Invitation Homes Shares Fall With Houses Sitting Vacant Longer

Invitation Homes Inc. shares fell as the company’s chief financial officer said a glut of rental supply in some US markets is pushing landlords to compete on price and making it harder to lease vacant houses.

“There is a larger volume of rental product competing on the basis of price,” CFO Jonathan Olsen said on a call with investors Thursday. “The supply pressures we’re facing in certain of our markets are likely to have a flow-through occupancy impact, primarily through longer days on-market.”

That outlook comes after Invitation’s leasing strategy “backfired” last year, according to analysts at Bloomberg Intelligence, “resulting ...