MAA · 10-Q · 2026Q3 · Full report

Supply and Demand Trends

MID AMERICA APARTMENT COMMUNITIES INC. · 2026-10-29 · Importance 23 · Surprise 24

During the third quarter of 2026, apartment demand in MAA’s markets remained steady despite an uncertain macroeconomic backdrop, partially offsetting pressure from new deliveries. Management expects the impact of new apartment deliveries to decline through the remainder of 2026 and into 2027, but warns that worsening conditions could suppress apartment demand, reduce rent growth on new leases and renewals, and make rent collections less certain. The company is monitoring housing supply, inflation trends, and general economic conditions; it identifies job and population growth, household formation, in-migration, and housing affordability as long-term demand factors.

Key facts

• MAA expects the impact of new apartment deliveries to decline throughout the remainder of calendar year 2026 and into 2027.
• MAA stated that worsening conditions could suppress apartment demand, lower rent growth on new leases and renewals compared with results in the three and nine months ended September 30, 2026, and contribute to uncertain rent collections.
• Apartment demand in MAA's markets remained steady in the third quarter of 2026, partly offsetting high but declining pressure from new deliveries in a number of markets.