Setting the Record Straight
Invitation Homes is proud to provide quality houses and superior service to the roughly 80,000 American families who live in our homes. We provide choice and flexibility to the growing segment of Americans – across all generations – who are opting to rent instead of own, and we will continue to enhance the services we provide in order to ensure an exceptional leasing experience for them.
As with any company experiencing growth, we’ve faced some criticism over the years. In order to dispel some misperceptions about our company, we wanted to take the opportunity to quantify our record of superior service and our place in the market. We are operating in what is still a somewhat new industry, so it is important for us to tell people what we are – and what we are not.
We are confident that the public, and most importantly our residents, know just how committed we are to providing high-quality homes in good neighborhoods and delivering the outstanding service that motivates the overwhelming majority of our residents to renew their leases. And when we do fall short, we move aggressively to correct those concerns.
The Truth About Our Business
- Invitation Homes tends to buy properties in very desirable neighborhoods in which there is heavy competition.
- This is for our residents who want to live in these popular and convenient locations.
- We look for many of the same attributes as other homebuyers – three bedrooms, two bathrooms, and an affixed parking structure.
- We started purchasing homes four years after the housing crisis.
- We purchased our first homes in 2012, many of which were vacant or in total disrepair.
- We helped improve many neighborhoods that were impacted by the housing crisis by renovating the properties we purchased and thereby increasing neighborhood home values.
- Our home buying process is just like most other homebuyers.
- Most of our acquisitions are done through brokers using MLS data, just like most other home buyers.
- In 2019, we invested an average of $38,000 refreshing the new homes we purchased.
- Over time, we have invested more than $2.3 billion in our properties.
The Truth About The Market
- Invitation Homes represents a sliver of the housing market:
- Our acquisitions last year accounted for 1/10th of 1 percent of the homes sold in the 16 markets where we operate.
- In fact, over the last three years, we have sold more homes than we’ve purchased.
- Invitation Homes also represents less than one half of 1 percent of the 16 million single-family rental homes in the U.S.
- We price our rents competitively in every market in which we operate.
- Rent prices are based on market factors, not some arbitrary number.
- We would not have a 96 percent occupancy rate if our rents were far above market.
The Truth About Resident Satisfaction
- Invitation Homes residents are overwhelmingly satisfied with and positive about their experience with our company.
- 70% of our residents renew their leases each year.
- Our average resident lives in their home for more than three years.
- On average, our residents gave us a 4.3 rating out of a total of 5.0 in 2019, according to more than 50,000 surveys we received back from our residents last year. The scores were even higher – 4.7 out of 5.0 – specific to the company’s response to maintenance requests.
Finally, we are proud of our more than 1,100 associates who work hard every day to deliver superior service to the American families who call our 80,000 properties home.