Invitation Homes, a Dallas-based real estate investment trust (REIT) traded on Wall Street, owns 3,397 rental homes in the Las Vegas Valley.
The company’s holdings confirm its position as a significant player in the local housing market, making it the second largest homeowner in the area, just behind New York-based hedge fund Pretium Partners, which operates under the name Progress Residential with approximately 4,500 homes.
With a market capitalization of $18.5 billion, Invitation Homes manages around 85,138 properties nationwide, as stated on its corporate website.
Kristi DesJarlais, senior vice president for communications and public relations at Invitation Homes, highlighted the company’s local impact.
In her correspondence with the Las Vegas Review-Journal, DesJarlais indicated that Invitation Homes employs 50 full-time workers, contributing $3.9 million in wages and benefits to the local economy.
Furthermore, last year, the company utilized 118 local trade and service vendors and invested $18.6 million in improvements to its properties in the Valley.
However, the presence of a large corporate landlord like Invitation Homes in the Las Vegas housing market is raising concerns among local political leaders.
U.S. Representative Susie Lee, a Democrat from Nevada, expressed her worries in a letter addressed to the Federal Housing Agency in June.
She called for increased transparency regarding the growing ownership of homes by out-of-state corporations, stating, “That’s 3,397 families in Southern Nevada who have been mistreated in the name of corporate greed.”
In response to these concerns, the Federal Trade Commission (FTC) has previously pursued action against Invitation Homes.
In September of last year, the company reached a $48 million settlement with the FTC over allegations that it misled renters about various fees associated with leasing properties.
DesJarlais defended the company’s practices, stating that all fees are clearly outlined on their website, in each property listing, and within lease agreements.
She emphasized, “We believe they are fair and consistent with single- and multi-family best practices.”
Each lease document clearly lists all fees on its first page, with total monthly costs summarized at the bottom, she added.
Hassan Chaudhry, chief redevelopment officer for the Neighborhood Housing Services of Southern Nevada, acknowledged the role that institutional investors, like Invitation Homes, play in today’s housing market.
He referred to them as a “necessary evil” amid current market conditions, suggesting that higher mortgage rates are preventing low-income individuals from entering the housing market.
As such, these investors fill the void by offering rental homes.
Meanwhile, U.S. Representative Steven Horsford has consistently opposed corporate landlords and institutional investors in his district.
He noted that firms like Invitation Homes contribute to rising home prices, complicating access to the housing market for residents in Las Vegas.
A recent study from the University of Nevada, Las Vegas, found that investors acquired around 25 percent of residential properties in North Las Vegas over the past decade.
Horsford also criticized the presence of a Texas-based corporate entity as the second-largest landlord in the Las Vegas community.
In his words, “A corporate entity in Texas should not be the second-largest landlord in our community, and they shouldn’t be sending press releases about how they’re making it harder for local residents to achieve the American Dream.”
The HOME Act, introduced by Horsford in 2022, aims to combat large institutional investors perceived to engage in price gouging and market manipulation in the housing market.
As the rental landscape in the Las Vegas Valley evolves, additional scrutiny is directed at the impact of major corporate landlords on local communities.
An investigation aided by Redfin revealed that institutional investors have purchased around 131,000 homes in the Las Vegas area since the year 2000.
Maurice Page, executive director of the Nevada Housing Coalition, raised alarms about large corporate landlords’ tendencies to target starter home communities.
He stated, “The perception is that these companies have been the cause of the uptick in regards to buying homes and also in regards to renting homes.
“Overall, right now they have a bad rep…because you come in and you’re buying up these neighborhoods, these communities and you’re increasing the rent.”
Page noted that many of the properties that corporate entities are acquiring are in low to moderate-income areas, which limits opportunities for first-time homebuyers to purchase homes.
DesJarlais corroborated that Invitation Homes has been selling properties in Las Vegas lately.
In the first half of 2025, the company bought a single home and sold nine.
Moreover, during the second quarter of 2025, Invitation Homes acquired one property for $541,500, while the average sale price of four of the homes it sold that quarter was around $302,000.
For context, the benchmark price for an average house in Southern Nevada has reached approximately $485,000.
The evolving dynamics around corporate ownership of rental properties in the Las Vegas Valley continue to generate discussions about housing accessibility, corporate responsibility, and community impact.
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