July 30 (Reuters) - Essex Property Trust ( ESS ) raised

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

steady demand in South California to drive modest rent growth

for its residential properties.

The real estate investment trust (REIT) now expects

full-year 2024 same property revenue to grow by 2.7% to 3.3%,

the mid-point of which is 75 basis points higher than its prior

forecast range of 1.5% to 3%.

The residential REIT, which has a portfolio of more than

60,000 apartment units concentrated in California and Seattle,

has seen stable rent growth in Southern California, including in

markets such as Los Angeles and Orange County.

Essex said in prior earnings calls that it expects overall

multi-family supply in its top markets to remain at less than 1%

of the existing stock in 2024.

The California-based REIT reported funds from operations

(FFO) per share of $3.89 in the quarter ended June 30, compared

with analysts' estimates of $3.85 per share, according to LSEG

data.

Its quarterly same-property revenue increased by 3.4%,

compared with a year ago.

Shares of the company rose 1.14% in trading after the bell.