Dallas Tanner, president and CEO of Invitation Homes (NYSE: INVH), participated in a video interview at Nareit’s REITworld: 2019 Annual Conference in Los Angeles.
Tanner said that because Invitation Homes has grown so quickly over the past decade, it sometimes still faces the challenges of a new company, including waiting for internal processes to evolve.
“I think the team has done an excellent job of capturing the moment, in terms of the single-family rental industry, and all the parts that can go along with that,” he said, adding that the REIT still has a lot of opportunity to grow its ancillary revenue opportunities.
Tanner noted that with one-third of Americans renting their homes, the leasing lifestyle is firmly rooted in the real estate culture, but that it has never been institutionalized within the single-family rental segment before.
“There are 16 million people today that lease a single-family home in one way, shape, or form. Our industry only represents 2% of that 16 million, so there’s a lot of upside in terms of growth potential,” he said.
Tanner also talked about the important role community plays in Invitation Homes’ overall business model, and that in 2019, the REIT invested capital back into the marketplace, including more than $2 billion in property improvements alone. He said the company wants its associates and residents to be able to give time back, too, including volunteering, restoring local communities, and helping to build up local vendors.