INVH · Earnings call · 2026Q3T · Full report

Rental Rate / Leasing Spreads

Invitation Homes Inc. · 2026-10-28 · Importance 31 · Surprise 32

Third-quarter same-store blended rent growth was 3%, improving sequentially from 2.7% in the second quarter and 1.6% in the first quarter. Renewal rent growth was 4.3%, while new-lease rent growth was negative 0.2%; management attributed the softer new-lease result to normal seasonality. October preliminary blended growth was 2.2%, with renewals at 4.2% and new leases at negative 2.2%, while November renewals were tracking similarly to October. Management said the renewal book represents about 75% of leases and generally produces 3.5%–4.5% growth.

Key facts

• Invitation Homes’ renewal book accounts for 75% of its business and generally runs at 3.5%–4.5% rent growth; November 2026 renewals were looking a lot like October.
• Invitation Homes’ renewal rents grew 4.3% in Q3 2026, one percentage point above Q2; new lease rent growth was negative 0.2%, 50 basis points better than a year earlier and down from positive 1.2% in Q2.
• Invitation Homes’ preliminary October 2026 same-store blended rent growth was 2.2%, slightly ahead of October 2025; new lease rent growth improved 100 basis points year-over-year to -2.2%, and renewal rent growth was 4.2%, in line with a year earlier.
• Invitation Homes said new lease rent growth was higher year over year every month, with progress made each month.
• Renewals account for 75% of Invitation Homes' book, and the company said renewal performance remained healthy.
• Invitation Homes said its market blend was 10–20 basis points better year-over-year at that point in the year and new lease growth was somewhat better than a year earlier.
• Invitation Homes’ average monthly rent grew 1.8% year-over-year in Q3 2026.
• Invitation Homes' new lease growth in Q3 was -0.2%.