Lawler: Single-Family Rent Trends at INVH and AMH

Some data and comments from housing economist Tom Lawler:

Below are tables showing single-family rent trends reported by Invitation Homes (INVH) and American Homes 4 Rent (AMH), two publicly traded companies in the single-family rental business.

As the tables show, rental growth at both companies has continued to slow, though overall growth rates have been higher than has been the case for repeat-transactions indexes. The major reason is that the recent growth rates in rent renewals at both companies have been significantly higher than the growth rates in new leases. For both companies rent renewals are typically over 70% of total lease re-pricings. Stated another way, most single-family renters are seeing higher rent increases than that suggested by repeat-transactions indexes.