Investment Firms Aren’t Buying All the Houses. But They Are Buying the Most Important Ones.

. In practice, this means that Invitation Homes can afford to tack on an extra $5,000 to $20,000 to the purchase price of every home, while getting the house at the samecost as a typical homeowner. While Invitation Homes uses a mixture of debt and cash from renters to buy houses, its offers are almost always all cash, which is a big leg up in a competitive market.

While renting might make sense for some people, especially people who move a lot, it often sucks, particularly in the United States, where we don’t have especially strong protections for tenants. The business strategy of the country’s biggest landlords, Invitation Homes and American Homes 4 Rent, does not seem to be, “Make renting with us so delightful that if my tenants have to move cities, they’ll specifically seek out another property owned by our company.

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