The Rent Roll with Jay Parsons EP#52 Scott Eisen | Q23 '25 SFR Market Update & Outlook
Sep 25, 2025
Scott Eisen, CIO and EVP at Invitation Homes, shares his insights on the single-family rental (SFR) market, highlighting its resilience amidst a cooling homebuyer landscape. He and Jay Parsons dive into the myths surrounding SFR, emphasizing the importance of new construction over MLS purchases. Scott elaborates on capital recycling strategies, buying from builders, and how institutional investors can boost builder liquidity. They also discuss demographic trends that support SFR demand, making for an engaging and informative discussion on the future of rental housing.
AI Snips
Chapters
Books
Transcript
Episode notes
SFR Leasing Slowing, Vacancies Rising
- SFR leasing activity is slightly below seasonal norms, not collapsing.
- Longer vacancy times are the key pressure reducing rent growth to seven-year lows.
Time-On-Market Drives Rent Pressure
- Time-on-market is the weakest of Burns' SFR indices and signals rising vacant inventory.
- New-lease rent growth fell to 2.6%, the lowest since 2018, pressuring operators' income.
Wage Growth Widens Demand Funnel
- Wage growth has outpaced rent growth for 32 straight months, widening renters' affordability funnel.
- Strong wages support long-term demand even while near-term leasing softens.
