Dallas Tanner, CEO of Invitation Homes Inc. (NYSE: INVH), sat down for a video interview at Nareit’s REITweek: 2024 Investor Conference, held in New York from June 3-6.
Tanner highlighted the favorable market conditions due to the high demand for housing and the insufficient supply.
"Our business today sits about 97.5% occupied,” he said, emphasizing the strong occupancy rates and customer retention. “We're seeing a customer that continues to stay longer and longer with our business."
Tanner also discussed the economic advantage of leasing homes over owning, noting that leasing can be significantly cheaper, a factor that has supported the company's growth. Looking ahead, he identified supply constraints as a critical issue for the housing sector over the next six to 12 months.
"We currently have about 3,000 homes being constructed in one way, shape, or form," Tanner said, highlighting the company's efforts to expand its housing inventory.
Tanner also pointed out regulatory challenges, explaining that different states and cities have varied approaches to housing regulations, which impact the creation of new housing units.
Reflecting on the company’s latest earnings report, Tanner emphasized the REIT’s aggressive expansion strategy and the increasing length of customer stays, particularly in its West Coast markets. He said this trend has enabled Invitation Homes to explore additional cost-saving measures for its residents, such as bundled services and smart home technology.