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 its valuation perception. 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, which are higher than some of its peers. For instance, VICI Properties, Inc. has a more attractive P/E of 12.89 and an EV to EBITDA of 9.70, while AvalonBay Communities, Inc. has a P/E of 23.50.
In terms of recent performance, Mid-America Apartment Communities has underperformed compared to the S&P 500, with a year-to-date return of -17.45% versus the S&P 500's 16.30%. This trend reinforces the notion that the stock may be overvalued given its current price of 127.59, especially when considering its higher valuation ratios compared to peers.