American Homes 4 Rent
- Open
- 33.34
- Day high
- 33.45
- Day low
- 33.11
- Prev close
- 33.54
- Volume
- 1.7M
- Mkt cap
- $12.3B
- P/E (TTM)
- 26.4
- EPS (TTM)
- $1.26
- P/B
- 1.8
- P/S
- 6.6
- Yield
- 3.78%
- Per share
- $1.26
- ▲Insiders net buying $291K over the last 3 months (11 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
American Homes 4 Rent (AMH) is a Real Estate company listed on NYSE. The stock is down 4% over the past year. Over the trailing 3 months, insiders filed 11 open-market buys and 0 sales (SEC Form 4).
American Homes 4 Rent (AMH) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AMH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 31, 2026 | $0.18 | $0.31 | +72.4% | $470M | +0.8% |
| May 7, 2026 | $0.18 | $0.48 | +172.3% | $472M | +0.3% |
| Feb 19, 2026 | $0.47 | $0.47 | +0.0% | $459M | +0.1% |
| Oct 29, 2025 | $0.46 | $0.47 | +2.2% | $478M | +4.2% |
| Jul 31, 2025 | $0.46 | $0.47 | +2.2% | $458M | -3.8% |
| May 1, 2025 | $0.45 | $0.46 | +2.2% | $459M | +2.2% |
| Feb 20, 2025 | $0.15 | $0.45 | +200.0% | $442M | -0.0% |
| Aug 1, 2024 | $0.43 | $0.45 | +4.4% | $423M | +1.2% |
| May 2, 2024 | $0.43 | $0.43 | +0.5% | $424M | +1.5% |
| Feb 22, 2024 | $0.42 | $0.43 | +2.4% | $409M | +0.2% |
| Nov 2, 2023 | $0.41 | $0.41 | +0.0% | $422M | +2.7% |
| Jul 27, 2023 | $0.40 | $0.41 | +2.5% | $396M | -3.9% |
AMH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 26, 2026 | CORRIGAN JACK Edirector | Buy | 200 | $22.35 |
| Aug 26, 2026 | CORRIGAN JACK Edirector | Buy | 100 | $22.39 |
| Aug 26, 2026 | CORRIGAN JACK Edirector | Buy | 700 | $22.39 |
| Aug 26, 2026 | CORRIGAN JACK Edirector | Buy | 1,800 | $22.46 |
| Aug 26, 2026 | CORRIGAN JACK Edirector | Buy | 2,000 | $22.43 |
| Aug 26, 2026 | CORRIGAN JACK Edirector | Buy | 1,000 | $22.39 |
| Aug 13, 2026 | BENHAM DOUGLAS Ndirector | Buy | 1,500 | $22.60 |
| Aug 13, 2026 | BENHAM DOUGLAS Ndirector | Buy | 2,000 | $23.70 |
| Aug 13, 2026 | BENHAM DOUGLAS Ndirector | Buy | 500 | $22.51 |
| Aug 12, 2026 | CORRIGAN JACK Edirector | Buy | 2,000 | $22.85 |
| Aug 12, 2026 | CORRIGAN JACK Edirector | Buy | 1,000 | $22.70 |
| Jun 9, 2026 | GUSTAVSON TAMARA HUGHESdirector | Option | 10,000 | $21.57 |
| May 18, 2026 | CORRIGAN JACK Edirector | Buy | 1,952 | $23.53 |
| May 18, 2026 | GUSTAVSON TAMARA HUGHESdirector | Grant | 5,421 | — |
| May 18, 2026 | HART MATTHEW Jdirector | Grant | 7,016 | — |
Source: AMH SEC Form 4 filings, latest Aug 26, 2026. For informational purposes only — not investment advice.
See the full AMH insider & 13F page →American Homes 4 Rent company profile
Overview
American Homes 4 Rent (NYSE:AMH) is a Maryland-based real estate investment trust (REIT) that was founded in 2012 and went public in August 2013. The company emerged as a leader in the single-family rental (SFR) industry during the post-2008 financial crisis housing recovery, when institutional investors began acquiring distressed single-family homes to convert into rental properties. AMH operates as an internally managed REIT focused on acquiring, developing, renovating, leasing, and operating single-family detached homes as rental properties across 22 states. The company has grown to own over 53,000 properties and has established itself as a nationally recognized brand in the single-family rental market. In 2024, the company underwent a leadership transition with Bryan Smith becoming CEO, replacing founder David Singelyn who led the company for over 12 years.
Business
American Homes 4 Rent operates in the single-family rental (SFR) industry, which involves owning and operating detached single-family homes as rental properties rather than selling them to homeowners. This sector emerged as a distinct asset class following the 2008 housing crisis when institutional investors began systematically acquiring foreclosed homes to rent to families who either couldn't qualify for mortgages or preferred the flexibility of renting. The company's core business centers around single-family detached rental homes - standalone houses typically ranging from 1,500 to 3,000 square feet with yards, garages, and suburban locations that appeal to families seeking more space than traditional apartments offer. These properties are marketed to middle-income families, particularly millennials entering their prime household formation years, who desire the suburban lifestyle but may not be ready or able to purchase homes due to affordability constraints, credit requirements, or lifestyle preferences. AMH operates through several integrated business segments: 1. Property Operations (Primary Revenue Driver): The rental and management of approximately 53,000 single-family homes across 22 states, generating rental income through monthly lease payments. This represents roughly 85-90% of total revenue through base rent, fees, and ancillary services. 2. Development Program: Building new single-family rental communities from the ground up, typically delivering 2,000-2,400 homes annually. This build-to-rent strategy allows AMH to create modern, efficient properties designed specifically for rental use rather than homeownership. 3. Asset Management and Disposition: Strategic buying and selling of properties to optimize the portfolio, typically disposing of 1,000-1,500 homes annually while acquiring higher-quality assets in better locations. The company focuses on high-quality suburban markets with strong job growth, population growth, and limited housing supply, avoiding urban core areas and instead targeting family-oriented suburbs with good schools and amenities.
Revenue model
American Homes 4 Rent generates revenue primarily through monthly rental payments from tenants who lease single-family homes on annual lease agreements. The company's paying customers are middle-to-upper-middle-class families, with average household incomes exceeding $150,000, who rent homes averaging $2,000-2,500 per month. Revenue streams include base rent (the largest component), application fees, pet fees, utility reimbursements, and other ancillary charges. The business model resembles a traditional rental apartment operation but with single-family homes instead of multi-family units. AMH acts as both property owner and property manager, handling leasing, maintenance, rent collection, and tenant relations. The company targets annual rent increases of 3-6% on lease renewals and seeks to achieve similar growth on new leases by pricing homes at current market rates. Several factors influence AMH's profit margins and revenue growth potential. Positive margin drivers include housing supply shortages in target markets, which support rent growth; strong demographic trends with millennials forming households and seeking suburban living; the persistent affordability gap between renting and homeownership due to high home prices and mortgage rates; and the company's ability to achieve operational efficiencies through technology and scale. The company benefits from high tenant retention rates (over 70%) and strong occupancy levels (typically 95-97%), which minimize costly turnover and vacancy periods. Margin pressures come from rising property taxes, which have been increasing significantly in many markets due to home value appreciation; higher insurance costs; maintenance and repair expenses; and general inflation affecting operational costs. Competition from other institutional SFR operators, traditional apartment complexes, and potential increases in for-sale housing supply could also pressure rent growth. Additionally, economic downturns could impact tenant ability to pay rent, though the company's focus on higher-income tenants provides some protection. The company's development program creates additional value by building new rental communities at yields typically in the mid-to-high 5% range, allowing AMH to add modern, efficient properties to its portfolio while capturing the spread between development costs and market rents.
Risks & safety
AMH demonstrates moderate financial safety with adequate liquidity but elevated leverage typical of REITs, though recent cash flow improvements provide some cushion. • Liquidity and Solvency: Cash position of $70-200 million provides limited buffer, but strong operating cash flow of $800+ million annually and access to a $1.25 billion credit facility offer adequate liquidity. Current ratio of 0.07-1.0 reflects REIT structure where most liabilities are long-term debt rather than near-term obligations. • Debt Management: Debt-to-equity ratio of approximately 0.70 represents moderate leverage for a REIT. Net debt to EBITDA of 5.4x is within acceptable range for real estate companies. Recent refinancing activity and bond issuances demonstrate continued market access. • Cash Generation: Strong free cash flow of $190-690 million annually provides meaningful coverage for dividends and capital expenditures. Operating cash flow margins of 45-50% indicate healthy underlying profitability. • Valuation Metrics: P/E ratio of 27-45x appears elevated but reflects REIT structure and growth expectations. EV/EBITDA of 17-38x suggests full valuation. Price-to-book ratio of 1.9-2.0x indicates modest premium to asset value. • Other Considerations: Geographic diversification across 22 states reduces concentration risk. High-quality tenant base with $150,000+ average incomes provides some recession resistance. Development program adds growth but requires continued capital investment.
Recent development
Over the past several years, American Homes 4 Rent has undergone significant strategic evolution and operational enhancement. The company completed a major leadership transition in 2024 with Bryan Smith replacing founder David Singelyn as CEO, marking a new chapter while maintaining strategic continuity. The company has significantly expanded its development program, evolving from primarily acquiring existing homes to building new single-family rental communities. Annual deliveries have grown from around 500 homes to 2,000-2,400 properties per year, with development yields consistently in the mid-to-high 5% range. This build-to-rent strategy allows AMH to create modern, efficient properties designed specifically for rental use, with better layouts, lower maintenance costs, and higher tenant satisfaction. Geographic expansion has been another key strategic focus, with AMH exploring opportunities in the Midwest and Carolinas while maintaining its presence in traditional Sun Belt markets. The company has found particular success in Midwest markets, where it's achieving new lease spreads around 9% driven by quality of life factors, affordability, and migration patterns. Technology and operational improvements have been central to recent developments. AMH launched its "Resident 360" program to enhance customer service and maintenance delivery, implemented new communication platforms, and upgraded its website and mobile experience. These investments aim to improve tenant retention, reduce operational costs, and differentiate the company's service offering. The company has also pursued strategic portfolio optimization through disciplined acquisition and disposition activities. In 2024, AMH acquired a 1,700-home portfolio for $480 million while continuing to dispose of lower-quality assets, selling approximately 1,500-1,700 properties annually to focus on higher-quality assets in superior locations. Financial strategy has emphasized maintaining a strong balance sheet while funding growth. The company successfully issued $500 million in bonds at 5.5% and replaced its credit facility with a new $1.25 billion facility, providing financial flexibility for continued expansion and development activities.
AMH company profile · for informational purposes only — not investment advice.
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