Invitation Homes

In 2012, Blackstone consolidated single-family rental purchases and invitation homes was born from the post-crash market collapse, bank seized homes, foreclosures flooded markets. A house costing 300,000 sold for 150,000. The market was broken, investors with capital could buy below replacement cost. But running a rental business was chaotic, involving tenants, repairs and disputes. Nobody wanted it. Blackstone bought thousands of homes and hired invitation to manage them. Invitation did not own the homes, they operated them. They hired property managers, collected rent, scheduled repairs and evicted non-paying tenants. Managers had templates for every task. Repairs were negotiated with contractors in bulk.