July 29 (Reuters) - Equity Residential ( EQR ) raised

its forecast for full-year revenue growth on Monday, banking on

strong rental demand and relatively stable supply in its East

Coast markets such as New York and Boston.

The real estate investment trust, which owns and manages

apartments across the U.S., expects full-year 2024 revenue to

grow by 2.9% to 3.5% from last year, compared with its prior

expectations of 2% to 3% growth.

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

supply pressure relative to demand is less acute on the East

Coast as opposed to the Sunbelt region, which includes cities

such as Austin and Los Angeles.

The company has said in prior earnings calls that about 95%

of its net income has been coming from its established markets

where supply levels are more stable, with its customers on

average spending not more than 20% of their income on rent.

"Our portfolio continues to benefit from steady demand from

our well-employed, higher earning renter demographic," CEO Mark

Parrell said in a statement.

Physical occupancy rates in the company's apartment units

increased to 96.4% in the second quarter ended June 30, compared

with 95.9% last year.

Equity Residential ( EQR ) reported funds from operations (FFO) of

94 cents per share for the second quarter, compared with

analysts' estimates of 96 cents per share, according to LSEG

data.

Its quarterly same-store revenue increased by 2.9% from a

year ago to about $718 million.

Shares of the company were flat in trading after the bell.