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Jesse Ledwitz

Research Analyst at Zelman & Associates

Jesse Lederman is an Associate Director of research and securities at Zelman & Associates, based in New York, specializing in the Manufactured Housing and Single-Family Rental sectors. He leads research across these areas, with prior experience as an associate at Blue Line Advisors, a private equity fund focused on transportation and logistics, and as a valuations specialist at Ernst & Young. Lederman earned his bachelor’s degree in finance from Binghamton University’s School of Management, graduating magna cum laude, and holds the Chartered Financial Analyst (CFA) designation along with Series 63, 86, and 87 licenses.

Jesse Ledwitz's questions to American Homes 4 Rent (AMH) leadership

Question · Q4 2025

Jesse Ledwitz questioned the discrepancy between American Homes 4 Rent's October expectations for an inflection point in seasonal leasing activity and the subsequent sequential decline in occupancy in November, December, and January. He also asked about the renewal rent growth falling approximately 70 basis points into January.

Answer

COO Lincoln Palmer explained that Q4 2025 was challenging for visibility, with demand moderation and an unsustainable pickup in November. The company adjusted its pricing strategy, leading to slightly negative new lease rate growth in Q4. He noted that the current focus is on building occupancy through peak season, supported by new lease rate growth, and that a slight moderation in renewals was a strategic decision to support retention, with full-year renewals expected around 3%.

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