Emily White

Emily White, on behalf of Juan Sanabria, asked about Invitation Homes' observed trends in January for new lease, renewal, and blended rates, as well as occupancy.

Answer

COO Tim Lobner reported seeing expected early February trends, including higher demand, increased lead volume, and stronger new lease rent growth. He noted that renewal rates, representing 75% of the lease book, remain very firm. Lobner anticipates that the spread between new and renewal lease growth will narrow as the company moves deeper into the spring and mid-summer leasing season, leading to an overall pickup in blended rates.

Emily White, on behalf of Juan Sanabria with BMO Capital Markets, asked about Invitation Homes' observed trends in January for new lease, renewal, and blended rates, as well as occupancy.

Answer

Timothy Lobner, Chief Operating Officer, reported that early February showed expected higher demand and lead volume, translating into stronger new lease rent growth. He noted that renewal rates remained very firm and consistent, representing 75% of the business. He anticipates that the spreads between new lease and renewal growth will narrow as the company moves deeper into the spring and mid-summer leasing season, leading to an increase in the blended rate.