Independence Realty Trust

What Independence Realty Trust does

Independence Realty Trust (NYSE: IRT) is a publicly traded multifamily real estate investment trust that owns and operates approximately 113 apartment communities across 12 U.S. states and 26 markets, serving over 55,000 residents. The portfolio is concentrated in non-gateway Sunbelt and Midwest submarkets — including Atlanta, Dallas, Orlando, Tampa, Indianapolis, Columbus, Charlotte, Raleigh-Durham, and Nashville — targeting well-occupied Class B apartments in supply-constrained markets with positive population and employment growth. The company operates two brands: IRT Living, the consumer-facing leasing and resident services platform accessed through irtliving.com and on-site offices; and IRT Build, an in-house value-add renovation capability that completed 426 units in Q1 2026 at a 15.4% average unlevered return.

Revenue is generated primarily through recurring monthly residential rental income across the owned portfolio, supplemented by ancillary fees and resident services. Q1 2026 revenue of $165.21 million slightly trailed consensus of $166.64 million, and the company sustained 95.2% same-store occupancy with 2.8% year-to-date asking rent growth. Distribution is executed through on-site leasing offices at each property, supported by an apartment-search portal and a corporate social media presence. Pricing is determined property-by-property based on local market dynamics; no publicly disclosed tier structure exists.

Capital structure is anchored by a $3.48 billion market capitalization (March 2026) and an active debt program, including a $150 million private placement of unsecured notes in August 2024, a $227.1 million Citi-led facility in September 2024, and a $250 million financing in January 2025, all deployed toward refinancing existing obligations and funding portfolio activity. The company has raised its dividend for four consecutive years, with the Q2 2026 dividend increasing 5.9% to $0.18 per share (4.5–4.6% annualized yield, 65.4% CFFO payout ratio). Recent institutional accumulation by JPMorgan Chase, Vanguard, and other large holders, combined with Russell 2000 Index inclusion in mid-2026, has improved trading liquidity and analyst visibility. Corporate headquarters are in Philadelphia (1835 Market St., Suite 2601), with regional offices in Chicago and Tampa.

Name

Independence Realty Trust

Legal name

Independence Realty Trust, Inc.

Website

https://irtliving.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Independence Realty Trust (NYSE: IRT) is a publicly traded multifamily REIT that owns and operates approximately 113 apartment communities across 12 non-gateway Sunbelt and Midwest U.S. markets, serving more than 55,000 residential renters.

Ownership category

akta.pro rank

Product category

Multifamily Residential REIT

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Multifamily rental housing
• Apartment property management
• Real estate investment trust
• Residential leasing services
• Value-add renovations

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Rental Income: IRT generates revenue through monthly rental payments from residents occupying its multifamily apartment units across 113+ properties in non-gateway U.S. markets. The company also generates ancillary income from fees and services provided to residents.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Independence Realty Trust (NYSE: IRT) is a publicly traded real estate investment trust that owns and operates a portfolio of approximately 110+ multifamily apartment communities across non-gateway U.S. markets in the Sunbelt and Midwest regions. The company leases more than 55,000 apartment homes to residential renters across 12 states and 26 markets, generating revenue primarily through monthly rental income while executing a value-add renovation program across the portfolio.

Product overview

Independence Realty Trust operates as a multifamily real estate investment trust with two main product lines: IRT Living (consumer-facing apartment rental brand) and IRT Build (development/renovation brand). The company owns and operates approximately 110+ multifamily apartment communities across 12 states, providing apartment search, leasing, and resident services through the IRT Living platform, while IRT Build handles value-add renovation programs. The portfolio spans non-gateway U.S. markets, primarily in the Southeastern and Midwest regions.

Differentiator

Problem solved

Functional benefit

Products and services

• IRT Living

Quantifiable outcome

• 95.2% same-store occupancy rate maintained in Q1 2026
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators8 records

Recent moves4 records

Expansion highlights5 records

Direct peers

• Mid-America Apartment Communities: Mid-America Apartment Communities (NYSE: MAA) is the largest Sunbelt-focused multifamily REIT, owning and operating apartment communities across the Southeast, Southwest, and Mid-Atlantic. MAA is a direct competitor to IRT in the same non-gateway Sunbelt markets and customer segment.
• Camden Property Trust: Camden Property Trust (NYSE: CPT) is a publicly traded multifamily REIT that owns and operates Class A and Class B apartment communities, with a heavy concentration in the Sunbelt. It is the closest publicly traded peer to IRT in asset class, geography, and operating model.
• BRT Apartments: BRT Apartments (NYSE: BRT) is a small multifamily REIT that owns and operates value-add apartment properties, primarily in the Sunbelt. It is closely comparable to IRT in targeting Class B value-add multifamily assets in Sunbelt markets, though at a much smaller scale.
• Equity Residential: Equity Residential (NYSE: EQR) is one of the largest publicly traded multifamily REITs, focused on Class A urban and high-density suburban apartment properties. It is a direct peer in REIT structure and multifamily product, though IRT's portfolio is more Sunbelt and Class B focused.
• NexPoint Residential Trust: NexPoint Residential Trust (NYSE: NXRT) is a smaller multifamily REIT focused on Class B value-add apartment communities, primarily in the Sunbelt. It is one of the closest direct comparables to IRT in both asset class (Class B Sunbelt) and value-add renovation strategy.
• Essex Property Trust: Essex Property Trust (NYSE: ESS) is a multifamily REIT focused on West Coast apartment communities. It is a direct peer in business model and product (multifamily REIT), but does not compete geographically with IRT's Sunbelt and Midwest footprint.
• Elme Communities: Elme Communities (NYSE: ELME) is a multifamily REIT operating garden-style apartment communities primarily in the Mid-Atlantic and Southeast. It is a direct peer in product and REIT structure, with some overlap in secondary Sunbelt markets.
• Centerspace: Centerspace (NYSE: CSR) is a multifamily REIT operating middle-market apartment communities across the Midwest, Mountain West, and Sunbelt. It is comparable to IRT in targeting middle-income renters in secondary markets with similar Class B orientation.
• AvalonBay Communities: AvalonBay Communities (NYSE: AVB) is a large multifamily REIT operating Class A apartment communities in high-barrier-to-entry coastal and select Sunbelt markets. It is a direct peer in product (multifamily rental housing) and business model (REIT), but skews more toward Class A and gateway markets.
• Veris Residential: Veris Residential (NYSE: VRE) is a multifamily REIT focused on Class A apartment communities in the Northeast. It is a direct peer in product category and REIT structure, but operates in a different geography than IRT.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/irtliving
• YouTubeyoutube.com/@irtliving
• Facebookfacebook.com/IRTLiving
• LinkedInlinkedin.com/company/8917706
• Instagraminstagram.com/irtliving
• TikToktiktok.com/@irtliving

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds10 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Independence Realty Trust