Oct 30 (Reuters) - Equity Residential ( EQR ), which

owns and manages apartments across the U.S., beat third-quarter

revenue estimates on Wednesday due to strong rental demand and

relatively lower supply in East Coast markets such as New York

and Boston.

While rental supply remains elevated across the U.S., the

supply pressure relative to demand is less acute on the East

Coast than in the Sunbelt region, which includes Austin and Los

Angeles.

About 95% of Equity Residential's ( EQR ) net income has been coming

from its established markets, where supply levels are more

stable, with the company's customers on average spending about

20% of their income on rent, the company has noted in prior

earnings calls this year.

The percentage of residents renewing their leases in the

third quarter remained moderate at 56.7%, compared to 57.7% in

the previous quarter, while physical occupancy in the third

quarter came in at 96.1% compared to 96.4% in the second

quarter.

The REIT's total revenue came in at $748.4 million, higher

than expectations of $743.9 million. The quarterly same-store

revenue increased to 2.7% from a year ago.

It expects fourth-quarter normalized funds from operations

(FFO) per share in the range of 98 cents to $1.02, with the

midpoint at $1, roughly in line with Wall Street expectations of

$1.01 per share.

Equity Residential ( EQR ) reported a normalized FFO of 98 cents per

share in the quarter ended September, in line with analysts'

estimate, according to data compiled by LSEG.