Company: INVH
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001687229-25-000036
Chunk: 111

Company: Invitation Homes Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1
Chunk 111
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3% and 97.7% for the six months ended June 30, 2025 and 2024, respectively, and average monthly rent per occupied home for the six months ended June 30, 2025 and 2024 was $2,438 and $2,370, respectively, a 2.9% increase.

The annualized turnover rate for the Same Store portfolio for the six months ended June 30, 2025 and 2024 was 22.3% and 23.0%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 44 and 36 days between residents for the six months ended June 30, 2025 and 2024, respectively.

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 4.9% and 5.6% for the six months ended June 30, 2025 and 2024, respectively, and new lease net effective rental rate growth for the total portfolio averaged 0.9% and 2.2% for the six months ended June 30, 2025 and 2024, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 4.9% and 5.6% for the six months ended June 30, 2025 and 2024, respectively, and new lease net effective rental rate growth averaged 1.0% and 2.1% for the six months ended June 30, 2025 and 2024, respectively.

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Other property income for the six months ended June 30, 2025 increased compared to June 30, 2024, primarily due to enhanced value-add revenue programs and increased utility recoveries as new leases are entered into, among other things.

For the six months ended June 30, 2025 and 2024, management fee revenues totaled $43.7 million and $29.9 million, respectively. The 46.