About Dallas Tanner
Dallas Tanner, CEO of Invitation Homes, discussed the company’s performance and outlook during its Q4 2024 earnings call on February 13, 2025. He noted that the company was among the first to identify the moderating impact of new home deliveries in some markets and is taking a measured approach to 2025, remaining vigilant about new supply, potential tariffs, and prolonged higher mortgage rates. Tanner also highlighted that 46 million American households lease their primary residence, with nearly one in three choosing single-family homes, and that the average cost of leasing a single-family home is about $1,100 a month cheaper than owning.
In a June 2025 interview at Nareit’s REITweek, Tanner described build-to-rent communities as a major growth driver for Invitation Homes. He said that younger demographics want flexibility and optionality, such as leases with an option to purchase later, and that as companies offer these products, the housing environment could become more dynamic and less dependent on mortgage rates. Tanner also addressed criticism of institutional owners in housing, stating that the company has been “painted with a brush that we’re the problem, not the solution,” and noted that some media outlets have defended Invitation Homes for adding new supply and being productive.
Source: AI-verified profile updated from Dallas Tanner's recent appearances.
Browse all interviews →
Transcript (6 segments)
H
Host0:01
Mackenzie Sigalos, thank you so much for that update. We'll continue to keep our eye on that. New home sales data out last hour. The number came in at 652,000 for the month of July. Stronger than expected, but still it's an 8.2% decline year on year. A trend. Our next guest says benefits the rental market in particular, because high home prices are sending more Americans looking for alternative options. Joining us now with his outlook Invitation Home CEO Dallas Tanner. Dallas, it's good to talk to you today. All right. So you have these new home starts that are it looks great. It looks like there's lots of building going on. Homebuilders sentiment is pretty good. And yet you say it's really the rental market that's benefiting. Why.
D
Dallas Tanner0:47
Well, it definitely new construction has done well. I think if you look over the last 3 to 5 years most home builders would agree. What we are seeing is just a propensity to renew in our business. So through Q2, our renewal rate was roughly around 77%. So 77% of our customers are choosing to release on a year over year basis and staying with us about 40 months. That being said, they are looking for new product. We have roughly 1500 homes that we've delivered, either through our builder networks and some of the way that we're leveraging our balance sheet through the first two quarters, coming in with brand new product for our customers, about 1500 homes. And so there's definitely this demand for new product. I think where the spread is wide is around the cost. The cost to own is really expensive right now: property taxes, insurance, HOA, let alone our mortgage rates have on average made our markets about $1,000 a month cheaper than it would be if you were to own today.
H
Host1:40
Okay, so what you have here is all this inventory where there's a mismatch between what sellers expect and what buyers expect. And it appears that in many cases, the buyers are not willing to lower the price to sell the homes that they are pulling down the listings rather than lower the price. Is there a potential that because of these high mortgage rates or the high home prices or whatnot, that you're facing more competition from accidental landlords, people who don't intend to be landlords, but they're going to rent rather than sell?
D
Dallas Tanner2:17
You've certainly seen more listings move from the for sale bucket into the for lease bucket over the last year. That being said, I think as a home seller today the data is really interesting. Three years ago we had about a million units per Redfin's data that were on the market for sale. Today, that number is about 2 million. So you start to think about what that means. It means it's actually not a supply issue anymore. It's a liquidity issue. Cheaper mortgage rates would likely bring a lubricant into the system and allow much healthier transaction volume. I think we're at a seasonally adjusted number just over 4 million units that are selling right now. And if you look back over the last 5 to 10 years, that number was typically between 5 and 6 million units. So everyone's at a standoff sort of looking at each other. We see it in our move out data. We survey our customers every time they leave. Roughly right now, somewhere between 16 to 19% of our customers are moving out to purchase a home. That number typically is between 20 and 25%. And that 16 to 19 is the last five quarters. So there's definitely a standoff. There's obviously plenty of inventory on the market for sale for a home buyer, but people just aren't transacting. And I think we need a little cheaper mortgage rate to get that moving.
H
Host3:27
How cheap does it need to be? Five or can we do this thing in the low sixes?
D
Dallas Tanner3:32
Well, if you look at what the builders have been able to do, they've been able to buy down rate very effectively for the past couple of years. They deserve a lot of credit. In some ways, they've buoyed home prices in a way that basically the whole country is benefiting by. But I think you're right, Carl. Like, if we could see mortgage rates come in 100 basis points, I think we would start to see, based on mortgage application data, a lot more of an aggressive buyer who would get back into the marketplace. But
