Invitation Homes

What Invitation Homes does

Invitation Homes is a publicly-traded real estate investment trust (NYSE: INVH) and the largest single-family rental owner in the United States, operating a portfolio of more than 80,000 homes across approximately 20 markets concentrated in Sun Belt and high-growth metros. Founded by Blackstone in 2012 (IPO in 2017), the company acquires, renovates, and leases single-family homes directly to individual and family renters through its website, mobile app, and 16+ local market offices, supported by distribution partnerships with Zillow, Realtor.com, Trulia, Hotpads, and similar listing platforms. It is an S&P 500 component with a market capitalization of approximately $17.3 billion as of June 2026.

The company generates the bulk of revenue through monthly residential rental income (recurring subscription-like economics on 12-24 month leases) with ancillary streams from a mandatory Lease Easy bundle (up to $60/month per resident combining SmartRent smart home technology, Second Nature air filter delivery, and Conservice utility management), pet fees, application fees, and renter's insurance partnerships. Technology is operational rather than algorithmic: SmartRent IoT integration in every home (keyless access, thermostat control, activity monitoring), a mobile app for iOS/Android handling search/applications/payments/maintenance, the proprietary ProCare preventive maintenance program with 24/7 emergency hotline and twice-yearly inspections, and integrations with Terminix (pest control), TaskEasy (lawn care), PetScreening, ResidentShield, and Bilt Rewards. As of FY2025 the platform delivered $2.73 billion in revenue (+4.2% YoY) and $587 million in net income (+29.5% YoY), with Q1 2026 revenue accelerating to $734 million (+8.8% YoY), 96-97% occupancy, and ~2.3% blended same-store rent growth.

The business model is being actively extended through the January 2026 acquisition of build-to-rent homebuilder ResiBuilt Homes LLC for $89 million, which adds 23 active build contracts, ~1,500 lots under option, and over 2,000 planned home starts in the Carolinas, Georgia, and Florida, marking a strategic shift from purely third-party acquisitions toward vertical integration of the development pipeline. Capital structure is anchored by a $3.5 billion unsecured credit facility (Sept 2024) supporting portfolio growth, while a ~4.5% dividend yield, S&P 500 inclusion, and ongoing third-party property management services signal an evolving capital-light platform layer alongside the core owned-portfolio business.

Name

Invitation Homes

Legal name

Invitation Homes Inc.

Website

https://invitationhomes.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Invitation Homes is a publicly-traded REIT (NYSE: INVH) and the largest US single-family rental owner, operating 80,000+ professionally managed, pet-friendly homes with smart home technology across 20 markets, leasing directly to individual and family renters.

Ownership category

akta.pro rank

Product category

Single-Family Rental Housing

NAICS

Rental and Leasing Services (532)

SIC

Operators Of Apartment Buildings (6513)

akta.pro primary industry

Whole-Home Rentals (Houses, Villas, Cabins) (THAGANAA)

akta.pro secondary industry

Corporate Housing Providers & Operators (Direct Lease / Master Lease) (THAMAHAI)

Keywords

• Single-family rental homes
• Residential property management
• Single-family rental REIT
• Smart home rental
• Proactive home maintenance

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices18 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Residential Rental Income: Primary revenue stream from monthly residential rent payments across a portfolio of over 80,000 single-family homes. Rent is charged monthly with due date on the 1st of each month. Revenue is recurring in nature with lease terms typically 12-24 months. The company generates rental income from updated homes with smart technology and professional management in 17 target markets.
2. Resident Fee Income: Additional revenue from various resident fees including application fees (up to $55 per adult applicant), security deposits (equal to one month's rent), pet deposits and fees, Lease Easy bundle fees, and administrative charges. These represent one-time and recurring ancillary revenue streams.
3. Development and Construction Services: Following the January 2026 acquisition of ResiBuilt Homes for $89 million, the company generates fee income from build-to-rent development activities including fee-built contracts with homebuilders and developer lending programs. ResiBuilt delivered over 4,000 homes since 2018 and has 23 active fee-built contracts.
4. Third-Party Management Services: The company offers property management services to third-party single-family rental owners and has expanded developer lending programs through construction loans (closing $115 million in construction loans as part of platform expansion).

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

Invitation Homes acquires, renovates, and leases single-family homes to individual renters across 17+ US markets through its own portfolio of over 80,000 homes. Each lease includes integrated Smart Home technology, access to the ProCare proactive maintenance program, and a mandatory Lease Easy bundle combining smart home, air filter delivery, and utility management. Residents manage their tenancies through an online Resident Portal and mobile app, supported by 16 local market offices.

Product overview

Invitation Homes operates a single-family home rental platform offering professionally managed, pet-friendly homes with smart home technology across 17+ U.S. markets. The core offering centers on renovated single-family rental homes with 12-24 month lease terms. Key service modules include ProCare (proactive maintenance with twice-yearly home checkups), the mandatory Lease Easy Bundle (Smart Home Technology, Air Filter Delivery, and Utility Management), and mobile/online resident management via the Resident Portal and mobile app. The company also offers ancillary services including lawn care through TaskEasy, pest control through Terminix, renters insurance through ResidentShield, and pet screening through PetScreening.

Differentiator

Problem solved

Functional benefit

Brands

• ProCare: Exclusive proactive maintenance program with scheduled maintenance visits and 24/7 emergency services
• Lease Easy
• ResiBuilt

Products and services

• Invitation Homes Single-Family Rental Homes Pet-friendly, smart-home-equipped, professionally managed single-family houses leased to individuals and families on 12–24 month terms across 17+ US markets.
• ProCare Maintenance Program Proactive maintenance service for residents featuring scheduled 6-month home checkups, a 24/7 emergency maintenance hotline (888-330-4969), certified technician network, and a Fridge List digital checklist for bundling service requests.
• Lease Easy Bundle Mandatory monthly services bundle combining Smart Home technology (keyless entry, smart thermostat, activity monitoring), Air Filter Delivery (Second Nature), and Utility Management (Conservice) for up to $60 per month.
• Smart Home Technology SmartRent-powered smart home system providing keyless entry, remote lock/unlock via smartphone, programmable thermostat with scheduling, real-time activity notifications, and guest access codes with time-limited permissions.
• Invitation Homes Mobile App iOS and Android app enabling home search with location filtering, application submission, rent payments, maintenance request submission, access code management, and move-in checklist tracking with biometric login.
• Resident Portal Online resident dashboard for payment processing, lease details, maintenance scheduling, document access, autopay setup, and payment history, including Bilt Rewards integration for rent payments.
• Pet-Friendly Rental Homes Pet-friendly single-family rental housing allowing up to 3 pets (cats and dogs) per home with $325 initial fee per pet, up to $40 monthly pet rent per pet, breed restrictions, and PetScreening-based pet profile verification.

Quantifiable outcome

• 96-97% occupancy rates
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature5 records

Partnerships

Nine partnerships are on record, tiered core.

• SmartRentcoreTechnology or IntegrationSmartRent IoT platform integrated into all homes providing keyless entry, thermostat control, and real-time activity monitoring via smartphone app. Core differentiator for the smart home offering included in Lease Easy bundle.
• TerminixcoreOthersExclusive pest control service provider for all residents. Quarterly treatments required per lease. Terminix Promise covers additional treatments at no cost if pests return between scheduled visits.
• TaskEasycoreOthersLawn maintenance service provider offering exclusive rates to Invitation Homes residents ($35 per visit). Platform enables online scheduling, photo verification, and satisfaction guarantee. Residents responsible for lawn care per lease but can subscribe to TaskEasy service.
• ConservicecoreOthersUtility management and billing company managing water, sewer, and trash services on behalf of residents. Included in mandatory Lease Easy bundle. Utilities remain in Invitation Homes' name throughout lease term.
• Second NaturecoreOthersAir filter delivery service integrated into Lease Easy bundle. Delivers replacement filters every 3 months to resident homes. Monthly fee of $9.95 included in bundle pricing.
• PetScreeningcoreTechnology or IntegrationThird-party pet screening and review platform integrated into application workflow. Handles pet profiles, breed verification, emotional support animal (ESA) and service animal accommodation requests. Required for all applicants including those without pets.
• ResidentShieldcoreOthersPreferred renters insurance provider offering policies meeting Invitation Homes requirements ($100,000 liability coverage minimum). Policies automatically delivered to leasing office for compliance verification. Alternative to other carriers meeting AM Best A-VII rating requirement.
• Zillow, Trulia, Hotpads, Realtor.comcoreChannel Partner/ Reseller/ DistributorMajor third-party listing platforms where Invitation Homes properties are advertised. Approved listings extend reach to renters actively searching on these platforms. Company warns against fraudulent listings on Facebook and Craigslist.
• ResiBuilt Homes, LLCcoreStrategic or Co-development PartnerAcquired in January 2026 for $89 million (plus up to $7.5M in incentive payments). Atlanta-based homebuilder with 23 active fee-built contracts and option to purchase 1,500 lots. Expands Invitation Homes' build-to-rent capabilities and development pipeline across Sun Belt markets in the Carolinas, Georgia, and Florida.

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• American Homes 4 Rent: American Homes 4 Rent (NYSE: AMH) is the second-largest publicly traded SFR REIT in the US with ~60,000+ single-family rental homes. It is the most directly comparable peer to Invitation Homes in scale, asset class, business model (own-and-lease), and Sun Belt market focus.
• Tricon Residential: Tricon Residential (acquired by Blackstone in 2024) is a major institutional SFR operator managing ~38,000 single-family rental homes across the US and Canada. It competes head-to-head with Invitation Homes in the same customer segment with a comparable own-and-lease model.
• Progress Residential (Pretium Partners): Progress Residential is the SFR operating arm of Pretium Partners, managing 80,000+ single-family rental homes. It is a directly comparable private-market peer to Invitation Homes in scale, tenant experience, and Sun Belt market concentration.
• FirstKey Homes: FirstKey Homes is a major institutional SFR operator managing ~40,000+ single-family rental homes across the Sun Belt, owned by Cerberus Capital Management. Comparable to Invitation Homes in business model and target demographic.
• Home Partners of America: Home Partners of America (Blackstone portfolio company) operates a lease-to-own SFR model with ~20,000+ homes. It targets the same demographic as Invitation Homes but uses a rent-to-own purchase path rather than pure rental.
• Vinebrook Homes: Vinebrook Homes is a privately held institutional SFR operator with ~40,000+ single-family rental homes concentrated in the Midwest and Southeast. Directly comparable to Invitation Homes in business model and target market.
• Amherst Holdings: Amherst Holdings is a financial services and real estate investment firm operating a major SFR platform with thousands of single-family rental homes. Comparable to Invitation Homes in institutional SFR ownership and Sun Belt focus.
• Front Yard Residential: Front Yard Residential was a publicly traded SFR REIT (acquired by Pretium in 2021) focused on affordable single-family rentals. It was a directly comparable peer to Invitation Homes in the SFR REIT category with similar target demographic.

Broad incumbents

• Equity Residential: Equity Residential (NYSE: EQR) is a large, established multifamily apartment REIT focused on urban high-density rentals. While not directly comparable in asset class (apartments vs. single-family), it competes for the same renter demographic and serves as an incumbent benchmark for institutional residential rental operations.

Others

• Zillow Group: Zillow is a major third-party listing platform partner that drives applicant flow to Invitation Homes and other SFR operators. While not a direct competitor, Zillow is a critical distribution channel and aggregator for the SFR category and competes indirectly via Zillow's own rental marketplace tools.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/InvitationHomes
• LinkedInlinkedin.com/company/invitation-homes
• Facebookfacebook.com/InvitationHomesWeb

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Invitation Homes