
ESS Stock Forecast & Price Target
ESS Analyst Ratings
Bulls say
Essex Property Trust is projected to achieve a 2.6% year-over-year same-store revenue growth in 2026, with a corresponding property expense growth of 3.6%, leading to an anticipated 2.1% same-store net operating income (SSNOI) growth. The company expects stronger revenue growth compared to its peers, as the projected 3.3% same-store revenue growth in 2025 also aligns with management's guidance, highlighting the potential for consistent income generation. Furthermore, there are upside risks related to heightened apartment demand in its West Coast markets, potentially driven by factors such as an AI employment surge in Northern California and recovering demand following the release of pent-up demand from recent wildfires in Southern California.
Bears say
Essex Property Trust has lowered its 2026 same-store revenue growth forecasts, leading to a reduction in its Funds From Operations (FFO) estimates, reflecting potential challenges in demand due to soft employment trends in California. The stock trades at the narrowest discount to net asset value (NAV) in its apartment REIT coverage, coupled with the lowest implied cap rate and elevated FFO multiples, indicating a concern over valuation. Additionally, the risk of underperformance is heightened as the labor market remains unstable, and the trend of residents migrating to more affordable areas may continue to negatively impact occupancy and revenue.
This aggregate rating is based on analysts' research of Essex Property Trust and is not a guaranteed prediction by Public.com or investment advice.
ESS Analyst Forecast & Price Prediction
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