Invitation Homes, AMH, Tricon: Who Owns US Rental Homes 2026

Who owns the most single-family rental homes: the census from filings

There is no public register of single-family landlords. What exists is scattered across forms: the two listed REITs file 10-Qs, Tricon and Home Partners of America appear inside the 10-Q of a non-traded REIT that owns pieces of them, and the private owners appear only when they borrow against their homes in a securitization. The table puts all of it on one date.

Sources: the Form 10-Q for the quarter ended June 30, 2026 of each listed company and of BREIT; Form ABS-15G filings listed below. Homes at different owners are not additive: BREIT owns slices of both Tricon and Home Partners, and Tricon securitizations include Home Partners homes.

Read the census with three caveats. First, "homes" means different things. Invitation Homes' headline count excludes joint ventures; AMH's includes homes held for sale; BREIT's Tricon line counts every home in which it has any interest. Second, Progress Residential is probably among the largest, but no filing we found states its total. The securitization tapes are a floor for the homes it has borrowed against, not a count of what it owns. Third, this is a census of filers. Owners that never borrow in the public securitization market and never sell securities under a registration do not appear at all.

The listed pair alone own 146,692 homes outright (our sum of 85,509 and 61,183). Invitation Homes' wholly owned count fell from 85,905 a year earlier.

Invitation Homes: 85,509 homes in 16 markets, and a net seller in 2026

Invitation Homes says it is “a leading owner and operator of single-family homes for lease”. Its 10-Q gives a market table for the quarter ended June 30, 2026. The Western United States and Florida brought in 70.4% of rental revenues.

Source: Invitation Homes Form 10-Q for the quarter ended June 30, 2026 (accession 0001687229-26-000045), “Our Portfolio” table.

The direction of the business has changed. In the first half of 2026 Invitation Homes acquired 457 homes and sold 1,140; a year earlier it acquired 1,516 and sold 749. It also bought a homebuilder: “On January 14, 2026, we invested $91.1 million for the acquisition of ResiBuilt.” Building new homes for rent is one of the purchases the new federal law still allows (see below).

American Homes 4 Rent: 61,183 homes, built more than bought

AMH is the other listed giant. Its 10-Q lists 20 named markets and an “All Other” line of 16 markets in 15 states. AMH reports a blended change in rent by market, which is the closest thing in any filing to a local rent-growth table.

Source: AMH Form 10-Q for the quarter ended June 30, 2026 (accession 0001562401-26-000047). Twelve of 20 named markets shown; all 20 are in the dataset. Homes exclude the 701 held for sale. The blended change compares new and renewal lease rents with the expired lease on the same home.

The spread is the story: rents on new and renewed leases rose 6.4% in Greater Chicago and 4.9% in Indianapolis and Cincinnati, but 0.8% in Tampa and 0.2% in San Antonio. Same-Home average monthly realized rent was up 2.6% year over year. AMH's average home is 18.1 years old.

Where both listed landlords operate, the overlap is large. Using each company's own market names (they do not define them identically), the two hold 18,523 homes in Atlanta, 12,721 in Tampa, 12,473 in Phoenix and 9,277 in Orlando (our sums of the two tables).

Tricon after Blackstone: what is still on file

Tricon Residential was listed in New York and Toronto until Blackstone Real Estate Partners X, with BREIT, “acquired all of the outstanding common shares of Tricon” for $11.25 per share in cash, a total equity value of $3.5 billion, closing May 1, 2024. On May 14, 2024 Tricon filed Form 15 to end its reporting, listing 1 holder of record. Its last annual information form, for 2023, described a managed portfolio of 37,183 homes in 21 core markets across ten states.

So what is still filed? Three things.

1. BREIT's 10-Q. Because BREIT kept an 11.6% stake, its property table carries a line “Tricon - Single Family Rental” with “various ownership interests in 40,475 unconsolidated single family rental homes” at June 30, 2026, carried at $309.6 million. That is the only post-2024 count of Tricon's homes in an SEC filing we found.
2. Securitization filings. Tricon kept borrowing in the bond market, and each deal leaves a Form ABS-15G. Four since February 2025: TCN 2025-SFR1 (1,507 homes), TCN 2025-SFR2 (1,570), TCN 2026-SFR1 (1,499) and TCN 2026-SFR2 (1,329). Two of them were arranged by Home Partners Holdings LLC, which shows the Home Partners homes are now financed in Tricon-branded deals. Our Home Partners of America page has the rest of that story, including the $34 million tenant settlement.
3. Quarterly repurchase reports. Each Tricon depositor files a Rule 15Ga-1 report; Tricon SFR 2026-1 Depositor's report for January to March 2026 says “No activity to report”.

Progress Residential, Amherst and Starwood: homes you can only count in securitizations

When a single-family landlord borrows against a pool of homes and the loan is packaged into bonds sold to institutions, a third-party due diligence report must be disclosed on Form ABS-15G under SEC Rule 15Ga-2. The accountants' report attached to it states the number of homes in the pool. These are the reports we found filed from January 2025 to September 2026, by searching EDGAR's full text for the diligence certificate these deals share. Deals that used a different diligence firm would not show up in that search, so the list is a floor.

Source: Form ABS-15G filings under Rule 15Ga-2, exhibit 99.4 or 99.2 (agreed-upon procedures report). “Initial” and “final” are the report's own words for the tape it counted; the final pool can be smaller.

Two details tie the names together. The Progress Residential 2026-SFR4 report lists “Pretium Securities, LLC” among the parties that agreed to the procedures, which links the deals to Pretium. And the STAR 2026-SFR8 report names its data room “Starwood 2026-SFR8” and its leasing-cost formula names two sub-managers, “Mynd” and “Invitation Homes”: the largest listed landlord also manages homes in a Starwood pool.

The 22 deals with a stated pool add up to about 39,748 homes in 21 months (our sum). Progress alone accounts for 20,448. Treat it as a measure of borrowing, not of size.

Rent, occupancy and turnover side by side

Sources: the June 30, 2026 Form 10-Q of each company and of BREIT. The definitions differ; compare directions, not decimals.

Over the first half of 2026, Invitation Homes' new-lease rents fell: net effective growth on new leases averaged “(1.2)%”, against 0.9% a year earlier, while renewals held at 3.4%. Landlords are keeping existing residents at higher rents and cutting price to fill vacant homes.

What the filings say about evictions, fees and settlements

This section reports what the companies wrote; it is not a guide to tenants' rights, which depend on state and local law.

• AMH describes its collections process in its 2025 10-K: rent not paid by the late payment date, “typically within five calendar days of the due date”, draws a late fee where allowed, and “Eviction is a last resort, and the eviction process is managed in compliance with local and state regulations.”
• Invitation Homes says it screens applicants for income and also considers “eviction history, criminal history, and rental and other payment history”. Its 2025 10-K reports that in 2024 it resolved a Federal Trade Commission investigation and settled the City of San Diego case: “Both matters were resolved without any admission of liability, resulting in aggregate monetary relief of $68.0 million.”
• Home Partners of America tenants' class actions ended in a $34 million settlement approved December 1, 2025; Home Partners denied wrongdoing (details on our Home Partners page).
• The new federal law adds a renter channel: each large institutional investor must tell renters about a HUD “renter outreach resource” when they first occupy the home and annually after that.

The ROAD to Housing Act: 350 homes, January 7, 2027

The 21st Century ROAD to Housing Act is Public Law 119-101, H.R. 6644, enacted July 11, 2026. Section 1001, titled “Homes are for people, not corporations”, is the part that touches every landlord in this census. The text below is quoted from the public law as published on govinfo.gov.

Source: Public Law 119-101, section 1001 (42 U.S.C. 19521 per the margin note), text saved from govinfo.gov on October 11, 2026. The Treasury “may issue regulations”; none had been proposed in what we read.

The companies have started to say what it means for them. AMH's 10-Q: “Although we have not been acquiring a significant number of homes through the MLS in recent years, we expect the ROAD Act will adversely impact our ability to do so in the future.” Invitation Homes says the legislative uncertainty “has also caused prospective institutional purchasers to defer or curtail acquisition activity”, which hurts demand for the homes it builds. VineBrook says it has “focused on a disposition strategy” (its tender offers are on our VineBrook page).

How an ordinary investor can own single-family rentals

Four routes, from the most liquid to the least accessible.

Sources: INVH and AMH 10-Q cover pages; VineBrook 10-Q; Form 1-SA reports of seven Arrived issuers for the half-year to June 30, 2026; Form D/A of Pretium Single-Family Rental Fund VII (May 1, 2026: $79,989,335 sold, 4 investors), Pretium Single-Family Rental Fund VI ($906,808,774, 150 investors), Pretium U.S. SFR Core Plus Open-End Fund ($2,398,522,500, 44 investors) and Cerberus SFR Opportunistic Partners ($584,275,000, 177 investors).

The private funds are the vehicles behind the biggest private landlords, and their Form D filings check exemption 3(c)(7) of the Investment Company Act, which covers an issuer whose securities “are owned exclusively by persons who, at the time of acquisition of such securities, are qualified purchasers” (15 U.S.C. 80a-3(c)(7)). Our page on qualified purchaser vs accredited investor has the thresholds.

Arrived and the 350-home line. Arrived's issuers report properties acquired, cumulatively, as of June 30, 2026: Arrived Homes, LLC 248; Arrived Homes 3, LLC 96; Arrived Homes 4, LLC 71; Arrived Homes 5, LLC 73; Arrived STR, LLC 29; Arrived STR 2, LLC 12; Arrived SFR Genesis Fund 56. That is 585 acquired (our sum), and some have since been sold. Whether a manager of many separate series has “investment control” of the homes in the sense of section 1001 is a question the statute's control test raises (it includes whoever “is or controls the investment manager, management company, or investment advisor” of the owning entity), and the Arrived reports we read do not mention the ROAD Act. We draw no conclusion. Holders and prospective buyers can ask Arrived directly how it reads the law before January 7, 2027. Our Arrived Homes review and Arrived vs Ark7 cover returns and fees.

What a reader can do with this

• If you rent from one of these companies, the owner and the property manager may be different companies (Invitation Homes manages 15,639 homes it does not own, and a Starwood pool names Invitation Homes and Mynd as sub-managers). From January 7, 2027 your landlord must give you the HUD renter outreach notice if it is a large institutional investor. For disputes, state and local agencies and your lease govern; this page is not tenant advice.
• If you own INVH or AMH shares, the ROAD Act does not force sales and leaves build-to-rent open; the filings say the effect is on acquisition channels. Watch the share of new homes each company builds rather than buys in the next 10-Q.
• If you are weighing Arrived or another small-ticket platform, check the fee rows in our dataset and ask the platform how it applies the 350-home test.
• If you are researching a neighborhood landlord, the ABS-15G filings in the table above list their sponsor; EDGAR full-text search on the deal name finds the rest.

This is analysis of public documents, not investment, legal or tax advice.

FAQ

Sources, read and saved on October 11, 2026: Form 10-Q for the quarter ended June 30, 2026 of Invitation Homes (0001687229-26-000045), American Homes 4 Rent (0001562401-26-000047), VineBrook Homes Trust (0001193125-26-351798) and Blackstone Real Estate Income Trust (0001662972-26-000111); Form 10-K for 2025 of Invitation Homes (0001687229-26-000016) and American Homes 4 Rent (0001562401-26-000010); Tricon Residential's 2023 Annual Information Form (exhibit to Form 40-F, 0001584425-24-000014), Form 6-K of May 1, 2024 (0001193125-24-126841) and Form 15 of May 14, 2024 (0001193125-24-138520); Form ABS-15G filings of the 23 securitizations in the table and Tricon SFR 2026-1 Depositor's Rule 15Ga-1 report (0001999371-26-007726); Form 1-SA for the half-year to June 30, 2026 of Arrived Homes, LLC (0001213900-26-104127), Arrived Homes 3 (0001213900-26-104055), Arrived Homes 4 (0001213900-26-103975), Arrived Homes 5 (0001213900-26-104043), Arrived STR (0001213900-26-103972), Arrived STR 2 (0001213900-26-104063) and Arrived SFR Genesis Fund (0001213900-26-104083); Form D/A of Pretium Single-Family Rental Fund VII (0002058674-26-000003), Pretium Single-Family Rental Fund VI (0001928795-24-000001), Pretium U.S. SFR Core Plus Open-End Fund (0001774796-24-000002) and Cerberus SFR Opportunistic Partners (0001838407-25-000003); Public Law 119-101 and 15 U.S.C. 80a-3 from govinfo.gov. Sums, differences and dates marked as ours are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.