Apartment Income Reit's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Apartment Income Reit (AIRC) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Apartment Income Reit vs Its Competitors
- TTM: Trailing 12-month revenue of 804M vs 13,677M combined for its competitors (5.5% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-2.6% annualized vs trailing 12 months), vs decelerating (-4.0%) for its tracked peer group.
- Growth: Apartment Income Reit generated -7.7% revenue growth year over year in Q1 2024, vs 3.2% for its competitors combined.
- Profitability: Its -2.2% net margin compares with 32.3% for the peer group.
- Peer revenue share: Apartment Income Reit accounted for 5.6% of combined revenue among its tracked peer group, down from 6.3% a year earlier.
- Peer differentiation: Revenue per employee of $13.86M compares with $1.14M for the peer group (12.1x).
- Structure: Apartment Income Reit reports the following subsidiaries: Apartment Income REIT, L.P..
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
AIRC Sales vs. its Competitors, Q1 2024
Apartment Income Reit reported revenue contraction of 7.72 % year on year in Q1 2024, below its competitors' combined revenue growth of 3.20 %.
With a net margin of -2.19 %, Apartment Income Reit reported lower profitability than its competitors (32.30 %).
Apartment Income Reit generated 5.63 % of the combined sales of its peer group, down from 6.25 % a year earlier.
API endpoints for this dataset
Apartment Income Reit vs. its Competitors, Q1 2024
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Apartment Income Reit reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Apartment Income Reit and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Apartment Income Reit Corp | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Apartment Income Reit's competitor groups requires a Commercial License.
For context: the Professional Services industry grew revenue 7.1% year over year, combined, vs -7.7% for Apartment Income Reit. Apartment Income Reit's share of combined industry revenue moved from 0.04% to 0.03%, a loss of 0.01 percentage points.
Apartment Income Reit's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Apartment Income Reit Corp | Yes | No | No | No |
| Competitors combined (7) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 75.00 % (6 of 8) | 37.50 % (3 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
AIRC Stock Performance relative to its Competitors
AIRC Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Udr Inc | 282.9% | Outperformed |
| 2 | Essex Property Trust Inc | 282.9% | Outperformed |
| 3 | Camden Property Trust | 282.9% | Outperformed |
| 4 | Mid america Apartment Communities Inc | 282.9% | Outperformed |
| 5 | Ladder Capital Corp | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Apartment Income Reit's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Apartment Income Reit's Comment on Competition and Industry Peers
Publicly Traded Peers of Apartment Income Reit Corp
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Apartment Income Reit Corp |
5,649.01 | 803.67 |
 Equity Residential |
24,437.67 | 3,030.82 |
 Essex Property Trust Inc |
17,678.60 | 1,907.52 |
 Mid america Apartment Communities Inc |
13,780.32 | 2,224.54 |
 Udr Inc |
11,813.48 | 1,712.44 |
 Camden Property Trust |
10,268.03 | 1,346.24 |
| SUBTOTAL | 94,405.09 | 14,480.91 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Apartment Income Reit Corp versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Apartment Income Reit's Competitors Named by the Company
Competitive relationships identified from Apartment Income Reit reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Avalonbay Communities inc | Company report | 85% |
| Equity Residential | Company report | 85% |
| Mid america Apartment Communities Inc | Company report | 85% |
| Udr Inc | Company report | 85% |
| Essex Property Trust Inc | Company report | 85% |
| Camden Property Trust | Company report | 85% |
Company report basis, confidence, active dates and source counts for Apartment Income Reit's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Apartment Income Reit's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Mid america Apartment Communities Inc | Same Store 93.36 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Apartment Income Reit's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Apartment Income Reit Corp | 5,649 | 13,856,293 | 11,982,017 |
| Equity Residential | 24,438 | 1,894,260 | 562,004 |
| Essex Property Trust Inc | 17,679 | 1,129,377 | 356,544 |
| Mid america Apartment Communities Inc | 13,780 | 878,570 | 155,082 |
| Udr Inc | 11,813 | 1,200,866 | 509,339 |
| Camden Property Trust | 10,268 | 820,880 | 205,254 |
| PEERS TOTAL | 88,756 | 1,140,912 | 341,279 |
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Apartment Income Reit's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Professional Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (292 companies). See the full Professional Services industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 0.00 % | 33.63 % (avg) | -33.6 pp |
| Operating Margin | 18.53 % | industry median | +15.5 pp |
| EBITDA Margin | - | 6.18 % (avg) | - |
| Capital Intensity (Capex / Revenue) | 51.70 % | 4.36 % (avg) | +47.3 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Apartment Income Reit's Valuation vs Competitive Position
Valuation multiples vs the Professional Services industry average (292 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Professional Services industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 7.6x | 26.6x | -19.1x |
| EV / EBITDA | 7.3x | 14.1x | -6.7x |
| P/B | 1.9x | 3.5x | -1.6x |
| Return on Equity | 28.08 % | industry aggregate | 11.54 % |
| Return on Invested Capital | 1.48 % | 1.09 % (avg) | 0.39 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Apartment Income Reit's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Revenue Growth | - | 2.96 % | 4.44 % | 5.99 % |
| Operating Margin | - | 14.47 % | 16.48 % | 18.32 % |
| Return on Invested Capital | - | 1.20 % | 1.20 % | 1.41 % |
| P/E | - | 18.0x | 6.3x | 7.3x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Apartment Income Reit's Strategic Group Map
Apartment Income Reit is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Apartment Income Reit's trailing-12-month revenue growth of -0.1% and operating margin of 18.5% compares with an average of 2.8% growth and 14.0% margin across its 8 closest peers by combined growth, margin and ROIC -- Apartment Income Reit sits below that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Apartment Income Reit's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 51.70 % vs industry average 4.36 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Apartment Income Reit's dedicated Suppliers and Customers pages, not here.
Apartment Income Reit's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Apartment Income Reit falls in the Low attractiveness / Low strength cell: Harvest / Divest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Apartment Income Reit's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 15.5 points above the industry median.
- Return on equity 11.5 points above the industry aggregate.
Weaknesses
- Latest-quarter revenue run-rate is decelerating (-2.6% annualized vs trailing 12 months).
Opportunities
- Trades at a lower P/E than the industry average (7.6x vs 26.6x) despite a higher return on invested capital -- a possible re-rating opportunity.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-4.0% annualized).
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: see Methodology: SWOT Analysis.
Apartment Income Reit's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Apartment Income Reit Corp | 0.17 | 1.58 | 1.35 |
| Equity Residential | 0.08 | 0.08 | 0.42 |
| Essex Property Trust Inc | 0.26 | 1.03 | 0.66 |
| Mid america Apartment Communities Inc | 0.07 | 0.10 | 0.32 |
| Udr Inc | 0.01 | 3.29 | 1.37 |
| Camden Property Trust | 0.07 | 4.47 | 0.82 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Apartment Income Reit's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Apartment Income Reit Corp | Q1 2024 | -7.7 % | - |
| Equity Residential | Q2 2026 | -10.7 % | -40.8 % |
| Essex Property Trust Inc | Q1 2026 | +4.3 % | -47.3 % |
| Mid america Apartment Communities Inc | Q3 2026 | +1.0 % | -17.7 % |
| Udr Inc | Q3 2026 | -0.9 % | +401.0 % |
| Camden Property Trust | Q2 2026 | -59.7 % | -74.9 % |
| PEERS TOTAL | -7.5 % | -16.2 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Apartment Income Reit's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Apartment Income Reit Corp | Q1 2024 | - | -48.7 % |
| Equity Residential | Q2 2026 | +4.8 % | -80.8 % |
| Essex Property Trust Inc | Q1 2026 | +3.7 % | -95.4 % |
| Mid america Apartment Communities Inc | Q3 2026 | - | +13.3 % |
| Udr Inc | Q3 2026 | +1.6 % | +21.9 % |
| Camden Property Trust | Q2 2026 | +9.0 % | +132.6 % |
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Apartment Income Reit's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Apartment Income Reit Corp | 11.06% | 9.16% | 28.08% |
| Equity Residential | 4.35% | 3.91% | 8.16% |
| Essex Property Trust Inc | 4.58% | 4.57% | 10.51% |
| Mid america Apartment Communities Inc | 3.27% | 3.06% | 6.97% |
| Udr Inc | 7.00% | 6.58% | 22.98% |
| Camden Property Trust | 3.68% | 3.11% | 7.90% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Apartment Income Reit's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Apartment Income Reit Corp | 9.11 | 7.03 |
| Equity Residential | 27.68 | 8.06 |
| Essex Property Trust Inc | 30.81 | 9.27 |
| Mid america Apartment Communities Inc | 36.04 | 6.19 |
| Udr Inc | 17.19 | 6.90 |
| Camden Property Trust | 33.33 | 7.63 |
| PEERS AVERAGE | 19.72 | 6.52 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.