JPMorgan Raises its Price Target on Essex Property Trust (ESS)

Essex Property Trust, Inc. (NYSE:ESS) is one of the 10 Best Residential REITs to Buy in 2026.

On May 18, 2026, JPMorgan analyst Anthony Paolone raised the firm’s price target on Essex Property Trust, Inc. (NYSE:ESS) to $275 from $272 while maintaining an Underweight rating on the shares.

Scotiabank also raised the firm’s price target on Essex Property Trust, Inc. (NYSE:ESS) to $282 from $278 and reiterated an Outperform rating. The firm said it continues to expect a slower recovery across Sunbelt apartment markets due to lingering oversupply conditions, but noted that Essex remains one of its preferred multifamily REIT names because of its exposure to Northern California markets.

Cantor Fitzgerald likewise raised the firm’s price target on Essex Property Trust, Inc. (NYSE:ESS) to $291 from $290 and maintained an Overweight rating on the shares. The firm updated its multifamily REIT models following first-quarter earnings reports and said that while new multifamily supply deliveries have started trending lower, elevated supply levels are still limiting landlords’ ability to generate stronger new lease pricing growth.

Last month, Essex Property Trust, Inc. (NYSE:ESS) reported Q1 FFO of $4.06 per share, versus the consensus estimate of $3.96. Same-property revenue and NOI increased 2.9% and 4.1%, respectively, compared to the prior-year quarter. Sequentially, same-property revenue improved 0.7% while NOI increased 1.3%.

Essex Property Trust, Inc. (NYSE:ESS) is a multifamily REIT focused on acquiring, developing, redeveloping, and managing apartment properties across selected West Coast markets.

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