Executive VP & COO, Invitation Homes
Search every verified Timothy Lobner interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In September 2020 and September 2021, Timothy Lobner, as Executive VP & COO of Invitation Homes, appeared on CNBC to discuss the rental market. He stated that the company finished 2020 with occupancy "far north of 98%" and that demand remained strong, with application ratios at peak levels. Lobner noted that Invitation Homes had worked with "over a couple thousand families" to restructure or forgive past due rents during the pandemic, and expressed concern for smaller landlords "stuck in the middle" of balancing renter hardship and landlord protections. He attributed tight housing supply to the 2008-2009 housing slump, which he said caused builders to avoid overbuilding. Lobner described the millennial cohort of roughly 65 million people as a key demographic seeking flexibility and single-family rentals. He said Invitation Homes added nearly 1,200 homes to its portfolio in the fourth quarter of 2020, and that the company intended to continue growing because "the demand is telling us that we need to." He characterized the company's position as offering a service "people have been choosing for hundreds of years" but now with greater scale and efficiency. Lobner also noted that 70% of the company's revenue came from the West Coast and parts of Florida, areas he described as having household formation at nearly twice the national average.
“We finished the year far north of 98 from an occupancy perspective, and while we've had this tremendous amount of demand, we've certainly been having to meet the needs and work with residents that have been impacted by COVID-19.”
“We've probably worked now with over a couple thousand families in restructuring or forgiving past due rents and things like that, and we're fortunate given the size of our business that we can weather that.”
“I do have some concerns about smaller landlords that are out there that are kind of stuck in the middle, having to strike that balance between helping renters facing hardship and making sure landlords have the protections they need because they pay property taxes and insurance.”
“It's important that the administration continues to work with housing experts to find and strike the right balance between helping with additional stimulus for renters facing hardship and ensuring landlords have the protections they need.”
“This millennial cohort between the ages of 22 and 36, roughly 65 million people, are coming into our target demographic and these people want flexibility of choice.”
“A third of the country leases something in some way, shape or form every year, and the ability to have a quality experience in a nice single-family home without the burden of down payment or ownership implications can be quite appealing.”
“We offer a service that people have been choosing for hundreds of years but nobody's had the scale and size to do it as efficiently and offer the sweetest services that we can in today's environment.”
“Supply is at all-time lows in terms of where you're seeing that inventory, and a lot of this has to do with the fact that 2008 and 9, the great housing slump, had everybody kind of reign in their focus in terms of not overbuilding in parts of the country.”
“In the fourth quarter we were able to almost buy 1,200 homes to add to our portfolio. We feel really good about the opportunities we're seeing in front of us and we're going to continue to find ways to grow our portfolio because the demand is telling us that we need to.”
“We have a really interesting vantage point as we look at the 16 markets where we own roughly 80,000 homes and we get really good insight in terms of transaction velocity, supply and demand, and balances and other things like that.”
“There's less than four months of resale supply in the marketplace today, so I agree with what you're saying things actually feel pretty healthy on a relative basis.”
“We sit roughly ninety-seven and a half percent occupied with residents staying with us almost three years or more in all of our markets, that speaks of the tremendous strength of four leased property in general and also for that flexibility I think a lot of people want in today's environment.”
“We're seeing a ton of demand, we're seeing people come in, our application ratios are as high as they've ever been, they're even stronger than this time last year, and this is our peak leasing season.”
“We are under supplied in this country and a lot of that stems from the housing crisis in 2008/9 where builders, developers, people that are in housing in general have been cautiously growing their footprints and portfolio since but have been scared to be overextended.”
“If you're positioned in parts of the country like we are where we're 70% of our revenue comes out of the West Coast and parts of Florida, those are high demand parts of the country where you see household formation at almost two times the national average.”
Invitation Homes CEO Dallas Tanner joins "Squawk on the Street" to discuss the rental market and his company's earnings.
The flight to the suburbs is real and growing as coronavirus changes the way people live. Suburban housing is seeing an uptick ...
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