Our Share of the U.S. Housing Market
Americans increasingly want more options when it comes to where they live. Some want houses. Others want apartments. Some want to own, while others are looking to rent. The good news is that Americans now have more options than ever – both in where they live and their commitment level. Invitation Homes is proud to offer an attractive option to people who are not looking to buy: the leasing lifestyle in high-quality single-family homes in great neighborhoods.
In recent years, a growing number of Americans have opted to rent a home rather than buy. Across generations, more people are choosing the flexibility and ease that comes with leasing their home. In fact, there are more renters today than at any point since the mid-1960s. As America’s premier single-family home leasing company, Invitation Homes is pleased to provide Americans with high-quality housing options and worry-free service. We own and care for more than 80,000 homes in 17 markets across the country, and we remain steadfastly committed to taking care of our residents and the communities in which we operate.
And while 80,000 homes is certainly a big number, one might be surprised to learn that we are actually a small sliver of the single-family rental market – less than one half of 1 percent of the nation’s 16 million single-family rental homes. And that percentage gets even smaller when compared against all rental units and even smaller still in relation to all housing.
Breaking Down the Numbers
A closer look at the U.S. housing market reveals that Invitation Homes represents only a small fraction of houses throughout the country. According to John Burns data, there are approximately 139 million housing units in the United States. About 125 million of those homes are occupied. Of those that are occupied, more than 79 million are owned and nearly 46 million are rented. Of those rental units, nearly 28 million are multi-family, nearly 16 million are single-family, and the remaining 2 million are other types of housing.
Our In-Market Footprint
We are occasionally asked if the size of our portfolio has an impact on the housing prices and availability in our markets. The reality is that we own just a small percentage of the rental options and an even smaller percentage of the overall housing units in any market. In fact, we own less than 1% of the single-family detached homes in every market we operate in. Going deeper, comparing our home count to the total number of single-family detached homes per U.S. Census data, our homes make up anywhere from 0.1% – 0.8% of single-family detached homes in the 17 markets we operate in.
In buying and selling homes, we follow a process similar to other home buyers. We do our homework and then compete just like anyone else. We just do it on a larger scale. In 2018, we actually sold more homes than we purchased, and we’ve continued as a net seller since then. In the first quarter of 2019, Invitation Homes sold more properties than it acquired in 13 of our 17 markets.
Improving Lives Through Choice and Service
Ultimately, our size doesn’t change our focus – we are proud to provide an option for people looking to rent a quality single-family home in a great neighborhood, close to schools and jobs. We are pleased that our scale enables us to provide the 24/7 service that means our residents don’t need to worry about maintenance issues. And we love helping our resident families discover the joys of a backyard, enough space for sprawling teenagers, and a bedroom for every child. Regardless of the reason residents choose to lease with us, we are thrilled to welcome them and work with them to live our mission – “Together with you, we make a house a home.”