Irvine, Calif., November 14, 2011 — Steadfast Income REIT, Inc. (the "Company") announced today its operating results for the period ended September 30, 2011.

For the three and nine months ended September 30, 2011, revenues totaled approximately $1.8 million and $3.7 million, respectively, while net loss was approximately $0.7 million and $2.7 million, respectively. Total assets of the Company grew from approximately $20.2 million at December 31, 2010 to approximately $53.6 million at September 30, 2011.

Highlights:

The Company:

• Generated modified funds from operations ("MFFO"), as defined by the Investment Program Association (IPA), of approximately $0.3 million and $0.2 million for the three and nine months ended September 30, 2011. (See the reconciliation of net loss to MFFO and accompanying notes contained within this release for additional information.)

• Acquired one multifamily property containing 123 residential units for an aggregate purchase price of approximately $10.4 million during the three months ended September 30, 2011.

• Increased its property portfolio as of September 30, 2011 to approximately $45.7 million through financing of approximately $32.6 million from secured debt and approximately $13.1 million from net proceeds from the sale of the Company's common stock.

• Achieved an aggregate average occupancy at its property portfolio of 94.1% as of September 30, 2011 (see Exhibit A), up from 87.8% as of December 31, 2010.

• Achieved an aggregate average monthly rental increase from $780 as of December 31, 2010 to $790 as of September 30, 2011.

• Raised approximately $15.1 million in net proceeds from the sale of approximately 1.8 million shares of common stock in its public offering during the nine months ended September 30, 2011 and raised approximately $29.0 million in the aggregate from the Company's private and public offerings of common stock through September 30, 2011.

The Company has an active pipeline of potential property acquisitions and the Company's board of directors has approved the pursuit of three multifamily properties. The acquisition of one or all of these properties is subject to substantial conditions including, without limitation, the Company's ability to obtain financing on acceptable terms, or at all. There is no guaranty that the Company will be successful in acquiring one or all of these properties.

"In each of our five acquisitions, we have been able to capitalize on the opportunities presented to us in the current marketplace", said Kyle Winning, Chief Investment Officer of the Company's advisor. "We believe our properties have advanced our strategy while also allowing us to implement various operational and strategic initiatives to preserve invested capital and realize capital appreciation over the long term."

Conference Call
The Company will host a conference call on Wednesday, November 16, 2011 at 4:00 P.M. Eastern Time to discuss its operating results for the period ended September 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: November 16, 2011 at 6:00 PM ET to December 1, 2011 at 9:00 AM ET
An audio replay 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