Invitation Homes

Invitation Homes Inc. stands as the largest owner and operator of single-family rental homes in the United States, with a portfolio of approximately 85,000 homes valued at over $17 billion as of late 2024. Headquartered in Dallas, Texas, the company has fundamentally transformed the residential rental market by bringing institutional-grade professionalism, technology, and operational excellence to single-family home leasing. Since its founding in 2012 in the aftermath of the financial crisis, Invitation Homes has pioneered the institutionalization of single-family rentals as a distinct asset class, creating a scalable platform that serves families seeking quality rental housing with the stability and service traditionally associated only with multifamily apartment communities.

The company's portfolio spans 16 strategically selected markets across the United States, with significant concentrations in high-growth Sunbelt regions including Atlanta, Phoenix, Dallas-Fort Worth, Orlando, Tampa, and the Carolinas. California represents 17% of the company's rental income, while other key markets include Houston and various markets in the Southeast. This geographic diversification provides exposure to strong demographic trends including population growth, job creation, and household formation in markets where home ownership remains challenging for many families. Invitation Homes focuses on acquiring homes in established neighborhoods with strong school districts, good transportation links, and attractive community amenities—properties that appeal to families seeking long-term housing stability.

Invitation Homes' business model combines sophisticated property acquisition, renovation, and ongoing management capabilities. The company employs advanced data analytics to identify attractive markets and individual properties, then systematically upgrades homes with modern finishes, energy-efficient appliances, and smart home technologies before leasing them to residents. Property management operations leverage technology platforms that enable residents to pay rent, submit maintenance requests, and communicate with the company through mobile apps and online portals. With an average resident stay of approximately 38 months and renewal rates around 80%, Invitation Homes has demonstrated the ability to create stable, long-term housing relationships. The company's field operations teams provide responsive maintenance and customer service, supported by in-house and contractor resources across all markets.

Financially, Invitation Homes generated $2.62 billion in revenue in 2024, up 7.7% from the prior year, with net income of $453 million. The company's REIT structure allows it to distribute the majority of taxable income to shareholders while maintaining capital for portfolio growth and property improvements. In 2024, Invitation Homes announced plans to invest $600 million to $1 billion in new property acquisitions, adding approximately 1,000 new homes to expand its footprint in core markets. Beyond owned properties, the company has strategically expanded into third-party property management services, adding over 14,000 homes to its management platform in 2024 through partnerships with portfolio owners seeking professional management expertise. This asset-light revenue stream complements the company's core ownership business and positions Invitation Homes as a comprehensive provider of single-family rental solutions serving both residents and property owners across the rapidly growing institutional single-family rental sector.