Abu Hanifah/iStock via Getty Images
- Single-family residential REIT Invitation Homes (NYSE:INVH) said its quarter-to-date until August average occupancy came in at 97.1%, compared to 97.5% in Q2.
- INVH shares were trading -4.59% at $35.57 Friday morning.
- The August average occupancy reflects seasonal move out expectations, INVH said in a Sep. 5 presentation.
- Renewal lease rate growth came in at 4.4%, vs. 5.6% in Q2. New lease rate growth was 1.9%, vs. 3.6% in the previous quarter. Blended lease rate growth was 3.7%, vs. 5.0% in the prior quarter.
- “In all 16 of our core markets, it is 33% more affordable to lease a home than it is to buy, by a weighted average savings of nearly $1,200 per month,” INVH said, citing John Burns data.
- “Average household income of our new residents (T12M) is over $164K per year, representing an income to rent ratio of 5.8x as of 2Q24,” said the presentation.
