Oct 30 (Reuters) - Real estate investment trust

Mid-America Apartment Communities ( MAA ) beat third-quarter

funds from operations (FFO) estimates on Wednesday, on strong

lease renewal pricing.

The Memphis, Tennessee-based REIT posted an adjusted FFO of

$2.21 per share in the third quarter, versus analysts' average

estimate of $2.17 per share, according to data compiled by LSEG.

Long-term demand for rental properties remains robust due to

the high costs of homeownership, prompting people to rent for

extended periods.

"We continue to see strong demand for apartment housing,

which is contributing to the steady absorption of the high

volume of new supply delivered in the third quarter, which we

believe has now peaked," said CEO Eric Bolton.

Same-store portfolio pricing for renewing leases during the

quarter increased 4.1% from a year ago.

However, quarterly lease pricing for new leases declined

5.4% as resident turnover, which is the rate at which residents

leave a property, "is at record low levels".

The REIT now expects its annual adjusted FFO forecast to

range between $7.84 and $8.00 per share, from the previous

forecast range of $7.78 to $8.06 per share.