ROAD map: AMH and Invitation Homes plot BTR’s way forward

After a near-existential brush with legislative uncertainty, recent earnings calls from AMH and Invitation Homes offer a glimpse into how the two largest public single-family rental operators expect the market to fare now that the policy questions are settled.Following the removal of provisions in the 21st Century ROAD to Housing Act that largely froze capital flows into the build-to-rent (BTR) industry and could have severely damaged their business models, executives at both companies said investor interest and deal activity are returning, but at a cautious pace.Executives at AMH and Invitation Homes now view the new bill as supportive of their existing business models and growth strategies. However, perhaps the biggest industry impact, they say, may be felt by smaller institutional investors that lack the scale, capital access and operating capabilities of the sector leaders. AMH and Invitation Homes: two differing paths to growth First, it’s important to understand how AMH and Invitation Homes compare and contrast in their respective strategies. Although both are positioned to benefit from a reopening of capital markets, their differing approaches to growth, acquisitions and dev...