Invitation Homes, owners of more than 80,000 single-family rental properties across the U.S., announced substantial rent increases for new and existing tenants.
According to Bloomberg, the company increased rents by 8 percent on renewals and 18 percent for new tenants. Invitation Homes’ fastest growing market is in the Southwest, where rents increased 30 percent on new leases in Las Vegas, and 29 percent in Phoenix.
Despite the higher rents, the company reported a record-low turnover rate last quarter.
The move follows similar trends in the small rental market. As we previously reported, demand has surged in markets large and small, leading to a 10 percent price increase in apartment rents since the beginning of 2020.