Amended Housing Bill Better Than Feared: For SFR, Clear Positive for MH

研报英文原文证据摘录

Amended Housing Bill Better Than Feared: For SFR, Clear Positive for MH

Deutsche Bank

Research

North America Industry Date

REITs REITs 22 June 2026

Amended Housing Bill Better Than Feared

Peter Abramowitz For SFR, Clear Positive for MH

Research Analyst

+1-212-250-9504

Key Takeaways

Last week, Congress announced it will move forward to vote on a negotiated Omotayo Okusanya

version of the 21st Century Road to Housing Act, which now appears likely to Research Analyst

+1-212-250-9284 pass this year, in our view. For Single Family For Rent (SFR) REITs, the amended

version preserves exemptions that will allow them to buy newly constructed Rafi Lewis

homes and develop BTR homes/communities without a seven-year divestment Research Associate

requirement that was included in a prior version passed by the Senate. We were

somewhat surprised the stocks didn’t react more positively to the news last week

(-3.7% for the week ended Thursday vs. RMZ -1.9%), although we remain Hold-

rated on both AMH & INVH given what we view as a still challenging

supply/demand backdrop, limited upside to guidance/estimates into 2Q earnings

and fair valuation (15.2x FFO) given the FFO/sh growth outlook (DBe low-single-

digits in 2026/2027). For Manufactured Housing (MH) REITs, the removal of the

permanent chassis requirement is a positive that will allow for greater flexibility in

home design and potentially more development opportunities down the road. We

continue to prefer ELS (Buy-rated) in the space given what we view as a more

favorable business mix and demographic backdrop.

Congress To Move Forward On Housing Bill Vote, Likely To Pass This Year

Last week, Congress passed a key procedural milestone to move forward to a vote

on the 21st Century Road to Housing Act, following months of negotiations