A compiled reference of 38 verified statistics on single-family rental turnover, from how often residents move out to how long the home sits empty afterward, what operators spend on repairs, maintenance and turnover, and how far occupancy moves between markets. Every figure comes from an annual report on Form 10-K filed with the Securities and Exchange Commission by Invitation Homes or AMH, the two public single-family rental operators, read first-hand across twenty-two filings covering 2014 through 2025. Figures we calculated from those disclosures rather than lifted from them are labeled Computed.
Key statistics
8 highlights from this report
Key statistics
Key takeaways
Single-family rental turnover has become a smaller problem that costs more. Residents leave far less often than they did a decade ago, but the homes they leave behind take longer to get back on the market than at any point since 2017, and the two trends have now fully cancelled each other out. In 2025 the average Invitation Homes home lost more days to turnover than it did in 2022, on a lower turnover rate.
Homes sat empty 47 days between residents in 2025, the longest in nine years
Turnover held flat at 22.8% while vacancy between residents grew 18%
Turnover now costs 10.7 vacant days per home per year, up 72% since 2021
One day off the average turn is worth about $6.2 million a year
AMH says a turn typically takes 20 to 60 days
AMH spends about $1,943 per property a year on repairs, maintenance and turnover
$511.5 million of AMH's portfolio was sitting in the turnover process
Turnover rates have fallen for a decade at both public SFR operators
The divergence: fewer move-outs, more lost days
The single clearest finding in ten years of Invitation Homes filings is that its two turnover metrics have come apart. According to Invitation Homes' annual reports on Form 10-K (sec.gov), the Same Store turnover rate fell from 35.8% in 2017 to 22.8% in 2025, a 13.0 point improvement in resident retention. Over the same period the average number of days a home sat unoccupied between residents went from 46 to 47, having dipped as low as 27 days in 2021.
Invitation Homes Same Store portfolio, 2017–2025
Annual turnover rate (left axis, black) against average days to re-resident (right axis, blue). The lines cross in 2021 and never re-converge.
Multiply the two together and you get the number neither company reports: how many days of the year the average home is empty because it turned. That figure fell for four straight years to a 2021 low of 6.2 days, then climbed back to 10.7 days in 2025. Retention improvements have been fully consumed by slower turns.
Turn-driven vacant days per Same Store home per year, calculated as turnover rate multiplied by days to re-resident. 2021 (grey) is the low; 2025 (black) is the highest since 2019. RapidEye Research computation from Invitation Homes Form 10-K filings.
How we built this report
Every figure was compiled in August 2026 by reading the source filings directly, not by citing anyone else's summary of them.
- Twenty-two annual reports, read end to end
We retrieved every Form 10-K filed by Invitation Homes (ten filings, fiscal years 2016 through 2025) and AMH, formerly American Homes 4 Rent (twelve filings, fiscal years 2014 through 2025), from the SEC's EDGAR system and extracted the operating metrics from each.
- Most recent restatement wins
Both companies redefine their Same Store and Same-Home populations each year, so a given year's turnover rate is often restated slightly in the following filing. Where a year appears in two filings we use the later figure and note the practice here rather than silently picking the flattering one.
- Stated and computed are labeled separately
Figures the companies state directly carry a Verified badge. Figures we calculated from their disclosures, such as turn-driven vacant days or cost per property, carry a Computed badge and the arithmetic is shown in the text.
- Independent review
Written by one co-founder, reviewed by the other before publishing.
Scope caveat: these are the operating metrics of two large institutional operators, covering roughly 148,000 professionally managed homes. They are audited-company disclosures rather than a survey of the wider single-family rental market, which is still dominated by small owners. Treat them as the best-documented benchmark available, not as the national average. The two companies also define their metrics differently, so Invitation Homes and AMH figures are reported side by side and never blended.
Single-family rental turnover, by the numbers
All 38 figures, grouped by theme. Every one traces to a named SEC filing or to a computation from those filings that is spelled out in the text.
How long a turn takes
This is the metric almost nobody publishes and the one operators feel first. According to Invitation Homes' 2025 annual report on Form 10-K (sec.gov), a Same Store home "remained unoccupied on average for 47 and 40 days between residents" in 2025 and 2024. AMH (sec.gov) does not report a days figure, but states in the same year's filing that "it takes approximately 20 to 60 days to complete the turnover process," a range it has revised six times since 2014.
Statistic 1
A single-family home in Invitation Homes' Same Store portfolio stood empty an average of 47 days between residents in 2025, up from 40 days in 2024.
Invitation Homes Form 10-K (2026)
Statistic 2
47 days is the longest average vacancy between residents in the nine years Invitation Homes has reported the metric on a Same Store basis.
Invitation Homes Form 10-K filings (2017-2026)
Statistic 3
Days to re-resident bottomed at 27 days in 2021, then rose in every year since: 37, 38, 40, and 47.
Invitation Homes Form 10-K filings (2017-2026)
Statistic 4
Turn time has risen 74% from the 2021 low of 27 days to the 2025 figure of 47 days.
RapidEye Research computation from SEC filings
Statistic 5
AMH states that completing the turnover process typically takes approximately 20 to 60 days.
AMH Form 10-K (2026)
Statistic 6
AMH's stated turnover range has widened back out: 20 to 50 days in its 2022 and 2023 reports, 20 to 60 days in 2024 and 2025.
AMH Form 10-K filings (2015-2026)
Statistic 7
A decade earlier, AMH stated the same process took 50 to 60 days on average (2014 and 2015 reports).
AMH Form 10-K filings (2015-2026)
Statistic 8
After renovation, AMH says a traditionally acquired home typically takes a further 20 to 40 days to lease; a newly built home takes 10 to 50.
AMH Form 10-K (2026)
Statistic 9
AMH says the renovation step itself has historically taken 20 to 90 days to complete.
AMH Form 10-K (2026)
AMH's own stated turnover duration, 2014–2025
15 days4065
What this means: the fast-turn era was 2021 and 2022, and it is over. Invitation Homes is back to a turn time indistinguishable from 2017, and AMH quietly widened its stated ceiling from 50 days back to 60. Anything that reliably removes days from the turn is worth more now than at any point in the last five years.
How often residents leave
Retention is the part of the story that has gone well. Invitation Homes (sec.gov) defines turnover rate as the number of instances homes become unoccupied divided by the number of homes, and reported 22.8% for its Same Store portfolio in both 2025 and 2024. AMH (sec.gov) uses tenant move-outs divided by total properties and reported 26.3% for 2025, down from 41.0% in 2016. Both series move in the same direction, which is unusual enough in operating data to be worth noting.
Statistic 10
Invitation Homes' Same Store annual turnover rate was 22.8% in 2025, unchanged from 2024.
Invitation Homes Form 10-K (2026)
Statistic 11
That is down from 35.8% in 2017, a 13.0 point decline over eight years.
Invitation Homes Form 10-K filings (2017-2026)
Statistic 12
AMH's Same-Home turnover rate was 26.3% in 2025, down from 27.8% in 2024.
AMH Form 10-K (2026)
Statistic 13
AMH turnover has fallen every year but one since 2016, from 41.0% to 26.3%.
AMH Form 10-K filings (2015-2026)
Statistic 14
The gap between the two operators' turnover rates narrowed to 3.5 points in 2025, the narrowest since 2017 and down from 7.2 points in 2019.
RapidEye Research computation from SEC filings
Statistic 15
AMH's average original lease term was 12.8 months at the end of 2025, with 5.8 months remaining on average.
AMH Form 10-K (2026)
Statistic 16
Invitation Homes owned 86,192 homes at the end of 2025; AMH held 61,479 single-family properties.
Invitation Homes and AMH Form 10-K (2026)
What this means: a decade of professionalization has taken roughly a third off single-family turnover frequency at both operators, and the two have converged on a similar number despite different portfolios and definitions. Retention is no longer the binding constraint. Execution speed is.
What turnover costs in vacancy
Neither company reports the combined figure, so we calculated it. Invitation Homes' 22.8% turnover rate multiplied by its 47-day average vacancy gives 10.7 vacant days per home per year attributable to turnover in 2025, against 6.2 days on the 2021 figures. At the company's own reported Same Store average monthly rent of $2,450, a day of vacancy is worth about $80.55, so those 10.7 days represent roughly $862 of gross potential rent per home. AMH (sec.gov) discloses the same problem a different way: it carried $511.5 million of properties in the turnover process at year-end 2025, up from $397.9 million.
Statistic 17
Turnover cost Invitation Homes' Same Store homes 10.7 vacant days per home in 2025 (22.8% turnover multiplied by 47 days).
RapidEye Research computation from SEC filings
Statistic 18
That is 72% more turn-driven vacancy than the 6.2 days implied by its 2021 figures, on an almost identical turnover rate.
RapidEye Research computation from SEC filings
Statistic 19
Turn-driven vacancy days per home by year: 16.5, 15.0, 13.7, 9.5, 6.2, 8.3, 9.2, 9.1, 10.7 (2017 to 2025).
RapidEye Research computation from SEC filings
Statistic 20
At the 2025 Same Store average rent of $2,450 a month, 10.7 vacant days is about $862 of gross potential rent per home per year.
RapidEye Research computation from SEC filings
Statistic 21
Across the 76,819-home Same Store portfolio, one day off the average turn is worth roughly $6.2 million a year.
RapidEye Research computation from SEC filings
Statistic 22
Invitation Homes' Same Store average occupancy fell to 96.8% in 2025 from a 2021 peak of 98.2%.
Invitation Homes Form 10-K filings (2017-2026)
Statistic 23
At 95.0% total-portfolio occupancy, the average Invitation Homes home was vacant 18.3 days in 2025.
RapidEye Research computation from SEC filings
Statistic 24
AMH's Average Occupied Days Percentage was 94.4% in 2025, equal to 20.4 vacant days per property.
AMH Form 10-K (2026)
Statistic 25
AMH held $511.5 million of single-family properties in the turnover process at year-end 2025, up from $397.9 million.
AMH Form 10-K (2026)
Statistic 26
That is 4.6% of AMH's operating portfolio sitting in turnover, up from 3.7% a year earlier.
RapidEye Research computation from SEC filings
Statistic 27
AMH ended 2025 with 730 fewer occupied properties than a year earlier (56,756 versus 57,486) despite owning more homes.
AMH Form 10-K (2026)
What this means: turn speed is a balance-sheet item, not just an operations metric. AMH's in-turnover book value grew 28.6% in a year while its portfolio barely grew at all, and it finished 2025 with 730 fewer occupied homes than it started. For an operator at this scale, a single day off the average turn is worth millions annually, which is why turn-time measurement deserves the same rigor as rent growth.
What the turn costs to perform
AMH (sec.gov) is the more transparent of the two here, reporting repairs, maintenance and turnover costs as a single line: $351.1 million in 2025. That gross figure includes utility costs that are billed back to residents, so the usable number is the net one, $119.3 million, which the company reports at 7.4% of core revenues. Invitation Homes (sec.gov) does not break out repairs and maintenance; it reports a "controllable expenses" line of $465.5 million that bundles repairs and maintenance, turnover, personnel, leasing and marketing, utilities and property administration.
Statistic 28
AMH reported $351.1 million in repairs, maintenance and turnover costs in 2025, up from $326.7 million.
AMH Form 10-K (2026)
Statistic 29
Net of tenant charge-backs, that line was $119.3 million, or 7.4% of core revenues.
AMH Form 10-K (2026)
Statistic 30
That works out to about $1,943 per property per year in net repairs, maintenance and turnover cost.
RapidEye Research computation from SEC filings
Statistic 31
The same figure was about $1,728 in 2022, a 12.4% increase in three years.
RapidEye Research computation from SEC filings
Statistic 32
Invitation Homes' controllable property expenses, which include repairs, maintenance and turnover, reached $465.5 million in 2025.
Invitation Homes Form 10-K (2026)
Statistic 33
That is roughly $5,433 per home, up from about $4,844 in 2023.
RapidEye Research computation from SEC filings
Statistic 34
AMH's total property operating expenses were $664.0 million in 2025 against $1.61 billion of core revenues.
AMH Form 10-K (2026)
What this means: roughly $1,900 per home per year of net repairs, maintenance and turnover cost is the best-documented institutional benchmark in single-family rental, and it has risen 12.4% in three years. Read alongside the vacancy math above, the total annual cost of turnover to a single-family home runs well past $2,500 once lost rent is counted, and the lost-rent half is the larger one.
How much markets differ
Both operators publish market-level occupancy, and the spread inside a single portfolio is wider than the gap between the two companies. According to Invitation Homes' 2025 filing (sec.gov), Seattle ran 97.4% average occupancy while Dallas ran 90.9%, a 6.5 point spread that works out to more than 23 extra vacant days a year per home. AMH's 2025 filing (sec.gov) shows a narrower band, 92.8% in Tampa to 96.4% in Houston.
Statistic 35
Among Invitation Homes' 16 core markets, Dallas had the lowest average occupancy at 90.9%, equal to 33.2 vacant days a year.
Invitation Homes Form 10-K (2026)
Statistic 36
Seattle led at 97.4%, a 6.5 point spread from Dallas within the same portfolio.
Invitation Homes Form 10-K (2026)
Statistic 37
Among AMH's 20 largest markets, Tampa was lowest at 92.8% and Houston highest at 96.4%.
AMH Form 10-K (2026)
Statistic 38
Houston is the widest cross-operator split in the data: 96.4% for AMH versus 92.0% for Invitation Homes.
RapidEye Research computation from SEC filings
| Market | Operator | Homes | Occupancy | Vacant days/yr |
|---|---|---|---|---|
| Seattle | Invitation Homes | 3,908 | 97.4% | 9.5 |
| Northern California | Invitation Homes | 3,997 | 97.1% | 10.6 |
| Phoenix | Invitation Homes | 9,200 | 96.7% | 12.0 |
| Las Vegas | Invitation Homes | 3,391 | 96.6% | 12.4 |
| Southern California | Invitation Homes | 7,100 | 95.8% | 15.3 |
| Orlando | Invitation Homes | 6,973 | 95.6% | 16.1 |
| South Florida | Invitation Homes | 8,058 | 95.4% | 16.8 |
| Atlanta | Invitation Homes | 12,624 | 95.4% | 16.8 |
| Chicago | Invitation Homes | 2,448 | 95.2% | 17.5 |
| Jacksonville | Invitation Homes | 2,158 | 94.6% | 19.7 |
| Minneapolis | Invitation Homes | 1,035 | 94.4% | 20.4 |
| Denver | Invitation Homes | 2,954 | 93.9% | 22.3 |
| Carolinas | Invitation Homes | 6,157 | 93.7% | 23.0 |
| Tampa | Invitation Homes | 9,702 | 93.1% | 25.2 |
| Houston | Invitation Homes | 2,559 | 92.0% | 29.2 |
| Dallas | Invitation Homes | 3,554 | 90.9% | 33.2 |
| Houston | AMH | — | 96.4% | 13.1 |
| Indianapolis | AMH | — | 95.5% | 16.4 |
| Cincinnati | AMH | — | 95.5% | 16.4 |
| Dallas-Fort Worth | AMH | — | 95.4% | 16.8 |
| Greater Chicago | AMH | — | 95.4% | 16.8 |
| Charlotte | AMH | — | 95.1% | 17.9 |
| San Antonio | AMH | — | 94.7% | 19.3 |
| Boise | AMH | — | 94.7% | 19.3 |
| Raleigh | AMH | — | 94.6% | 19.7 |
| Salt Lake City | AMH | — | 94.6% | 19.7 |
| Nashville | AMH | — | 94.5% | 20.1 |
| Phoenix | AMH | — | 94.5% | 20.1 |
| Atlanta | AMH | — | 94.1% | 21.5 |
| Columbus | AMH | — | 94.1% | 21.5 |
| Las Vegas | AMH | — | 94.0% | 21.9 |
| Jacksonville | AMH | — | 93.8% | 22.6 |
| Orlando | AMH | — | 93.7% | 23.0 |
| Savannah/Hilton Head | AMH | — | 93.5% | 23.7 |
| Charleston | AMH | — | 93.0% | 25.6 |
| Tampa | AMH | — | 92.8% | 26.3 |
Invitation Homes reports average occupancy and home counts by market; AMH reports Average Occupied Days Percentage and does not publish per-market home counts. Vacant days per year is a RapidEye Research computation: (100% minus occupancy) multiplied by 365. Both from 2025 Form 10-K filings.
What this means: a portfolio-level turn-time target is the wrong unit of management. Houston runs 96.4% for one operator and 92.0% for the other in the same year, which says the gap is operational rather than market-driven. Where two professional operators in the same metro differ by four points of occupancy, the difference is in how the turn is run.
Cite this study
Academic or press use: copy a ready-made reference. RapidEye is the publisher.
Quick FAQ
What is the turnover rate for single-family rentals?
Invitation Homes reported a 22.8% annual turnover rate for its Same Store portfolio in 2025, unchanged from 2024, and AMH reported 26.3% for its Same-Home portfolio, its lowest reported figure. Both are down sharply from 2016 and 2017, when Invitation Homes reported 35.8% and AMH reported 41.0%.
How long does a single-family rental sit empty between tenants?
Invitation Homes reported that a Same Store home remained unoccupied on average for 47 days between residents in 2025, up from 40 days in 2024 and 27 days in 2021. AMH states in its 2025 annual report that completing the turnover process typically takes approximately 20 to 60 days.
How many vacant days per year does turnover cost a single-family rental?
Multiplying Invitation Homes' 22.8% Same Store turnover rate by its 47-day average vacancy between residents gives 10.7 vacant days per home per year attributable to turnover in 2025, up 72% from the 6.2 days implied by its 2021 figures, even though the turnover rate itself was essentially unchanged.
What do single-family rental operators spend on repairs, maintenance and turnover?
AMH reported $351.1 million of repairs, maintenance and turnover costs in 2025, or $119.3 million net of tenant charge-backs. Against an average of about 61,408 properties, that net figure works out to roughly $1,943 per property per year, up from about $1,728 in 2022.
Which single-family rental markets have the lowest occupancy?
Among Invitation Homes' 16 core markets in 2025, Dallas had the lowest average occupancy at 90.9% and Houston the second lowest at 92.0%, while Seattle led at 97.4%. Among AMH's 20 largest markets, Tampa was lowest at 92.8% average occupied days and Houston highest at 96.4%.
Are single-family rental turn times getting faster or slower?
Slower since 2021. Invitation Homes' Same Store days to re-resident fell to 27 days in 2021, then rose in every subsequent year to 37, 38, 40 and 47 days. AMH's stated turnover range widened from 20 to 50 days in its 2022 and 2023 annual reports to 20 to 60 days in 2024 and 2025.
Data sources
Every figure on this page traces to one of the sources below, each read against the original filing before publishing.
Invitation HomesAnnual reports on Form 10-K, fiscal years 2016–2025sec.gov
AMH (American Homes 4 Rent)Annual reports on Form 10-K, fiscal years 2014–2025sec.gov
U.S. Securities and Exchange CommissionEDGAR full-text filing archive and submissions indexsec.gov
RapidEye ResearchOriginal computations from the filings above, labeled Computedrapideyeinspections.com