Single-Family Rentals ROAD Bill All But Signed By The President; Positive For INVH/AMH, Very Interesting For Manufactured Housing

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Single-Family Rentals ROAD Bill All But Signed By The President; Positive For INVH/AMH, Very Interesting For Manufactured Housing

J P M O R G A N North America Equity Research

24 June 2026

Single-Family Rentals

ROAD Bill All But Signed By The President; Positive For

INVH/AMH, Very Interesting For Manufactured Housing

The 21st Century ROAD to Housing Act was set to be signed into law by President REITs & Real Estate Services

ACTrump today, but he abruptly canceled the signing “until such time as we pass the Anthony Paolone, CFA

desperately needed SAVE AMERICA ACT…” We will make the presumption that (1-212) 622-6682

the ROAD bill, which was well-supported by both Republicans and Democrats in anthony.paolone@jpmorgan.com

the House and Senate, will be signed, and as such note that this should be seen as Michael W. Mueller, CFA

positive for the SFR names in our space – including INVH and AMH. (1-212) 622-6689

michael.w.mueller@jpmorgan.com

There are many sections of this bill that aim to take on challenges surrounding the Hong Zhang

so-called housing crisis, but the section that would most impact single family (1-212) 622-6416

hongliang.zhang@jpmorgan.com

rentals (SFR) and build-to-rent (BTR) the most is Sec. 1001, “Homes are for

Nahom Tesfazghi

people, not corporations.” This section aims to expand the number of single-family

(1-212) 622 4884

homes available for purchase by individuals by restricting acquisitions by large nahom.tesfazghi@jpmchase.com

institutional investors. The bill defines a large institutional investor as an Daniella De Armas Rosales

investment fund, corporation, general/limited partnership, LLC, JV, association, (1-212) 622-0050

or other for-profit entity with at least 350 single-family homes, capturing both daniella.dearmasrosales@jpmchase.com