Investor Presentaiton
Supply Continues To Be Constrained
We believe a decade-long shortfall in single-family construction is likely to persist for the foreseeable future
Rising labor costs, materials costs, impact fees, land scarcity, and regulatory hurdles have been barriers to supply
► Replacement cost for single-family housing has increased significantly due to inflationary pressures on materials and labor
Total Housing Permits (Single and Multifamily) as a % of Households in Invitation Homes' Markets (1)
4.0%
Single-Family
Multifamily
'80-'22 Avg
3.0%
2.0%
1.0%
0.0%
1980
1984
1988
1992
1996
2000
2004
2008
2012
2016
2020
(1) Source: U.S. Census Bureau and John Burns Real Estate Consulting; data as of December 2022.
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