Company: INVH
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001687229-25-000008
Chunk: 13

Company: Invitation Homes Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 13
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2024 and 2023, respectively, and average monthly rent per occupied home for the years ended December 31, 2024 and 2023 was $2,392 and $2,303, respectively, a 3.9% increase.

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The annual turnover rate for the Same Store portfolio for the years ended December 31, 2024 and 2023 was 22.6% and 24.3%, respectively. For the Same Store portfolio, a home remained unoccupied on average for 40 and 38 days between residents for the years ended December 31, 2024 and 2023, 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 6.9% for the years ended December 31, 2024 and 2023, respectively, and new lease net effective rental rate growth for the total portfolio averaged 1.0% and 4.0% for the years ended December 31, 2024 and 2023, respectively. For our Same Store portfolio, renewal lease net effective rental rate growth averaged 4.9% and 6.9% for the years ended December 31, 2024 and 2023, respectively, and new lease net effective rental rate growth averaged 1.0% and 4.0% for the years ended December 31, 2024 and 2023, respectively.

Other property income for the year ended December 31, 2024 increased compared to December 31, 2023, primarily due to enhanced value-add revenue programs and increased utility billbacks as new leases are entered into, among other things.

For the years ended December 31, 2024 and 2023, management fee revenues totaled $70.0 million and $13.6 million, respectively. The increase is due to an increase in the number of homes for which we provide property and asset management services. As of December 31, 2024 and