FORMERLY PE OWNED
Invitation Homes
Includes INVH, Invitation Homes Inc
single-family rental · Dallas, TX
- PE Firm
- Blackstone →
- Year Acquired
- 2012
Blackstone bought 80,000 foreclosed homes during the crash. Then charged you rent to live in them.
What Happened
- Blackstone created Invitation Homes in 2012 specifically to scoop up distressed homes after the financial crisis — spent $10 billion buying 50,000+ foreclosed properties while families were still losing theirs
- IPO'd in February 2017 for $1.77 billion (second-largest REIT IPO ever), then merged with Starwood Waypoint to create an 82,000-home empire — Blackstone fully exited by late 2019 after extracting billions
- FTC hit the company with a $48 million settlement in September 2024 for deceptive practices including hidden junk fees, unfair security deposit withholding, and advertising fake rental prices
- California AG secured a separate $3.7 million settlement in January 2024 for illegally raising rents on 1,900 homes in violation of tenant protection and price-gouging laws
The Damage Done
- Mandatory hidden fees totaling over $1,700 per year were buried in leases — 'smart home' fees, 'utility management,' air filter delivery, and internet packages you never asked for
- Only 39.2% of security deposits were returned between 2020 and 2022, vs. a 64% industry average — the company systematically kept tenants' money for normal wear and tear
- Over 33,000 properties had maintenance work orders filed within the first week of move-in between 2018–2023 — tenants reported no heat in winter and no AC in summer while waiting for repairs
- Now manages 110,000+ rental homes across 16 markets — an entire generation of would-be homeowners is paying rent to Wall Street instead of building equity