Company: INVH
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001687229-25-000051
Chunk: 12

Company: Invitation Homes Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 2
Chunk 12
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 increase of 3.9%, driven by an increase in average monthly rent per occupied home and a 1,263 home increase between periods in the average number of homes owned, partially offset by a 70 bps reduction in average occupancy.

Average occupancy for the three months ended September 30, 2025 and 2024 for the total portfolio was 94.8% and 95.5%, respectively. Average monthly rent per occupied home for the total portfolio for the three months ended September 30, 2025 and 2024 was $2,447 and $2,397, respectively, a 2.1% increase. For our Same Store portfolio, average occupancy was 96.5% and 97.1% for the three months ended September 30, 2025 and 2024, respectively, and average monthly rent per occupied home for the three months ended September 30, 2025 and 2024 was $2,461 and $2,401, respectively, a 2.5% increase.

The annualized turnover rate for the Same Store portfolio for the three months ended September 30, 2025 and 2024 was 25.5% and 24.5%, respectively. For the Same Store portfolio, an average home remained unoccupied for 45 and 38 days between residents for the three months ended September 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 4.5% and 4.2% for the three months ended September 30, 2025 and 2024, respectively, and new lease net effective rental rate growth for the total portfolio averaged (0.9)% and 1.7% for the three months ended September 30, 2025 and 2024, respectively. For our Same Store portfolio, renewal lease