American Homes 4 Rent, footprint.

American Homes 4 Rent, the largest publicly traded U.S. single-family home landlord, agreed to acquire a smaller competitor, American Residential Properties Inc., in a deal valued at $1.5 billion, including debt.

Bloomberg staffers Prashant Gopal and Heather Perlberg report on the merger, which would create a single-family landlord valued at $5.5 billion, owning 47,000 homes in 22 states. Gopal and Perlberg write about the combined companies' market footprint:

The top five markets for the combined company will be Dallas; Indianapolis; Atlanta; Charlotte, North Carolina; and Chicago, Singelyn said. The average monthly rent for its homes will be $1,400.

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