Name: Invitation Homes CEO Dallas Tanner talks housing demand, inflation
Uploaded: 2025-11-17T23:41:24.757Z
Duration: 4 min 25 s
Description: Invitation Homes CEO Dallas Tanner says the housing market has slowed, with buyers largely unsure of making big moves.

Invitation Homes CEO Dallas Tanner says the housing market has slowed, with buyers largely unsure of making big moves.

Wall Street

Dallas Tanner, CEO of Invitation Homes, provided insights into the current U.S. housing market, highlighting persistent affordability and inventory challenges. He noted that while mortgage rates remain above six percent, rental renewals for Invitation Homes are strong, with nearly 80% of customers renewing their leases annually, and leasing remains significantly cheaper than buying in many markets.

Tanner also discussed the company's focus on build-to-rent communities as an alternative to homeownership, especially for those seeking lower upfront costs and flexibility. He addressed the impact of elevated costs such as mortgage rates, insurance, and property taxes on monthly housing expenses, and commented on the disconnect between public and private market valuations for real estate companies.

Invitation Homes CEO Dallas Tanner talks housing demand, inflation

Let's get a check on the housing market. Buyers face elevated home prices. Mortgage rates are stuck above six percent. The latest weekly data, however, showing mortgage demand rising to its strongest pace since September. But further rate cuts by the Fed are now seeming less certain, at least for December. Joining us now for an exclusive interview is Invitation Home CEO Dallas Tanner. The company is the nation's largest owner of single-family rental houses, and today hosting its first Investor Day since 2019. Dallas, it's great to have you on. Welcome. Hi, Morgan. Good to see you. So let's start right there, because affordability is still an issue here. Inventory is starting to ease, but still an issue. What does that mean for Invitation Homes? Yeah, I mean, honestly, we'd like to see mortgage rates come in and see a little bit more housing transaction volume generally. I think the resale seller is sort of stuck at the moment. Our business, from a renewals perspective, is as strong as it's ever been. Almost 80 percent of our customers are renewing their lease every year. It just feels like maybe the overall kind housing consumer might be a little bit stuck, not sure what to do. The new lease market is definitely competitive. There's a little bit more product on the marketplace. So you're seeing prices soften a little bit there. But by and large, it just sort of feels like there's just not the velocity that you'd like to see in the housing system right now. What is it going to take to unstuck it? I think a little cheaper mortgage rate, maybe a little bit better clarity on where cost of capital is going to be for the average homeowner to both buy and sell. I mean, you think about it, you drive any sort of neighborhood in this country. We spend a lot of time doing this. There's more homes that are for sale. You see more signage and you can tell that people are sort of stuck. Like, do I want to sell my home and then have a 20 or 30 percent premium tick up and buy something different? And it just makes it a little bit tricky. And I think if you're renting today, you're pretty comfortable if you've got an affordable rate that you like and longevity in that sort of position that you're in. And in our markets, it's still about nine hundred dollars a month cheaper to lease a home from us than it would be to buy that same home in that marketplace today. Interesting. So at a time where both investors in the Fed are continuing to experience this dearth of economic data, when we talk about something like shelter prices, which is a big factor into inflation reports like CPI, what are you seeing in terms of rent prices? Well, rents are on the renewal side are really healthy. You're seeing bumps between probably three and a half and five percent, depending on the time of the year. On the new lease side, we've seen stuff that was flat to slightly negative in the last quarter because there's just a bit more supply. But remember, it's not just mortgage rates that are elevated and creating sort of some of these pricing pressures. Homeowners insurance, property tax, all these things have stacked pretty competitively over the last couple of years. And so you're you're all in payment structure of the monthly nut that somebody's got to try to figure out. It's gotten pretty elevated over the last couple of years. Build to rent, which is a strategy you've leaned into, but maybe perhaps differently than some of your competitors. What's your outlook on that? What is what is the read through for home builders and your ability to get more inventory for for your consumers? We love the business. We love it if it's in the right parts of the country. If you're really deliberate about where you invest capital and why, it can be an awesome alternative to homeownership for customers. If you're stuck or kind of a little bit further out, you know, buying or building product, you may have a little bit tougher time leasing today. You know, we've taken on about 3000 units over the last couple of years. We now own or operate roughly 8000 homes and built to rent communities. We have over 70 communities around the country. It's a little bit different customer, a little bit different segment, but it has tremendous amount of amenities and a lot of upside for people. So if you want to be down payment light, not be anchored to a 30 year fixed rate mortgage or something that you feel a little bit uncertain about with the CPI pressures that you just talked about, it's an absolutely awesome alternative to that same experience, but being down payment light. Yeah. And of course, housing related stocks in general have been kind of taking on the chin invitation homes as well down, I think, 12% year to date. Given the fact that you did just come off of this investor day today, what is your message to Wall Street? Look, our message is we actually have a really great business. There's dislocation between what the public markets are kind of viewing real estate companies with versus where private market transactions are happening. Single family rental companies could tell you that multifamily companies could tell you that there's just a widespread. So I think we've got to control the controllables. We talked a lot about that today. We see a lot of upside in both the customer experience, things that we're anchoring in on, you know, our lending programs, things like that are also really taking flight. There's a ton of opportunity. The public markets just need to figure out that the valuations there.

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