July 31 (Reuters) - Residential real estate investment

trust (REIT) Mid-America Apartment Communities ( MAA ) beat

estimates for second quarter adjusted funds from operations

(FFO) on Wednesday as its housing rentals matched market demand,

allowing it to modestly raise asking rents.

The supply of multifamily apartments in the U.S. remains

historically elevated. The situation is more stable in East

Coast markets, compared to some cities in the Sunbelt and the

West Coast where supply has been outstripping demand.

The long-term demand for rentals also remains solid, as

high costs of home ownership and stable wage and employment

levels keep people renting longer.

Mid-America Apartment Communities ( MAA ), which manages more than

250 apartment buildings in the Southeast, Southwest, and

Mid-Atlantic regions, reported an increase of about 1% in

same-store revenue for the quarter ended June.

The Memphis, Tennessee-based REIT posted adjusted FFO, a key

measure of performance for such entities, at $2.22 per share in

the second quarter, slightly above analysts' estimates of $2.20

per share, according to LSEG data.

The average effective rent per each apartment unit was up by

50 basis points compared to last year, while the occupancy rate,

which measures the percentage of units occupied by residents,

remained the same, at nearly 96%.

Shares of the company were flat in extended trading.