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AMH and Invitation Homes see cautious build-to-rent recovery after ROAD act
AMH said it sold 1,318 older homes over the last two quarters, up from 786 in the same period of 2025, as it recycles capital toward purpose-built rental communities.
HousingWire reports that AMH and Invitation Homes said the passage of the 21st Century ROAD to Housing Act removed a key policy risk that had stalled build-to-rent deal flow in the first and second quarters.
Both companies expect a measured return of capital to the build-to-rent industry, with investor interest and deal activity coming back at a cautious pace, along with more consolidation among mid-sized owners and an improving supply outlook, according to HousingWire.
The outlet also describes how the companies differ in execution. AMH now primarily grows through an in-house development program launched in 2017, supported by partnerships with homebuilders and selective acquisitions, while it has been selling older, non-core homes to free up capital.
HousingWire added that over the last two quarters AMH sold 1,318 homes, up from 786 in the same period in 2025, as part of capital rotation from older scattered-site assets into newer purpose-built rental communities. It also notes that Invitation Homes largely operates as an acquirer rather than a developer.