Invitation Homes Inc.

Invitation Homes is past the worst of the rental supply glut: new-lease pricing turned back up this summer, and the company is selling homes and retiring its own stock rather than buying more houses. How many more homes does the company plan to sell this year?

• The supply wave that held new-lease pricing down is finally receding.

  New-lease rates fell through 2025, then rose every month to June and turned positive in April. Build-to-rent deliveries are 'in the rearview mirror,' so pricing power is returning without buying tenants with discounts. Which markets are still seeing the most new rental supply?

• The company now sells homes to fund buybacks of its own stock.

  Disposition guidance was raised again, and the homes fetch more than expected. With the housing law settled, sellers are back, and the board approved a second $500 million buyback, because buying its own homes back beats buying new ones. How much of the new buyback authorization has been used so far?

• Expenses are the swing factor, and the two biggest bills are not yet known.

  Operating costs spiked in Q1 2026 on a warm winter, then settled down. 70% of property taxes come from Florida, Georgia and California, where assessments keep chasing price gains, so one bad year wipes out a year of rent growth.