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Invitation Homes Boosts Rents 11% as Housing Shortage Persists
The largest owner of U.S. rental houses isn’t seeing any let-up in demand, or in its ability to increase rents. Invitation Homes Inc., which owns more than 80,000 single-family rentals, raised prices by nearly 11% in the third quarter, according to a statement. The company boosted rents by 8% on renewals and 18% when leasing homes to new tenants. Rates are rising fastest in the Southwest, where rents increased 30% on new leases in Las Vegas, and 29% in Phoenix. “It’s a little bit crazy,” Chief Executive Officer Dallas Tanner said on a conference call with investors Thursday. “There just isn’t enough ... (full story)