SFR REITs: HPA Analysis – May 2026

Research evidence excerpt

SFR REITs: HPA Analysis – May 2026

RBC Capital Markets, LLC

Brad Heffern, CFA (Analyst)

(512) 708-6311,

brad.heffern@rbccm.com

Patrick Fox, CFA (AVP)

(512) 708-6342,

patrick.j.fox@rbccm.com

Michael Carroll, CFA (Head

June 16, 2026 of US Real Estate Research)

(440) 715-2649,

michael.carroll@rbccm.com SFR REITs: HPA Analysis – May 2026RESEARCH Our view: We update our single-family rental home price appreciation analysis to incorporate May home

price data. The vast majority of SFR focus markets saw appreciation (Las Vegas being the sole exception),

and we estimate the overall AMH and INVH portfolio values increased by 0.4% and 0.3%, respectively.

Home prices typically see steady appreciation in May, with the current month's appreciation in line with

normal seasonality. We view this result as a positive given the uncertain macro backdrop in which the

results were achieved and the rise in mortgage rates. The Midwest again saw the strongest regional

performance, while Southwest markets (Las Vegas, Phoenix, TX) saw weaker results. The portfolio

discounts for AMH/INVH decreased by 100 bps MoM, continuing to rebound off their weakest-everEQUITY levels and reflecting post-earnings strength. AMH and INVH now have implied discounts of 33%/32%,

with INVH's discount now inside AMH's for the second consecutive month.

Single-family rental companies see improvement from record discounts

• We estimate that AMH and INVH both trade at 32% discounts to their respective May portfolio values,

as the stocks continue to recover from their widest-ever levels.

• AMH’s discount is ~1% wider (33% total) when taking into account the value of the company’s

development business, based on a 1.5x multiple of book value for construction in progress.