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Invitation Homes' first home purchase was in April 2012, [2] and within a year the company had spent $4 billion on 24,000 homes in the United States, becoming the largest buyer of homes for rent in the United States; section 8 properties made up 16% of the portfolio. [7]
The complaint filed by the FTC alleges that Invitation Homes advertised rental rates that failed to mention fees like smart home tech, utility management, air filter delivery, and internet packages.
Invitation Homes advertised rental rates without disclosing monthly "junk fees" of up to $1,700 a year, FTC alleges. Invitation Homes deceived renters and will refund $48 million, FTC says Skip to ...
Invitation Homes has agreed to pay $48 million to settle a number of allegations, including unlawfully keeping security deposits and charging undisclosed junk fees.
The agency also claims that Invitation Homes “systematically withheld” tenants’ security deposits after they moved out, unfairly charging them for normal wear-and-tear, and used “unfair eviction practices,” including starting eviction proceedings against renters who had already moved out.
Invitation Homes is a public company traded on the New York Stock Exchange NYSE: INVH. It is headquartered in the Comerica Bank Tower in Dallas, Texas. [1] Dallas B. Tanner serves as chief executive officer. As of 2020, Invitation Homes owned about 80,000 rental homes in 16 markets with an occupancy rate of approximately 97.5 percent. [2]
In October 2020, Rockpoint formed a $1 billion joint venture with Invitation Homes to buy, renovate and rent out single-family homes across the U.S. [14] [15] In March 2022, they formed another joint venture worth $300 million to acquire higher-end single-family homes. [16]
The nation’s largest owner of single-family homes for rent has agreed to pay $48 million to settle claims by the Federal Trade Commission that it reaped millions of dollars via deceptive ...