Is Independence Realty Trust, Inc. overvalued or undervalued?

As of 31 October 2025, the valuation grade for Independence Realty Trust, Inc. has moved from expensive to fair. Based on the current metrics, the company appears to be fairly valued. The P/E ratio stands at 138, which is significantly higher than the peer average, while the EV to EBITDA ratio is 12.27, indicating a more reasonable valuation relative to earnings before interest, taxes, depreciation, and amortization. Additionally, the PEG ratio is notably low at 0.28, suggesting that the stock may be undervalued in relation to its growth potential.
In comparison to peers, Vornado Realty Trust has a P/E of 9.71, and Essential Properties Realty Trust, Inc. has an EV to EBITDA of 12.58, both of which highlight the premium valuation of Independence Realty Trust. The company has underperformed against the S&P 500 over multiple periods, with a year-to-date return of -19.71% compared to the S&P 500's 16.30%, reinforcing the narrative that while the stock is fairly valued, it has not performed well relative to broader market indices.