As 2021 comes to a close, we’ve been reflecting on the major inflection points and events that have shaped the year, both for our residents and for Invitation Homes as a company. While there’s no doubt that some of the challenges from 2020 carried into this year, there were other factors that shaped our collective experience. No matter the current events prevalent in any given year, Invitation Homes remains committed to making residents’ lives easier at every step of their journey with us by providing superior service to the growing number of people looking to lease a single-family home. Our success in delivering an easy leasing lifestyle to our residents is directly attributable to the dedication of our hard-working associates toward our residents and each other.
Helping Residents Navigate COVID-19
One of the hardest aspects of these past couple of years has been adjusting to the longer-term realities of a pandemic. Since early 2020, Invitation Homes has prioritized resident and associate safety above all else.
We’ve also worked with our residents to ensure those who have experienced financial hardship could count on flexible payment options. While most of our residents have been able to meet their rent obligations, we have continued to work closely with those who need extra time or help finding resources. In fact, we have helped tens of thousands of individuals and families who were impacted by COVID stay in their homes. And, as of September 30, we had aided more than 4,000 residents in applying for rental assistance and had received more than $25 million in rental assistance payments for the benefit of our residents. Moving forward, Invitation Homes will continue to lead by prioritizing the needs of residents and associates.
Supporting Our Current and Future Workforce
In October, NPR reported that the U.S. Bureau of Labor Statistics showed that 4.3 million Americans, or 2.9 percent of the entire workforce, quit their jobs in August – yet another all-time high after a string of record-breaking months for workers voluntarily leaving their jobs. “The Great Resignation” results from a confluence of factors that have prompted workers to rethink where and how they want to live. This reshuffling of the American workforce coincides with a critical shortage of skilled workers in a range of industries, from transportation and healthcare to construction, plumbing, and heating and air conditioning. Next year, it’s anticipated that there will be 3.4 million more openings for skilled trade jobs than there will be workers adequately trained to fill those openings.
Invitation Homes believes that large-scale change often starts small. That’s why we launched the Step Up, Stand Out program this year in partnership with SkillsUSA to respond to this growing skills gap. Step Up, Stand Out aims to highlight the critical need for these roles and bolster the pipeline of qualified individuals ready to start their careers in skilled trades. Invitation Homes is focused on engaging with community partners, starting with programs launched in schools in Tampa and Charlotte this fall, with plans to expand support across all 16 of our markets by the 2023-24 academic year. Step Up, Stand Out offers participants pride and education in their chosen field, helps kick-start their careers, and sets them on a path to financial independence, security, and stability. As an increasing number of people rethink their career paths, fostering confidence in their choices will remain critical. This year we’ve also taken steps to bolster our diversity, equity, and inclusion (DEI) initiatives to support and retain our talented team of associates, and we look forward to continuing to expand this programming in 2022.
Meeting Increased Demand
Many at Thanksgiving may have found their favorite food missing from the dining room table or that their grocery bills were a bit too high. Inflation, supply chain disruptions, and a rebounding economy are impacting numerous industries, and the effects are being felt across the country.
The housing market wasn’t immune to the changes we’ve all collectively experienced over the past year. Homebuilders have struggled to keep pace with increased demand for new houses, as people continue moving out of city centers and low mortgage rates empower buyers. Those factors are straining the supply of available homes, especially in hot markets. One factor that has been grossly exaggerated is the role institutional investors and companies like Invitation Homes play in driving this demand. The truth remains that institutional ownership is a very small part of the overall home rental market and an even smaller slice of the overall housing market .
If there’s one thing that we’ve learned over the past year, it’s that the way we’re living is changing. People are rethinking their purpose, place, and when and how long they’ll stay in one location. Invitation Homes is proud to provide choice and flexibility to a growing number of people who value the amenities of a single-family home without the commitment of homeownership. In 2022, we look forward to building on our innovative services and meeting increasing demand for the product our industry offers.