Invitation Homes Boosts Rents 11% as Housing Crunch Persists
- Rates rising fastest in Southwest, with 30% hikes in Las Vegas
- With home inventory tight, “It’s a little bit crazy,” CEO says
Photographer: Elijah Nouvelage/Bloomberg
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The largest owner of U.S. rental houses isn’t seeing any let-up in demand, or in its ability to increase rents.
Invitation Homes Inc., which owns more than 80,000 single-family rentals, raised prices by nearly 11% in the third quarter, according to a statement. The company boosted rents by 8% on renewals and 18% when leasing homes to new tenants. Rates are rising fastest in the Southwest, where rents increased 30% on new leases in Las Vegas, and 29% in Phoenix.