The Company is a self-administered and self-managed real estate investment trust that owns, operates, acquires, develops and rehabilitates apartment communities.
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HME has figured out how to do it right. They are not chasing all A+ properties/luxury apts. like Avalon or Equity. Instead, they are targeting tenants with modest incomes that are looking for a nice place to live but don't desire to pay top-of-the-line pricing for only slightly better accomodations. This enables HME to buy units cheaper, invest less capital and hit the sweet spot of the rental market - people looking to rent for a few years before they move up to a single family home.
In the current economic environment, the HME strategy also enables them to attract people who need to scale down due to home price/mtg issues.
Besides all of that, they run the shop conservatively, have a nice dividend, and pay attention to shareholders. The only negative I have is that the board of trustees is a bit too cozy with management.