Invitation Homes spent $974 per home on repairs, maintenance, and turnover in Q2 2026 alone. AMH's closest equivalent figure was $780 per property. Homes at Invitation Homes now sit empty an average of 46 days between residents, up from 40 a year ago, and about one in four single-family rentals turns over each year. This index tracks those numbers every quarter, straight from the 10-Q filings and earnings supplementals of Invitation Homes (NYSE: INVH, 77,326 same-store homes) and AMH (NYSE: AMH, 53,935 same-home properties), the two largest public single-family rental REITs. No survey estimates, no vendor numbers: only what the operators themselves report to the SEC.
The index at a glance
Five quarters of the four headline metrics. The dark bar is the latest quarter (Q2 2026); the badge compares it with the same quarter last year.
Cost to maintain, per home, per quarter
Invitation Homes, same store
Expensed plus capitalized repairs, maintenance, and turn spend, net of resident reimbursements. Peaks every Q3, when summer move-outs land.
Days empty between residents
Invitation Homes, same store
Q1 2026's 61 days is the highest quarterly figure INVH has disclosed. Q4 is blank because INVH reports it only inside annual figures.
Annualized turnover rate
Invitation Homes, same store
Bars show the unannualized quarterly rate (5.3% to 6.3%). Trailing four quarters: 22.9%.
Homes in the turnover process
AMH, total portfolio, quarter end
AMH is the only operator that reports a live count of homes mid-turn. At Q2 2026 those homes carried $288.7 million on the balance sheet.
What a quarter of turnover costs, per home
Neither REIT publishes a cost per individual turn. What they publish is better for benchmarking: the full repairs, maintenance, and turnover spend for the quarter, divided across every home in the portfolio. According to Invitation Homes' Q2 2026 earnings supplemental (invh.com), total cost to maintain, net was $974 per same-store home for the quarter, built from four lines: $26.9 million of repairs and maintenance expense, $10.4 million of turn expense, $29.7 million of capitalized repairs and maintenance, and $8.4 million of capitalized turn spend, all net of what residents reimbursed.
| Invitation Homes, same store | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|
| Turn expense, net $ thousands, expensed portion | 9,682 | 11,704 | 10,162 | 9,427 | 10,405 |
| Turn capital expenditure $ thousands, capitalized portion | 9,404 | 10,969 | 9,727 | 9,093 | 8,354 |
| Total turn spend $ thousands, both together | 19,086 | 22,673 | 19,889 | 18,520 | 18,759 |
| Total cost to maintain, net $ thousands, incl. repairs & maintenance | 73,268 | 87,921 | 69,760 | 67,920 | 75,321 |
| Cost to maintain per home per quarter, 77,326 homes | $948 | $1,137 | $902 | $878 | $974 |
Source: Invitation Homes Q2 2026 earnings supplemental, Cost to Maintain schedule, filed with the SEC July 29, 2026. Spreading Q2 2026's $18.8 million of total turn spend across all 77,326 homes works out to roughly $243 per home per quarter (RapidEye calculation, not a disclosed figure).
AMH's closest equivalent combines repairs, maintenance, and turnover costs net of tenant charge-backs with recurring capital expenditure. According to AMH's Q2 2026 earnings supplemental (amh.com), that came to $780 per same-home property for the quarter, down 7.6% from $844 a year earlier.
| AMH, same home | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|
| R&M and turnover costs, net $ thousands, net of tenant charge-backs | 27,421 | 27,114 | 24,334 | 22,838 | 27,580 |
| Recurring capital expenditure average per property, per quarter | $335 | $328 | $241 | $204 | $269 |
| Combined cost per property R&M + turnover, net, + recurring capex | $844 | $831 | $692 | $627 | $780 |
Source: AMH Q2 2026 earnings supplemental, Same-Home results, filed with the SEC July 30, 2026. Same-home pool: 53,935 properties. Gross of charge-backs, AMH's total-portfolio repairs, maintenance, and turnover line was $82.3 million for Q2 2026 (Q2 2026 Form 10-Q).
Why the two numbers are not directly comparable
Invitation Homes defines cost to maintain as "the sum of the expensed and capitalized portions of recurring repairs & maintenance and turn spend, net of resident reimbursements," excluding internal labor. AMH's figure nets out tenant charge-backs and adds recurring capital expenditure, on a different same-home pool. Both are honest numbers; they just draw the box differently. This index reports each on its own definition and never averages them.
How long homes sit empty
Vacancy is the expensive half of turnover, and it is getting longer. According to Invitation Homes' Q2 2026 Form 10-Q (sec.gov), "a home remained unoccupied on average for 46 and 40 days between residents" for Q2 2026 versus Q2 2025. For the first half of 2026 the average was 54 days, against 44 a year earlier. The Q1 2026 filing showed the worst single quarter yet: 61 days empty, versus 48 in Q1 2025. Invitation Homes counts from the day the prior resident moves out to the day the next resident gets keys, so the clock covers the turn work itself plus marketing and leasing time.
At a same-store average rent of $2,480 a month, a 46-day gap is roughly $3,800 of rent that was never collectable, on top of the turn spend above (RapidEye calculation from disclosed rent and vacancy figures). AMH does not report a days-empty average; its Q2 2026 Form 10-Q says the turnover process "takes approximately 20 to 60 days to complete."
The company connects the longer gaps directly to occupancy: the Q2 filing notes the increase in days to re-resident "resulted in an overall decrease in average Same Store occupancy," which slipped to 97.1% from 97.3% a year earlier. AMH's same-home average occupied days percentage was 96.0% for the quarter, down from 96.4%.
How often residents leave
According to Invitation Homes' Q2 2026 Form 10-Q (sec.gov), the annualized same-store turnover rate was 22.8% for the quarter, down from 24.6% a year earlier. The supplemental's unannualized quarterly series runs 6.2%, 6.3%, 5.6%, 5.3%, 5.7% from Q2 2025 through Q2 2026, with a trailing-four-quarter rate of 22.9%. AMH reports its rate without annualizing: 8.1% of properties turned in Q2 2026 (up from 7.5%), 15.4% in the first half, and 27.3% over the trailing twelve months.
| Turnover rate | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|
| Invitation Homes quarterly, unannualized | 6.2% | 6.3% | 5.6% | 5.3% | 5.7% |
| AMH quarterly, unannualized | 7.9% | 7.3% | n/d | 7.4% | 8.1% |
| Trailing twelve months INVH trailing four quarters / AMH TTM | n/d | n/d | 23.0% | 23.4% | 22.9% / 27.3% |
Sources: Invitation Homes and AMH quarterly Forms 10-Q and earnings supplementals, Q2 2025 through Q2 2026. "n/d" means the company did not disclose that cell for that period in the filings we reviewed. The two companies define the rate differently; see each row's basis.
Put together, the two biggest landlords in the category agree on the shape of the problem: roughly a quarter of homes turn every year, every turn costs low-thousands of dollars in direct spend, and each one now leaves the home empty for six to nine weeks. Both companies also flag the same seasonality in their filings: move-outs cluster in late spring and summer, which is why Q3 is the most expensive quarter in every series on this page.
How this index is built
Every figure comes from a document filed with the SEC, checked against the original before publishing. Nothing here is surveyed, modeled, or estimated by us; the two flagged per-home arithmetic notes are the only RapidEye calculations on the page.
- Pull the filings each earnings season
Invitation Homes and AMH quarterly Forms 10-Q, plus the earnings supplementals both companies furnish as 8-K exhibits, retrieved from SEC EDGAR.
- Extract only disclosed figures
Turnover rates, days to re-resident, cost-to-maintain schedules, and turnover-process counts, quoted on the company's own definition.
- Keep definitions separate
INVH annualizes its turnover rate; AMH does not. INVH nets resident reimbursements; AMH nets tenant charge-backs. We report each series on its own basis and never blend them.
- Re-verify and extend quarterly
Each new edition adds a quarter to every series and re-checks the history against the filings.
Scope caveat: these are institutional portfolios of tens of thousands of homes with in-house maintenance teams and scale pricing. A small landlord's per-home costs will usually run higher than these figures, and the two companies' definitions differ enough that cross-company comparisons should be made loosely, not to the dollar.
Cite this index
Academic or press use: copy a ready-made reference. RapidEye is the publisher.
Quick FAQ
How much does turnover cost a single-family rental operator per home?
Invitation Homes reported a total cost to maintain of $974 per home for Q2 2026 alone, covering repairs, maintenance, and turnover spend across its 77,326 same-store homes. AMH's closest equivalent was $780 per property. Neither company discloses a cost per individual turn; these are quarterly figures spread across every home, occupied or not.
How long does a single-family rental sit empty between residents?
Invitation Homes reported an average of 46 days empty between residents in Q2 2026, up from 40 a year earlier, and 61 days in Q1 2026, the highest quarterly figure it has disclosed. AMH says its turnover process typically takes 20 to 60 days.
What is the turnover rate for single-family rentals?
About one in four homes per year at the two largest public operators. Invitation Homes reported an annualized same-store rate of 22.8% for Q2 2026; AMH reported 27.3% over the trailing twelve months.
How often is this index updated?
Every quarter, after both companies file their 10-Q reports and earnings supplementals with the SEC. Each edition adds the new quarter to every series and re-verifies the history.
Data sources
Every figure on this page traces to a document filed with the SEC by one of these companies, checked against the original filing before publishing.
Invitation HomesQuarterly reports and earnings supplementals, 2025-2026invh.com
AMHQuarterly reports and earnings supplementals, 2025-2026amh.com
U.S. Securities and Exchange CommissionEDGAR filing system, where every document was retrievedsec.gov