INVH · Earnings call · 2026Q3T · Full report

Same-Property NOI Growth

Invitation Homes Inc. · 2026-10-28 · Importance 25 · Surprise 32

Third-quarter same-store NOI grew 1.1% year over year, reflecting core revenue growth of 1.6% and core operating expense growth of 2.5%. Same-store blended rent growth improved to 3.0% in the third quarter from 2.7% in the second quarter and 1.6% in the first quarter of 2026. Renewal rent growth was 4.3%, while new lease rent growth was negative 0.2%; average monthly rent increased 1.8% year over year. Average occupancy was 96.4% in the quarter, and October preliminary occupancy was 96.1%, nearly flat year over year.

Key facts

• Invitation Homes delivered same-store NOI growth of 1.1% year-over-year in Q3 2026, reflecting core revenue growth of 1.6% and core operating expense growth of 2.5%.