INVH · Earnings call · 2026Q3T · Full report

Occupancy and Leasing Activity

Invitation Homes Inc. · 2026-10-28 · Importance 22 · Surprise 24

Average occupancy was 96.4% in the third quarter and 96.1% in October, with October nearly flat year over year. Lead and showing volumes were meeting or exceeding last year’s levels, and management reported healthy conversion rates and steady progress re-leasing homes. Demand strengthened into fall in line with expectations, or somewhat above them, based on both internal leasing activity and external Google Search and Zillow renter-demand indicators. Management plans to balance occupancy and rental rates through the winter to enter the new year from a stronger occupancy position.

Key facts

• Invitation Homes said stronger starting occupancy would provide incremental pricing power and that it wanted to avoid entering Q4 and Q1 with significant standing inventory, as it had the prior year.
• Invitation Homes reported healthy fall demand, with Google Search and Zillow renter-demand index data up year-over-year, and its own lead, showing, and conversion metrics healthy.
• Invitation Homes schedules approximately 55% of lease expirations in Q1 and Q2 and 45% in Q3 and Q4.
• Invitation Homes’ turnover declined 10 basis points to 6.2% in Q3 2026, and quarterly average occupancy was 96.4%.
• Invitation Homes’ lead and showing volumes were meeting or beating year-earlier levels, and the company continued to move homes steadily through re-leasing.
• Invitation Homes’ average occupancy in October 2026 was 96.1%, nearly flat year-over-year.