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Invitation Homes Inc - Stock Quote INVH

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Morningstar's Invitation Homes Inc Stock Analysis

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Is it the right time to buy or sell?

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Economic Moat

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Millennials Moving to the Suburbs Driving Demand for Invitation Homes

Kevin Brown, CFA Equity Analyst

Business Strategy and Outlook

| Kevin Brown, CFA |

Invitation Homes is the largest single-family rental real estate investment trust with a portfolio of over 82,000 homes. The portfolio is geographically diversified across 16 U.S. markets with approximately 37% of its homes in the Western United States, 30% in Florida, and 23% in other Southeastern markets. The cost of renting is lower than homeownership in most of the portfolio's markets, which supports high occupancy and should allow the company to pass along significant rent increases without much pushback. The company's size gives it some economies of scale in terms of controlling costs as it can hire its own maintenance and repair technicians to service its homes, allowing it to maintain higher operating margins than smaller competitors that need to contract out the same services. The company regularly recycles capital by selling noncore assets and using the proceeds on higher-quality acquisitions with better growth prospects.

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Invitation Homes Inc's Company Profile

Business Description

Invitation Homes owns a portfolio of over 82,000 single-family rental homes. The company focuses on owning homes in the starter and move-up segments of the housing market with an average sale price around $300,000 and generally less than 1,800 square feet. The portfolio is spread across 16 target markets that feature high employment and household formation growth with nearly 70% of the portfolio in the Western U.S. and Florida; 15 of the 16 markets featuring average rents lower than homeownership costs.

Contact
1717 Main Street, Suite 2000
Dallas, TX, 75201
T +1 972 421-3600
Sector Real Estate
Industry REIT - Residential
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 1,240