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This REIT Owns Enough Single-Family Homes To House The Entire Country Of Iceland

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Benzinga
By Kevin Vandenboss

Single-family rentals has been one of the hottest real estate asset classes over the past couple of years as home values and rent prices have soared. The largest owner of this asset class in the U.S. is Invitation Homes Inc. INVH, a real estate investment trust (REIT) with a portfolio of 82,758 single-family homes as of the end of the first quarter this year.

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The company’s portfolio is mostly made up of homes in the Western U.S. and sunbelt states, where the barriers to homeownership are highest and rent demand is strong. The average monthly rent for the entire portfolio during the first quarter was $2,078, with the highest average rent being in Southern California at $2,744 per month.

The majority of the homes are three or four bedrooms, with some having as many as six bedrooms. Assuming comfortable occupancy at an average of 4.5 people per home, Invitation Homes could easily supply housing for the entire country of Iceland, which currently has a population of 344,979.

Related: Fractional Ownership Giving Investors New Options After Being Priced Out Of Current Housing Market

Invitation Homes Q1 2022 Earning Results

Invitation Homes released its Q1 2022 earnings on April 27, 2022. The company’s portfolio grew by 675 homes during the quarter and year over year total revenues increased 12.0% to $532 million.

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