SFR REITs: Lucky 7? House Version of 21st Century ROAD to Housing Act Drops BTR Sale Provision

研报英文原文证据摘录

SFR REITs: Lucky 7? House Version of 21st Century ROAD to Housing Act Drops BTR Sale Provision

Update

May 14, 2026 03:03 PM GMT

Morgan Stanley & Co. LLCMSFR REITs | North America Adam Kramer

Equity Analyst

Lucky 7? House Version of 21st Adam.Kramer@morganstanley.comDerrick Metzler +1 212 761-4623

Research Associate

Derrick.Metzler@morganstanley.com +1 212 761-3366

Century ROAD to Housing Act Caroline Long

Caroline.Long1@morganstanley.com +1 212 761-0102

Drops BTR Sale Provision

Real Estate Investment Trusts

North America

Key Takeaways Industry View In-Line

On 5/13, the House released amended housing bill text that dropped the Senate's

7-year sale provision for new BTR homes. Vote set for next week

Additional House exceptions let institutions add supply via 5+ contiguous rental

homes, rehab/distressed housing, and affordable/restricted housing

Both House and Senate bill versions limit or ban institutional investors with

direct/indirect control of 350+ homes from buying SFRs

With the industry shifting from scattered-site acquisitions to emphasizing BTR in

recent years, it placed greater emphasis on BTR policy, namely the 7yr rule

We view this positively for AMH & INVH, though stock upside may be limited

after recent stock outperformance on better March/April fundamentals

What happened? Late Wednesday, May 13th, the US House of Representatives

released an amended housing bill text and scheduled a vote for next week. See text

of bill here. If the House passes its legislation, the Senate would have to give final

approval before the bill would go to the President. Importantly, while the Senate's

version of the bill required large institutional investors to dispose of certain

excepted-purchase homes, including BTR homes, to an individual homebuyer within