Thomas Toomey, chairman, president & CEO of UDR, Inc. (NYSE: UDR), participated in a video interview at Nareit’s REITworld: 2018 Annual Conference in San Francisco.
Toomey commented on the underlying macroeconomics for the apartment industry. He noted that supply is expected to gradually decrease by 2020, whereas demand will be supported by demographics, the employment outlook, and wage growth.
“On the demand side, we believe we’re on the positive side of the equation and the prospects for the future are great,” Toomey said. Furthermore, the apartment industry is insulated from global volatility. “We’re in for a good steady performance,” he added.
Toomey also noted that UDR is positioned so that it can weather market cycles.
Meanwhile, Toomey said that in terms of what today’s tenants are looking for in luxury apartments, “we have to look at each individual community, each individual resident profile, and decide the right mix—but it’s always going to come back to convenience and service.”