Invitation Homes April same-store new lease rate growth accelerates to 7.5%; occupancy 97.8%

Invitation Homes Inc.

April blended rate growth of 7.3% consistent with 1Q23; new lease rates rose to 7.5% from 5.7% in 1Q.
Renewal rate growth of 7.2% in April vs 8.0% in 1Q23; loss to lease approximated 5-6%.
Average occupancy 97.8% in April, matching 1Q23; resident incomes avg >$134K with 5.1x income-to-rent.
Renting a home is cheaper than buying in all 16 markets by weighted avg >$900/month (~30%).
Over $1.3B liquidity, no debt maturities before 2026, 83.1% homes unencumbered.

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