Invitation Homes is the largest owner and operator of single-family rental homes in the U.S. The company wholly owns roughly 86,000 homes, co-owns around 8,000 more with institutional partners, and manages an additional ~16,000 homes for third-party owners — a total footprint of ~110,000 homes across 16 core markets. Invitation Homes leases homes directly to residents through its own website, app, and in-market leasing teams, targeting families who prefer renting over buying — typically 38-39 year olds with children and pets seeking 3-4 bedroom homes in good school districts. Revenue is driven primarily by occupancy (targeting mid-96%) and rent growth, with renewals (roughly 75% of leases annually) growing around 4-5% in recent years. Key costs include property taxes, insurance, and maintenance, which Invitation Homes tries to control through in-house teams and bulk purchasing. Beyond its wholly owned portfolio, Invitation Homes earns fee income managing JV and third-party homes — a capital-light business that spreads fixed costs across more homes. The company grows through homebuilder forward purchase agreements, opportunistic spec inventory buys, a developer lending program, and its January 2026 acquisition of ResiBuilt, a build-to-rent general contractor operating in Georgia, Florida, and the Carolinas. Invitation Homes also recycles capital by selling older, lower-yielding homes and redeploying proceeds into new construction at higher yields. As a REIT, Invitation Homes distributes substantially all taxable income to shareholders.