--- title: "Single-Family Rental REITs Industry" description: "110 SEC filers are classified under the Standard Industrial Classification code that describes the single-family rental reits industry." canonical: https://www.getswoopr.com/stocks/industries/real-estate/single-family-rental-reits/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Single-Family Rental REITs Industry ## Direct Answer 110 SEC filers are classified under the Standard Industrial Classification code that describes the single-family rental reits industry, and their latest annual reports show $180.6 billion of combined revenue and a median operating margin of 20.0%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Single-family rental REITs buy, renovate and lease detached homes to households that prefer renting. Revenue follows occupancy and rent growth, and the model depends on home prices, mortgage rates and operating cost control. The first numbers to compare across companies here are same-home net operating income growth, occupancy and rent growth on new and renewal leases. ## Key Industry Metrics - **Same-home net operating income growth**: The change in rent less operating costs on homes owned in both periods. It shows underlying performance and is shaped by rent, vacancy, taxes and repairs. - **Occupancy**: The share of homes that are leased. High occupancy supports income, and drops show weaker demand or slow turnover of vacant homes. - **Rent growth on new and renewal leases**: The change in rent on new and renewed leases against prior rent. It shows pricing power and where the market is heading. - **Turnover and repair cost**: How often residents leave and the cost of preparing homes. High turnover raises costs and vacancy days, so lower figures support margin. - **Funds from operations per share**: Net income with depreciation added back and sale gains removed, divided by shares. It is the main REIT earnings measure, read against dividends. ## Primary Macro Drivers - **Home prices and mortgage rates**: Prices and loan costs decide whether households rent or buy and what homes cost to acquire, shown in occupancy, rent growth and purchase yield. - **Household formation**: New households need places to live and many choose to rent a house, which shows in occupancy and rent growth on new leases. - **Employment**: Local job growth supports rent payments and demand, which shows in occupancy and same-home NOI growth. - **Property tax and insurance costs**: Taxes and insurance are large costs per home, so increases cut NOI margin, shown in same-home expenses. ## Major Risks - **Regulation and political scrutiny**: Rules on fees, rents or investor ownership of homes can limit revenue, so read regulatory notes and rent growth in affected markets. - **Rising taxes and insurance**: Higher assessments and premiums reduce NOI unless rents rise to match, shown in same-home NOI and expense growth. - **Rate sensitivity**: Rate rises lift interest expense and lower values, so compare debt maturities with funds from operations per share. - **Maintenance costs**: Many scattered homes mean turnover and repair costs add up, shown in turnover rate and repair cost per home. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Mixed | | Capital Intensity | High | | Regulatory Intensity | Medium | | Industry Maturity | Growth | | Geographic Importance | U.S. | ## Single-Family Rental REITs Filers in the SEC Record 110 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 6798. Their latest fiscal years end between 2022 and 2026, and together they reported $180.6 billion of revenue. Median revenue growth over the prior year was 2.9%. Median operating margin was 20.0% and median net margin 10.0%. Median total liabilities were 54% of total assets, and 77 of 110 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Welltower Inc.](https://www.getswoopr.com/stocks/companies/welltower/) | $10.8 billion | 35.6% | n/a | 8.6% | FY 2025 | | [American Tower Corp](https://www.getswoopr.com/stocks/companies/american-tower/) | $10.6 billion | 5.1% | 45.5% | 24.7% | FY 2025 | | [Equinix Inc](https://www.getswoopr.com/stocks/companies/equinix/) | $9.2 billion | 5.4% | 20.0% | 14.6% | FY 2025 | | [Prologis, Inc.](https://www.getswoopr.com/stocks/companies/prologis/) | $8.8 billion | 7.2% | 49.6% | 37.9% | FY 2025 | | [Weyerhaeuser Co](https://www.getswoopr.com/stocks/companies/weyerhaeuser/) | $6.9 billion | -3.1% | 10.6% | 4.7% | FY 2025 | | [Iron Mountain Inc](https://www.getswoopr.com/stocks/companies/iron-mountain/) | $6.9 billion | 12.2% | 16.9% | 2.2% | FY 2025 | | [Simon Property Group Inc.](https://www.getswoopr.com/stocks/companies/simon-property-group/) | $6.4 billion | 6.7% | 49.9% | 84.3% | FY 2025 | | [Host Hotels & Resorts, Inc.](https://www.getswoopr.com/stocks/companies/host-hotels-and-resorts/) | $6.1 billion | 7.6% | 14.0% | 12.5% | FY 2025 | The 8 largest of 110 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code. ## Where to Go Next The Single-Family Rental REITs guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company. ### More in Real Estate - [Real Estate sector overview](https://www.getswoopr.com/stocks/industries/real-estate/) - [Specialty REITs](https://www.getswoopr.com/stocks/industries/real-estate/specialty-reits/) - [Shopping Center REITs](https://www.getswoopr.com/stocks/industries/real-estate/shopping-center-reits/) - [Student Housing REITs](https://www.getswoopr.com/stocks/industries/real-estate/student-housing-reits/) - [Senior Housing REITs](https://www.getswoopr.com/stocks/industries/real-estate/senior-housing-reits/) - [Telecommunications REITs](https://www.getswoopr.com/stocks/industries/real-estate/telecommunications-reits/) - [Self-Storage REITs](https://www.getswoopr.com/stocks/industries/real-estate/self-storage-reits/) - [Timber REITs](https://www.getswoopr.com/stocks/industries/real-estate/timber-reits/) - [Retail REITs](https://www.getswoopr.com/stocks/industries/real-estate/retail-reits/) ### Put it to work - [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) - [Company research](https://www.getswoopr.com/stocks/companies/) - [All industries](https://www.getswoopr.com/stocks/industries/) ## Frequently Asked Questions What are the main KPIs for the Single-Family Rental REITs industry? Key performance indicators for the Single-Family Rental REITs industry include: Same-home net operating income growth, Occupancy, Rent growth on new and renewal leases, Turnover and repair cost, Funds from operations per share. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Single-Family Rental REITs industry? The Single-Family Rental REITs industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important. What are the biggest risks in the Single-Family Rental REITs industry? The primary risks for Single-Family Rental REITs companies include: Regulation and political scrutiny, Rising taxes and insurance, Rate sensitivity, Maintenance costs. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).