2
11/30/2023 | by Nareit Staff

Ric Campo, chairman and CEO of Camden Property Trust (NYSE:CPT), participated in a video interview during Nareit’s REITworld: 2023 Annual Conference held Nov. 14-16 in Los Angeles.

Campo noted that multifamily continues to be a resilient business. Top line revenue growth at Camden in 2023 will be 5%, which is clearly a strong result, but follows an exceptionally strong year in 2022, he said.

Peak supply coming into Camden’s markets in 2024 will have a negative impact on some of the REIT’s properties, Campo said. However, “I’m positive about the business generally because everybody needs a place to live…it’s not going to be our best year but it’s not going to be our worst either.”

Meanwhile, Campo noted that high interest rates are having a negative impact on home ownership. That’s a positive for Camden, given that the REIT will not have to backfill as much space for tenants opting to purchase homes. Campo said he expects that trend to change over 2024 and into 2025 as interest rates start to decline, putting downward pressure on home prices.

Campo also discussed AI and technology investments underway at Camden that will enhance self-guided tours.