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

As of 31 October 2025, the valuation grade for Mid-America Apartment Communities, Inc. has 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 much lower P/E ratio of 12.89, while AvalonBay Communities, Inc. has a P/E of 23.50, both suggesting that Mid-America is priced at a premium relative to its peers.
The recent stock performance has been underwhelming, with a year-to-date return of -17.04% compared to the S&P 500's gain of 16.30%, highlighting a significant underperformance. This further supports the conclusion that Mid-America Apartment Communities, Inc. is overvalued in the current market environment.