Invitation Homes' quarterly revenue rises on rental demand
Feb 26 (Reuters) - Invitation Homes INVH.N reported a rise in fourth-quarter revenue on Wednesday, driven by an increasing consumer preference for renting over buying amid concerns about volatile interest rates.
The demand for affordable housing in the United States remains strong, as the country continues to grapple with a long-standing shortage of single-family homes, a situation that originates from the 2008 housing market crash.
Invitation Homes reported revenue of $659.1 million for the quarter ended December 31, which is 5.6% higher than a year ago and above estimates of $654 million, according to data compiled by LSEG.
The Dallas, Texas-based REIT which leases about 85,000 homes in 16 markets across the U.S., reported a same-store core revenue growth of 2.7% in the quarter.
The company's blended rental growth rate rose 2.3%, reflecting a combination of both new lease and renewal rates.
It posted a net income of $143.1 million, or 23 cents per share, compared to $129.5 million, or 21 cents per share, it posted a year ago.
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