Resident First Look: Invitation Homes Makes Dreams of Home Ownership a Reality for Residents
Together with you, we make a house a home.
That mission guides everything we do at Invitation Homes. We strive to make every part of the rental process as easy, convenient, and resident-friendly as we can. We want to make the process so seamless that residents can’t imagine leaving the house that has become their home. In some cases, that includes selling them the house in which they live.
We introduced the Resident First LookTM program to give people living in select Invitation Homes properties a chance to purchase that house before we put it on the open market. We launched the program as a pilot four years ago in Phoenix and Northern California, and it has since expanded to all of our 16 markets across the country, making the dream of homeownership a reality for more than 180 residents and climbing.
Resident inquiries into the program have spiked this year, as people look to capitalize on low interest rates and seek more certainty in the face of the COVID-19 pandemic. In total, we have offered to sell more than 1,900 homes to our residents since the program’s inception in 2016. Residents in Chicago, Jacksonville, Tampa, and the Carolinas have been the most eager to seize on these offers.
It may seem a little counterintuitive for a company that rents homes to sell those houses to the people who live in them, but Resident First LookTM is just part of our overarching commitment to help people find the right housing solution. Invitation Homes buys homes in great neighborhoods with great amenities – good schools, ample green space, and easy access to employment centers. We then invest in each home before residents move in to ensure the houses have optimal layouts and the amenities homeowners expect. Since our inception in 2012, we’ve invested a total of more than $2.3 billion upgrading homes.
The process does not stop there, of course. With our ProCare lifestyle, we continue to work closely with our residents to maintain the home for the entire time we own it. This gives residents who decide to purchase one of our houses the certainty of knowing the home has been well maintained, making the Resident First LookTM program a great way for people to enter the housing market because they are familiar with the home and know how we have invested in keeping it in great shape.
Homes included in the Resident First LookTM program are a portion of the properties Invitation Homes identifies for sale. The company routinely refines its portfolio, and the resident buying program is one of several ways it returns homes back into the marketplace. Approximately one quarter of Invitation Homes residents who move out do so to become home buyers, making Resident First LookTM an especially valuable option.
Our core business will continue to be leasing great homes in great neighborhoods to people who appreciate the flexibility of renting. But when it makes sense for us and our resident, we love that we have a program like Resident First LookTM that helps renters become homeowners. It’s another great example of how, together with our residents, we make a house a home.