In late January, 2017, Invitation Homes, the largest owner of single-family rental (SFRs) properties in the US announced that it had secured the backing of Fannie Mae for a $1 billion loan. This is the first government-sponsored enterprise (GSE) financing of a large institutional SFR operator’s debt. This note explains the role of SFRs within the broader rental market, why it makes sense for the GSEs to enter this space and suggests measures which should accompany such deals in the future.