Timothy Lobner on rental services
From Invitation Homes CEO on the strength of the rental market · · CNBC Television
“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.”
On , Timothy Lobner, Executive VP & COO at Invitation Homes, spoke about rental services during Invitation Homes CEO on the strength of the rental market on CNBC Television.
About Timothy Lobner
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.