Invitation Homes
Corporate brand
UnclaimedA U.S. real estate investment trust focused on owning, renovating, and leasing single-family homes.
Last updated August 22, 2026
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Overview
Invitation Homes Inc. is a United States real estate investment trust that owns and operates single-family rental housing. Its business centers on acquiring detached homes and townhomes, preparing them for occupancy, leasing them to residents, and providing ongoing property management and maintenance. Rather than operating primarily as a conventional apartment landlord, the company assembles geographically distributed portfolios of homes in metropolitan areas where employment, schools, transportation, and household formation support demand for suburban rental housing. The company emerged from the institutionalization of single-family rental housing after the Great Recession. In the mid-2000s, entrepreneur Dallas Tanner and associates formed the Treehouse Group in Arizona. The group purchased distressed properties in the Phoenix area during the foreclosure crisis and subsequently combined with Riverstone Residential, a Dallas-based property-management company. Blackstone acquired the combined platform in 2012 and supplied additional capital for expansion under the Invitation Homes name. The company purchased its first home in April 2012 and rapidly expanded across major U.S. markets, becoming one of the largest institutional buyers of houses intended for rental rather than resale. Invitation Homes expanded through direct acquisitions, securitized financing, corporate combinations, and partnerships with financial and housing companies. It acquired substantial portfolios in markets including Atlanta, Tampa, Phoenix, Southern California, South Florida, and other metropolitan areas. In 2013, it helped develop the single-family-rental securities market as a source of financing for home purchases and renovations. In 2016, it introduced the Resident First Look program, giving certain residents an opportunity to purchase the homes they rented. The company completed an initial public offering in February 2017 and merged with Starwood Waypoint in November of that year, further increasing its scale. The company’s growth has also made it a prominent participant in debates about housing affordability, institutional ownership, rent increases, eviction practices, property maintenance, and the role of government-backed finance in the single-family rental market. Tenant advocates and journalists have alleged that some residents faced high fees, rent increases, delayed repairs, and difficult security-deposit or eviction procedures. Invitation Homes has disputed or challenged aspects of some allegations and has pointed to its customer-satisfaction surveys and operating policies. Regulatory scrutiny culminated in a 2024 Federal Trade Commission settlement involving alleged deceptive or unfair practices, including fee disclosures, security deposits, and eviction-related representations. Blackstone divested its interest in Invitation Homes in 2019. Since then, the company has continued to expand through joint ventures, acquisitions, and new-home supply arrangements. Its partnerships have included a 2020 investment venture with Rockpoint Group and a 2021 arrangement with PulteGroup under which newly built homes were expected to be sold to Invitation Homes for rental operations. The company has also acquired portfolios in the Southeast and Nevada and expanded into townhomes. Reference material identifies Invitation Homes as the largest owner of single-family rental homes in the United States as of December 2025, with 86,192 rental homes across 16 markets at that time. Its principal revenue markets included Atlanta, South Florida, Southern California, Tampa, and Phoenix.
History
Invitation Homes developed during the post-financial-crisis transformation of distressed U.S. housing into an institutional single-family rental asset class. In 2005, Dallas Tanner and associates formed the Treehouse Group in Arizona. Between 2010 and 2011, Treehouse acquired roughly 1,000 distressed homes in Phoenix, a market heavily affected by foreclosures. In 2011, Treehouse merged with Riverstone Residential, a Dallas property-management company. Blackstone acquired the combined business in 2012 and created Invitation Homes, providing capital and organizational resources for a national expansion strategy. Invitation Homes purchased its first home in April 2012. Within roughly a year, it had spent about $4 billion acquiring approximately 24,000 homes, making it the largest U.S. buyer of homes intended for rental. Its early growth concentrated on metropolitan areas with large foreclosure inventories, employment centers, schools, and transportation access. Atlanta and the Tampa Bay area were important early markets: in 2013, the company purchased more than 1,400 Atlanta homes from Building and Land Technology and acquired about 1,650 Tampa Bay homes for more than $250 million. The rapid accumulation of properties helped establish the company as a major institutional landlord, while also placing it at the center of arguments over whether large investors were competing with potential owner-occupiers. The company also helped create financing mechanisms for the emerging single-family rental industry. In 2013, it used single-family-rental securities to raise funds for acquiring and rehabilitating homes. By January 2017, approximately $10 billion of the company’s single-family-rental bonds had reportedly been sold; the figure was reported to have reached $15 billion by July 2018. In January 2017, Fannie Mae provided $1 billion of debt financing as a backstop. Housing advocates criticized that arrangement, arguing that government-supported finance should prioritize homeownership and affordable housing rather than support a large corporate landlord. Federal housing officials described the transaction as a way to learn more about the mechanics of the single-family rental market and the possible role of government-sponsored enterprises. Invitation Homes went public in February 2017 through an initial public offering reported at approximately $1.77 billion. Later that year, it merged with Starwood Waypoint, a corporate spin-off associated with Starwood Capital Group. The combination increased the company’s portfolio and market presence. In 2016, before the IPO, Invitation Homes had introduced its Resident First Look program, which gave certain residents an opportunity to purchase the homes they occupied. The initiative represented an effort to connect the rental platform with a possible path to homeownership, although it did not change the company’s core rental orientation. The company’s scale generated sustained scrutiny from residents, tenant organizations, journalists, and housing advocates. A 2018 Reuters investigation reported that Invitation Homes owned a substantial share of single-family rental stock in some neighborhoods, raised rents significantly in certain markets, and faced complaints about maintenance, fees, and eviction practices. A Federal Reserve Bank of Atlanta study cited in that reporting found a high eviction rate among Invitation Homes renters and examined racial disparities in eviction risk. Tenant protests were organized at Blackstone offices in California, and a class-action lawsuit filed in 2018 alleged excessive rent increases, late-payment charges, legal costs, and other fees. Invitation Homes challenged the sufficiency of the lawsuit’s evidence and said its customer-satisfaction results were strong. Local news reports in 2018 and 2019 described additional complaints involving mold, sewage, leaks, pests, defective appliances, and delayed repairs. Blackstone divested its stake in Invitation Homes in November 2019. The company subsequently pursued expansion through partnerships, acquisitions, and new construction. In October 2020, it formed a joint venture with Rockpoint Group to acquire approximately $1 billion of single-family homes in Dallas, Seattle, South Florida, and other markets. In July 2021, it entered a partnership with PulteGroup under which Pulte was projected to design and build approximately 7,500 homes over five years for sale to Invitation Homes and addition to its rental portfolio. In 2023, Invitation Homes acquired approximately 1,900 Southeastern rental homes and 264 homes in Clark County, Nevada. In 2024, it agreed to pay $20 million to settle allegations concerning unpermitted renovations. Regulatory attention continued in 2024 when the Federal Trade Commission announced a settlement involving alleged unfair and deceptive practices. The settlement reportedly required $48 million in customer refunds and changes to the presentation of mandatory fees, security-deposit procedures, and certain eviction-related practices. Reference material also states that refund checks were mailed in 2026. The company continued to broaden its housing formats, acquiring 152 townhomes in Wendell, North Carolina, in 2025. Reference material further states that it acquired Atlanta-based homebuilder and developer ResiBuilt in January 2026. As of December 2025, Invitation Homes reportedly owned 86,192 rental homes across 16 U.S. markets, making it the largest owner of single-family rental homes in the country.
- 2026
ResiBuilt acquisition
[1]Reference material states that Invitation Homes acquires Atlanta-based builder and developer ResiBuilt.
- 2025
Wendell townhome acquisition
[1]Invitation Homes acquires 152 townhomes in Wendell, North Carolina.
- 2024
Renovation-related settlement
[1]Invitation Homes agrees to pay $20 million to settle allegations involving unpermitted renovations.
- 2024
Federal Trade Commission settlement
[1]The FTC settlement provides for customer refunds and changes to fee, deposit, and eviction-related practices.
- 2023
Southeastern and Nevada portfolio acquisitions
[1]The company acquires approximately 1,900 Southeastern homes and 264 Clark County homes.
- 2021
PulteGroup construction partnership
[1]PulteGroup agrees to develop approximately 7,500 homes for potential inclusion in Invitation Homes’ rental portfolio.
- 2020
Rockpoint joint venture is formed
[1]Invitation Homes and Rockpoint establish a venture to acquire single-family homes in several U.S. markets.
- 2019
Blackstone exits its investment
[1]Blackstone divests its stake in Invitation Homes.
- 2017
Invitation Homes completes its IPO
[1]The company becomes publicly traded in an IPO reported at approximately $1.77 billion.
- 2017
Starwood Waypoint merger
[1]Invitation Homes merges with Starwood Waypoint, expanding its rental-home platform.
Products and positioning
A scaled, professionally managed alternative to fragmented individual-landlord rentals, emphasizing access to detached homes, standardized leasing, digital resident services, maintenance coordination, and neighborhood-based property operations.
Residential rental · 2012
Single-family rental homes
Detached houses leased to residents under Invitation Homes’ rental platform. The company acquires homes in metropolitan neighborhoods, renovates or prepares them for occupancy, and manages leasing, maintenance, and resident support. The portfolio is designed for households seeking more space and private outdoor areas than are typically available in apartment properties.
Residential rental · 2025
Townhome rentals
Townhomes form an additional residential format within the company’s rental portfolio. They allow Invitation Homes to participate in denser suburban and edge-of-market housing while retaining a rental model centered on professionally managed individual residences.
Resident service · 2016
Resident First Look
A program introduced in 2016 that gives certain residents an opportunity to purchase the home they rent before or during broader disposition activity. It links the company’s rental operations with a potential route to homeownership for eligible occupants.
Controversies
2024
Settlement over alleged unpermitted renovations
Invitation Homes agreed to pay $20 million to settle allegations concerning renovations performed without required permits.
2024
Federal Trade Commission settlement over resident practices
The FTC settlement addressed alleged unfair and deceptive conduct involving hidden or insufficiently disclosed fees, security-deposit withholding, and representations about eviction policies during the COVID-19 pandemic. The reported resolution included $48 million in customer refunds and mandated changes to pricing and resident procedures.
2018
Tenant complaints and scrutiny over rents, fees, evictions, and maintenance
Investigative reporting and tenant advocacy highlighted allegations of substantial rent increases, high late-payment fees, eviction-related charges, delayed or inadequate repairs, and property defects. A class-action complaint filed in California raised similar issues. Invitation Homes challenged the sufficiency of the lawsuit’s evidence and cited strong customer-satisfaction results.
Marketing campaigns
- 2016Resident First Look
United States
Invitation Homes introduced a resident-focused purchase opportunity for selected tenants, allowing them to consider buying the homes they occupied.
Outcome. The program became part of the company’s resident and disposition strategy; broader participation figures are not specified in the reference material.
Brand decisions
2024
Resolve FTC allegations concerning resident practicesOtherBackground
The FTC alleged that certain fee, deposit, and eviction-related practices were unfair or deceptive.
Action taken
Invitation Homes entered a settlement providing for customer refunds and changes to advertising, deposit-return, and eviction procedures.
Aftermath
The settlement reportedly required $48 million in refunds and continuing compliance changes, including incorporating mandatory fees into advertised rental prices.
Customer refunds. $48 million (2024 settlement)
2021
Partner with PulteGroup on new rental homesProduct launchBackground
The company sought to supplement acquired housing with purpose-sourced new construction.
Action taken
PulteGroup agreed to design and build approximately 7,500 homes over five years for sale to Invitation Homes.
Aftermath
The arrangement connected a major homebuilder with Invitation Homes’ rental acquisition and management platform.
2020
Form a joint venture with Rockpoint GroupM&ABackground
Invitation Homes pursued additional portfolio growth in selected U.S. metropolitan areas.
Action taken
The company and Rockpoint established a venture targeting approximately $1 billion of single-family homes.
Aftermath
The venture expanded the company’s acquisition capacity in Dallas, Seattle, South Florida, and other markets.
Target acquisition value. $1 billion target (2020)
2017
Merge with Starwood WaypointM&ABackground
Both companies operated large institutional single-family rental portfolios.
Action taken
Invitation Homes combined with Starwood Waypoint in November 2017.
Aftermath
The merger increased the company’s homes, markets, and operating scale.
2016
Introduce Resident First LookStrategyBackground
The company sought to provide selected renters with a possible transition from tenancy to ownership.
Action taken
Invitation Homes created a program giving some residents an opportunity to purchase their rented homes.
Aftermath
The program became a resident-facing component of the company’s home disposition approach.
2013
Use securitization to finance single-family rental growthStrategyBackground
Rapid acquisitions required financing beyond conventional property-level borrowing.
Action taken
Invitation Homes developed a single-family-rental securities program to raise capital for purchasing and restoring homes.
Aftermath
The company became an important participant in the development of institutional financing for single-family rental portfolios.
Sources2 sources
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