INVH · Earnings call · 2026Q3T · Full report
Single-Family Rental Supply
Invitation Homes Inc. · 2026-10-28 · Importance 36 · Surprise 40
Listings from large single-family rental operators were down 13% year over year in August, including declines in Atlanta, Tampa, and Phoenix, while Invitation Homes’ own markets had slightly lower comparable supply year over year. Management said build-to-rent deliveries peaked in 2024 and are expected to slow through 2027 and 2028; apartment completions also peaked in 2024, and single-family starts are forecast to decline 7% this year and another 5% next year. The supply picture remains mixed because higher mortgage rates may add unsold builder homes and accidental-landlord properties to rental supply, while mom-and-pop listings are difficult to measure. Management noted more supply in South Florida but year-over-year improvement in Orlando, Tampa, and Jacksonville, and said it monitors comparable product, location, and pricing at the submarket level.
Key facts
- John Burns data cited by Invitation Homes forecast single-family starts down 7% in 2026 and down another 5% in 2027.
- Invitation Homes cited build-to-rent deliveries peaking in 2024 and expected to slow through 2027 and 2028; apartment completions also peaked in 2024.
- Invitation Homes said elevated mortgage rates benefit its renewal business but could add supply pressure on new leases, and it would monitor this over coming quarters.
- Invitation Homes said its supply footprint was slightly down year-over-year in its markets, although supply was slightly up year-over-year broadly across the U.S.
- Invitation Homes said its data indicated limited ability for a digital footprint to capture mom-and-pop rental listings, since some landlords advertise with yard signs, and that it monitors this supply to inform pricing.
- Listings from large single-family rental operators were down 13% year-over-year in August 2026, including declines in Invitation Homes’ three largest markets: Atlanta, Tampa, and Phoenix.
- Builder rent deliveries peaked in 2024, and John Burns expects the pace to keep slowing through 2027 and 2028.