Angela Kleiman, president and CEO of Essex Property Trust, Inc. (NYSE: ESS), sat down for a video interview at Nareit’s REITweek: 2026 Investor Conference in New York, June 1-4.
Kleiman said it is currently a “very interesting time” for the West Coast markets in which the REIT operates. “We are in the epicenter of innovation, especially with artificial intelligence.” She pointed to around 250 start-ups just in the Bay Area, which is “translating into a demand catalyst for apartments, and it’s just starting.”
In terms of leasing activity and performance, the leading markets are San Francisco, San Mateo, Santa Clara, “and even Oakland is doing quite well and has been exceeding our expectations,” Kleiman said.
Kleiman noted that California “just does not produce enough housing,” adding that it’s 2.5 times more expensive to own a home. Meanwhile, for the past five years on the rental side, income growth has outpaced rental growth, making rental units a more affordable option, she said.
Looking ahead, Kleiman underscored the role of population growth and in-migration in supporting residential real estate as a “viable and sustainable asset class.”