David Segal's questions to American Homes 4 Rent (AMH) leadership • Q1 2025
Question
David Segal from Green Street asked how the pricing for national builder assets in the 4% yield range compares to suburban multifamily product. He also inquired about the fair long-run occupancy rate for the single-family rental business.
Answer
CEO Bryan Smith stated that his understanding is that suburban multifamily cap rates are in the high 4% range, consistent with the builder assets. Regarding occupancy, Smith believes the new expectation has moved from a pre-COVID norm of 95% to a new sustainable level in the 96% range, supported by greater appreciation for professionally managed rentals and AMH's improved platform.