When Competitors Merge, the Model Is Broken

The two biggest apartment REITs in America are talking merger. That's not growth — that's surrender. AvalonBay and Equity Residential confirmed $50 billion merger talks on April 30th, and most coverage got the story wrong. In this episode of CRE 360 Signal, we break down why two companies that have competed for fifteen years would rather combine than keep operating separately, what it tells us about the public REIT model, and what every Class A coastal underwriter needs to change Monday morning.