A major nationwide rental company said it boosted rental rates by an average of about eight percent over the past year, reflecting the ongoing elevation of both rental and home prices throughout the country.
Invitation Homes, which bills itself as facilitating “the worry-free leasing lifestyle,” said in a quarterly report this week that over the past year it had seen a “blended rent growth of 8.0%, up 470 basis points year over year.”
The “blended” rate came from hikes of “new lease rent growth of 13.8%” as well as “renewal rent growth of 5.8%.”
The company, which was founded nine years ago, said it saw revenue growth of nearly 10 percent year-over-year, with an average occupancy of nearly 100 percent, “up 80 basis points year over year.”
The rate hikes from Invitation Homes come amid spiking home prices—including rental rates—nationwide.
Home prices are up nearly 20 percent year-over-year, while renters making minimum wage are increasingly struggling to be able to afford rent in many large cities.