Invitation Homes said April-May same-store leasing performance improved from the first quarter, with occupancy rising to 97.2% from 96.3% in 1Q 2026, while blended rental rate growth increased to 2.5% from 1.6%.
Renewal rent growth slipped to 3.2% from 3.7% in the first quarter, but new lease rent growth improved sharply to 0.8% from a 3.0% decline. That put April-May blended rent growth ahead of both the company’s own first-quarter pace and the 1.1% posted by coastal multifamily peers.
The company’s same-store occupancy in April-May also topped coastal multifamily’s 96.4% and national multifamily’s 95.7%. Invitation Homes’ 1Q 2026 occupancy had already been above both peer averages at 96.3%.
Invitation Homes highlighted a $29 stock price and said that implied a per-home valuation of $294,000, which it described as a 31% discount to its 1Q 2026 average sales price of $427,000 per home.
On the operating side, the company said same-store average resident tenure was more than 40 months, same-store average occupancy was 96.3%, and same-store average renewal rate was 78.4% as of 3/31/2026. It also posted a cumulative all-time Google/Yelp rating of 4.10 out of 5.0 and an average post-maintenance survey score of 4.82 out of 5.0.
Invitation Homes said its same-store NOI growth since its 2017 IPO was 64.3%, compared with 57.0% for AMH, 37.3% for national multifamily and 22.3% for coastal multifamily.
The company also emphasized expansion through acquisition and development. Its ResiBuilt acquisition added roughly 600 fee-build homes under construction in Florida, about 800 in Georgia and about 100 in the Carolinas. Invitation Homes said ResiBuilt has built more than 4,700 homes since 2018 and that the deal included 23 existing fee-building contracts plus 1,500 lot options. It expects ResiBuilt to contribute $0.02 per share to 2026 AFFO.
Invitation Homes said its JV and third-party management platform now covers about 24,000 homes and generated $87 million of FY 2025 revenue. It said owners added to its platform see about 300 basis points of average margin expansion, and that it expects about $0.01 of accretion for every 3,000 homes added.
On the balance sheet, the company reported net debt to trailing adjusted EBITDA of 5.6x, liquidity of $1.3 billion, and no debt maturities before June 2027. It also said 91.9% of gross real estate assets were unencumbered and about 90% of debt was fixed or swapped to fixed rate. As a result of these announcements, the company's shares have moved 0.7% on the market, and are now trading at a price of $29.455. If you want to know more, read the company's complete 8-K report here.
