Lawler: American Homes 4 Rent Net Seller of Single-Family Homes Last Quarter

Rent Growth Slowed but Remained Elevated

Housing economist Tom Lawler brings us some interesting data from American Homes 4 Rent. Last week, Lawler discussed Invitation Homes Net Seller of Single-Family Properties for Second Straight Quarter and also provided statistics from eight public builders:

American Homes 4 Rent Net Seller of Single-Family Homes Last Quarter; Rent Growth Slowed but Remained Elevated

American Homes 4 Rent (AMH), a publicly-traded company in the single-family rental business with over 58,000 SF rental properties, reported that it disposed of 354 more SF properties than it acquired last quarter, and excluding deliveries of build-to-rent homes from its own AMH Development Program its net sales of SF properties totaled 653 properties.  Below is a table showing AMH’s acquisitions, dispositions, and total wholly-owned SF properties.

As the table shows, AMH acquired a significant number of SF properties in 2021 and the first half of 2022, but since the end of September the company has been a net seller of SF properties.

In terms of guidance for this year, AMH does not plan to make any purchases of SF properties from third parties, but does plan to add 1,775-1,925 SF properties to its wholly own SF portfolio through deliveries from its build-to-rent AMH Development Program.

In terms of rent growth, on the next table shows AMH’s rent growth for its “same-home” portfolio on lease renewals and new leases, as well as the YOY growth rate in its average monthly rent.  As the table indicates, while rent growth at AMH has slowed, especially with respect to new leases, rent growth remained extremely elevated by historical standards.

This was from housing economist Tom Lawler.