Green Street Advisors’ Advisory and Consulting Group Issues First Industry Primer on the Single-Family Rental Business for the National Rental Home Council

Washington, DC (June 8, 2016) – The National Rental Home Council (NRHC) and Green Street Advisors’ Advisory and Consulting Group today published an in-depth primer on the single-family (SFR) rental industry that, for the first time, details the investment thesis behind the institutional SFR business. The new white paper will provide potential investors and other interested parties insights into this growing market and an explanation of the relevant measures that are important for SFR investment. Its findings are based on data provided by NRHC members Colony Starwood Homes, Invitation Homes, Silver Bay Realty Trust Corp., American Homes 4 Rent, Progress Residential and Tricon American Homes.

Several key findings in the report point to continued growth in the SFR sector. For example, the study concludes that single-family rentals are likely to capture roughly 37% of the estimated 3.9 million new renter households coming to market over the next five years, which translates into approximately 1.5 million new units of SFR demand between 2016 and 2020. The report also finds that, assuming occupancy reverts to its historical average and rent growth matches apartments, revenue growth for the industry should exceed apartments modestly (3.0% vs. 2.7%) over the next five years.

Commenting on the release of this material, NRHC Board President and Invitation Homes CEO John Bartling said, “As the single-family rental industry matures, the NRHC is continuously working to professionalize and standardize this traditionally fragmented marketplace. The report issued today will enhance our industry’s ongoing efforts to educate investors, policymakers and the public about this crucial housing option.”

Dirk S. Aulabaugh, Managing Director at Green Street Advisors’ Advisory and Consulting Group, comments, “Institutional SFR is a relatively new and rapidly growing asset class that investors are still figuring out. Our Advisory and Consulting group appreciated the opportunity to work with the largest institutional owners and their trade association to create an educational resource that articulates the investment thesis and the drivers of the SFR industry.”

The white paper, available on the NRHC website, is part of a multi-phased collaboration between the NRHC and Green Street Advisors’ Advisory and Consulting Group. As part of this partnership, a report on common language for financial reporting by the SFR industry will be released separately.

About the National Rental Home Council

The National Rental Home Council (NRHC) is a non-partisan organization dedicated to advocating on behalf of the single-family rental industry. NRHC seeks to educate the public, the media and policymakers about the economic value of the industry and the benefits of large-scale, well-managed single-family rental housing platforms.

Visit the NRHC’s website,, follow the NRHC on Twitter at @NRHCouncil and like NRHC on Facebook. To learn more about membership, email

About Green Street Advisors

As the industry leader in real estate and real estate investment trust (REITs) research for over 30 years, Green Street Advisors’ mission is to provide unparalleled insight, advice, and service to knowledgeable investors looking to execute the best possible public and private real estate capital allocation decisions.

To learn more, visit .

# # #