Residents lease with us for many different reasons, and we’re proud to offer them the option to live in a high-quality home in a great neighborhood that meets their needs. According to John Burns Research and Consulting, leasing is currently nearly $1,200 a month less expensive than owning in our 16 core markets, helping residents save money and build financial stability. In addition to the opportunity to save money while leasing with us, we also provide multiple pathways that help individuals and families achieve their goals.
Offering free positive credit reporting
We offer free positive credit reporting for on-time rent payments. Just over a year ago, Invitation Homes partnered with Esusu, a financial technology company advancing rent reporting and data solutions for credit building, to help our residents improve their credit scores by providing free positive reporting to major credit bureaus for on-time rent payments (we do not report late payments).
Now, after the first full year, the results have been impressive. More than 176,700 residents are reporting rent payments with Esusu, and nearly 7,800 residents have established credit scores for the first time. Of the residents participating, 58% have improved their credit scores, with a 38-point average increase. Moreover, 8% of residents have moved their credit score from subprime to prime. Clearly, the opportunity to report rent payments can be incredibly meaningful for our residents. Whether their dream is to buy a home, fund an education for themselves or their family members, open a business, or something else, building a solid credit history is an important foundation.
Helping residents comfortably transition into homeownership
We’ve also helped Invitation Homes residents realize homeownership through our Resident First Look™ program, where we have identified certain homes for sale and offered residents who live in that home the opportunity to purchase it before it’s placed on the market. This has enabled individuals and families to comfortably transition into homeownership while staying in the home they already love.
And through our investment in Pathway Homes, a real estate company that works directly with customers to identify and purchase a home, we support residents in their homeownership journey as they work with Pathway to first lease the home with the opportunity to purchase it at a future date. While leasing, property taxes and other costs like HOA fees are covered, and residents can save money, build credit, and then decide if they’d like to make the long-term investment to purchase the home. Invitation Homes provides maintenance and other services to all Pathway homes, ensuring that residents receive the high-quality property management services and expertise that we offer.
Leasing a home instead of purchasing presents an opportunity for residents to save for their future goals while feeling safe and secure in their housing. Approximately one-quarter of Invitation Homes residents who move out do so to become home buyers, and we’ll continue to invest in opportunities that help move them closer to this dream.
Up Next
LOADING