REI Nation YOY Re-Rent and REnewal of current lease data

[Chris Clothier]

REI Nation manages 7,964 single-family rental homes in 13 U.S. markets, including Memphis, Dallas, Houston, Little Rock, Oklahoma City, and Birmingham. These charts show data across each market on rent trends for re-rentals, where a new lease is signed on an existing rental property, and renewal leases, where an existing lease is renewed for an extended 2-year period.

These data graphs show the percentages of growth and the number of leases in each category by city.  I am including 2023 and 2024 through July for comparisons to see what is happening within our vast portfolio.  For reference sake, the approximate value of the existing portfolio is $2B, and the annual net rental payments after expenses returned to investors are approximately $108M in 2024.

[Rhett Tullis]

Thanks for sharing this very interesting data.  I don't venture outside of the OKC Metro much but it looks like overall rents have been up for you.  Interesting that things are going up so much more for you in Memphis than in your other markets.  Something specific to Memphis going on maybe? economic or otherwise? I would be interested to see your numbers over the next 6 to 12 months for OKC as it appears we are seeing a drop in rental rates overall in the market based on my data.  I have a feeling based on the reports I have seen that it is a trend nationwide as well.