Company: INVH
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001687229-25-000036
Chunk: 12

Company: Invitation Homes Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 2
Chunk 12
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100 bps reduction in average occupancy.

Average occupancy for the three months ended June 30, 2025 and 2024 for the total portfolio was 95.6% and 96.6%, respectively. Average monthly rent per occupied home for the total portfolio for the three months ended June 30, 2025 and 2024 was $2,434 and $2,379, respectively, a 2.3% increase. For our Same Store portfolio, average occupancy was 97.2% and 97.6% for the three months ended June 30, 2025 and 2024, respectively, and average monthly rent per occupied home for the three months ended June 30, 2025 and 2024 was $2,445 and $2,382, respectively, a 2.6% increase.

The annualized turnover rate for the Same Store portfolio for the three months ended June 30, 2025 and 2024 was 24.8% and 24.9%, respectively. For the Same Store portfolio, an average home remained unoccupied for 40 and 34 days between residents for the three months ended June 30, 2025 and 2024, respectively. The increase in days to re-resident resulted in an overall decrease in average Same Store occupancy on a year over year basis.

To monitor prospective changes in average monthly rent per occupied home, we compare the monthly rent from an expiring lease to the monthly rent from the next lease for the same home, in each case, net of any amortized non-service concessions, to calculate net effective rental rate growth. Leases are either renewal leases, where our current resident stays for a subsequent lease term, or new leases, where our previous resident moves out and a new resident signs a lease to occupy the same home.

Renewal lease net effective rental rate growth for the total portfolio averaged 4.6% and 5.6% for the three months ended June 30, 2025 and 2024, respectively, and new lease net effective rental rate growth for the total portfolio averaged 2.0% and 3.5% for the three months ended June 30, 2025 and 2024, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 4.7% and 5.5% for the three months ended June 30, 2025 and 2024, respectively, and new lease net effective