Essex Property Trust rated Buy with $289 target, driven by strong rent growth and solid Q1 results.

Essex Property Trust received a Buy rating with a $289 per share price target, indicating a 9% upside from current prices. The company benefits from AI-driven job growth in key West Coast markets like the Bay Area and Seattle, limited new housing supply, and favorable rent-to-income ratios supporting rent increases. Its Q1 2026 results surpassed guidance, with Core FFO at $4.07 per share, and management raised full-year forecasts for total FFO and net income. Essex maintains a strong investment-grade balance sheet, a 32-year streak of dividend growth, and currently trades at the lower end of its historical price-to-AFFO range, making it attractive for income-focused investors.