The Alcott. Image courtesy of Elkus Manfredi Architects

Multifamily developer Equity Residential said rents at its Boston-area properties have registered the steepest declines across its national portfolio since Jan. 1.

Greater Boston rents declined 2.6 percent in the first quarter and 4.3 percent in the month of April on a same-store basis, both of which represent the biggest drops in the company’s nine U.S. markets.

The Chicago-based REIT on Tuesday reported first-quarter funds from operations of 86 cents per share, up 6.2 percent from the same period in 2019. The company owns nearly 75,000 apartment units, primarily in coastal metros.

Rents averaged $3,184 per month at the company’s 25 properties in Greater Boston totaling 6,430 units. The occupancy rate averaged 95.8 percent, a 0.1 percent decrease. From March 30 to April 30, physical occupancy dropped 1.5 percent to 93.9 percent.

Equity Residential, which is developing the $410 million Alcott apartment tower in Boston’s West End, said it has not adjusted its projection that initial occupancy will begin in the second quarter of 2021, although the project has been halted since March 17 because of Boston’s construction moratorium. On Tuesday, the city announced it will allow some construction including steel erection to resume May 18.

In March, Equity Residential announced it would offer lease renewals with no rent increases in response to declines in apartment tours at the onset of the COVID-19 pandemic.

Nationwide, Equity Residential said foot traffic, leads and lease applications declined over 50 percent nationwide in March before recovering in April. At the end of April, cumulative unpaid rent totaled $11 million, representing a 5.4 percent delinquency rate.