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BY Lance Lambert

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Invitation Homes, one of the nation’s largest single-family rental landlords with 85,961 wholly owned homes, says the rental supply picture is improving recently in some markets that have been hardest hit by the multiple-year cyclical cooling that followed the pandemic housing boom. But on its Q3 2026 earnings call on Thursday, management flagged a wild card it’s keeping an eye on: “shadow [SFR] supply.”

Tim Lobner, COO of Invitation Homes, said single-family rental listings from large operators were down 13% year over year in August, including in the company’s three largest markets: Atlanta, Tampa, and Phoenix. Build-to-rent deliveries peaked in 2024 and are expected to keep slowing through 2027 and 2028, he said.…