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Blackstone Tenants Get a Shot at Buying Their Rental Houses

  • Firm’s Invitation Homes unit is selling in Arizona, California
  • Single-family landlords have been losing renters to homebuying
Phoenix, Arizona.
Source: Getty Images
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Melissa Suniga and her mother had been renting a three-bedroom Phoenix house for less than a year when their landlord, Blackstone Group LP’s Invitation Homes, gave them the chance to buy it.

Suniga, a 40-year-old childcare worker, used her security deposit and $2,000 she’d saved from her income-tax refund, along with a county grant and a credit from Invitation Homes that together provided her with $10,600 more for her down payment and closing costs. She expects to complete her purchase of the $150,000 house this week.