Irvine, Calif., August 10, 2011 – Steadfast Income REIT, Inc. (the "Company") announced today its operating results for the period ended June 30, 2011.

For the three and six months ended June 30, 2011, revenues totaled approximately $1.1 million and $2.0
million, respectively, while net loss was approximately $0.9 million and $1.9 million, respectively. Total assets grew from approximately $20 million at December 31, 2010 to approximately $40 million at June 30, 2011.

Second Quarter Highlights:

• Generated modified funds from operations ("MFFO"), as defined by the Investment Program Association (IPA), of approximately $0.36 million in the three months ended June 30, 2011. (See the reconciliation of net loss to MFFO and accompanying notes contained within this release for additional information.)
• Acquired two multifamily properties for an aggregate purchase price of approximately $17.7 million containing 350 residential units. These two properties were collectively 99% leased as of June 30, 2011.
• Increased its property portfolio to approximately $35.2 million, representing 685 rentable units, with financing of approximately $25.8 million from secured debt and approximately $9.4 million from net proceeds from the sale of the Company's common stock as of June 30, 2011.
• Achieved an aggregate average occupancy at its property portfolio of 96.5% as of June 30, 2011.
• Declared and paid quarterly distributions equal to an annualized rate of 7.0% to stockholders of record, based upon a $10.00 per share offering price.
• Raised approximately $7.6 million in net proceeds from the sale of 918,944 shares of common stock in its public offering during the six months ended June 30, 2011 and approximately $20 million in our private and public offering to date through June 30, 2011.

"Our management team continues to execute on our strategy of creating value for our shareholders by making accretive acquisitions of primarily established, income producing multifamily property investments positioned to benefit from the potential growth of the multifamily sector", said Rodney Emery, CEO of the Company. "Although our REIT has just recently commenced its operations, relatively speaking, we believe that we are well on our way to fulfilling the investment objectives we set out to accomplish for our investors."

Conference Call
The Company will host a conference call on Thursday, August 11, 2011 at 2:00 P.M. Eastern Time to discuss its operating results for the period ended June 30, 2011.

Live Conference Call Details
Domestic toll‐free dial‐in number: (877) 317‐6789
Canada toll‐free dial‐in number: (866) 605‐3852
International dial‐in Number: (412) 317‐6789

Details for the Replay of the Conference Call
Domestic toll‐free dial‐in number: (877) 344‐7529
International Dial‐In Number: (412) 317‐0088
Conference ID for Replay: 10002577
Dates Available: August 11, 2011 at 4:00 PM ET to August 26, 2011 at 9:00 AM ET

A transcript of the call will be accessible through the Investor Information page of the Company's web site at www.steadfastreits.com.

Click here for financial tables and notes