The firm is buying the operating platform of KKR's Toorak Capital.

Advertised rents declined 1.6% in July despite improving REIT results, while a shrinking construction pipeline offers hope for a more durable recovery.

The monthly premium to own a starter home declined year-over-year, but renting remained cheaper in every major U.S. metro.

The sector's strong occupancy performance is drawing capital, though much of it remains focused on existing assets.