AAMHAmerican Homes 4 Rent Common Shares of Beneficial Interest

American Homes 4 Rent rents individual houses to families and, unlike competitors, builds them itself.

Buying finished houses on the market is expensive and slow, and competition for them raises the price. The company builds whole communities purpose-made for rental: houses of identical layout in one place are cheaper to build and markedly cheaper to maintain than ones scattered across a city.

Demand is fed by arithmetic: when mortgages are expensive the payment on a purchased house exceeds rent on the same one, and a family that needs a yard and a school district rents. Risks: political attention to institutional owners of housing, rental restrictions, and insurance and property taxes rising faster than rents. The trust form obliges distributing profit.