The single-family residential REITs have done a great job controlling costs across their platform, but they are still in the early innings of finding efficiencies in operations. On the revenue side, ancillary income opportunities could be exploited in 2018 and 2019. Analyst John Pawlowski described last year’s merger between Invitation Homes (NYSE: INVH) and Starwood Waypoint Homes (NYSE: SFR) as “positive” overall, with the new merged company now “better positioned” to be a consolidator.