Residential REITs Face Harsh 2025–'26 Setup As Goldman Sachs Cuts Ratings On Camden, American Homes 4 Rent

1. Goldman Sachs downgraded AMH to Neutral, lowering its price forecast to $37. 2. Weaker home-selling is creating 'shadow supply' of rental properties impacting AMH. 3. Slowing migration trends and rising supply forecasts are affecting rent growth potential. 4. Rent growth for 2026 is now projected at just +1.4%, below prior expectations. 5. Job growth remains weak, limiting demand for rental properties in AMH's markets.