Throughout 2022, the housing market continued to evolve. As interest rates rose and home prices remained high, many Americans turned to single-family rental homes as a high-quality housing option. This expanded interest is in addition to the growing number of people who already prefer the ease and flexibility that come with leasing a home.
Over the past year, we at Invitation Homes sharpened our focus on providing a superior resident experience, made possible by our local associates and vendors who diligently serve our 16 markets. We are proud to provide a valuable housing option to individuals in all phases of life—first-time renters, young families, empty nesters, and everyone in between. And our residents, across the board, are overwhelmingly satisfied with their experiences. At the end of 2022, residents had stayed with us for more than 33 months on average and more than 97% of our homes were occupied. Our reviews tell a similar story, with the company averaging 4.7 stars on post maintenance surveys and a 4.1 combined cumulative Google and Yelp rating.
This level of satisfaction speaks to the caliber of service we provide, and over the past year, we took additional steps to increase the resources available to residents. Invitation Homes is proud to work with residents and provide financial assistance when it’s needed, as well as opportunities to build financial stability while renting with us. Since the onset of the COVID-19 pandemic in early 2020, we have helped more than 40,000 residents with extra time for rent payments and other helpful resources, resulting in more than $200 million in financial assistance from Invitation Homes. We also helped more than 15,000 residents complete federal rental assistance applications, which helped allocate more than $116 million in assistance to our residents. Finally, we’re proud to partner with more than 150 public housing authorities in serving thousands of our residents who participate in a housing assistance program, including HUD’s Housing Choice Voucher program.
When it comes to Invitation Homes’ local footprint and impact in communities, we take pride in being a trusted and engaged partner. We want to make the neighborhoods we’re part of better—consistently elevating the standards for other single-family rental companies and setting best practices. Our 2022 community fact sheets provide an overview of our presence in and impact on each market where we operate. For the full year 2022, we’re proud to have partnered with nearly 2,300 local vendors across our 16 markets, spent almost $470 million improving homes and neighborhoods, and paid more than $152 million in associate wages and benefits and more than $348 million in property taxes. Our roughly 1,500 associates share this commitment to their communities—spending tens of thousands of hours volunteering for causes that are important to them.
We also focused on minimizing our carbon footprint and the environmental impact of our homes throughout 2022. Almost 55,000 of our homes now actively utilize smart home technology, which can help reduce energy consumption, and more than 62,000 of our residents are currently subscribed to our air filter delivery program that improves air quality in homes and yields better performance and longevity for HVAC systems.
Invitation Homes is proud of the work our team accomplished over the past year. As we look ahead, we plan to become more involved in each of our 16 markets and better support local communities. As a premier single-family rental home company that’s setting industry standards, we aim high. We’re excited to keep raising the bar to better serve residents.
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