Is Mid-America Apartment Communities, Inc. overvalued or undervalued?

As of 31 October 2025, the valuation grade for Mid-America Apartment Communities, Inc. moved from very expensive to expensive, indicating a slight improvement in perceived value. The company appears to be overvalued based on its current metrics, with a P/E ratio of 32, a Price to Book Value of 3.01, and an EV to EBITDA of 14.95. In comparison, VICI Properties, Inc. has a more attractive P/E of 12.89, while AvalonBay Communities, Inc. shows a P/E of 23.50, both suggesting that Mid-America Apartment Communities, Inc. is trading at a premium relative to its peers.
The company's stock has underperformed against the S&P 500 across multiple periods, with a year-to-date return of -17.04% compared to the S&P 500's 16.30%. This trend reinforces the notion that the stock may be overvalued, as it has not delivered competitive returns in the current market environment.