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WASHINGTON, DC — Today’s U.S. Labor Department’s Consumer Price Index (CPI) report revealed a slight increase in consumer costs in the face of persistent corporate greed in a number of sectors. In particular, “the shelter index increased 0.4 percent in April and was the largest factor in the monthly increase in the index for all items less food and energy.” Following the report, government watchdog Accountable.US released new findings showing that major landlord companies continue to impose exorbitant rent increases despite raking in record profits. 

According to Accountable.US, Invitation Homes and Equity Residential, the largest single-family rental companies, saw their net income increase 18.4 and 38.6% in Q1 2024, respectively, with Equity Residential raising its rates by roughly $102 per unit. AMH similarly burdened customers with an average 5.7% hike in rents, bringing in $423.5 million in Q1 2024 revenue — an increase of 6.5% year over year. 

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Despite an ongoing housing affordability crisis, this year has proven that if corporate landlords see an opportunity to raise rents, they’ll take it. As they dodge regulation to keep their price gouging scheme in place, corporate landlords like Equity Residential, Invitation Homes, and AMH are rewarding themselves with generous buyback opportunities funded at the expense of their renters. Their unchecked greed must be reined in to prevent further damage to our communities and economy.”

Accountable.US’ Liz Zelnick

As of today, over half of U.S. renters are now spending more than 30% of their income on rent, exacerbating families’ financial strain as wages fail to keep pace with rent hikes. 

KEY FINDINGS

Invitation Homes

  • As of April 2024, Invitation Homes is the largest publicly-traded single-family rental company in the U.S. operating over 80,000 homes. The company has a history of “engag[ing] in abusive tactics to remove tenants,” with reports also showing the landlord has a history of renovating houses without permits leading to “shoddy repairs and maintenance” and “fee-stacking” to maximize its profits. 
  • In Q1 2024, Invitation Homes saw its net income climb 18.4 % to over $142 million. Meanwhile, the company spent $173.2 million on shareholder dividends.
  • The company also announced it would make an investment of $37.5 million into a portfolio of 3,700 homes, where it expects it will add an additional 700 homes on top of it in its “property and asset management” portfolio by the beginning of Q3 2024.

AMH

  • AMH—formerly known as American Homes 4 Rent—is the second-largest publicly-traded single-family rental with over 60,000 homes owned as of April 2024. In 2017, the company was found to have violated the Fair Housing Act for discriminating against tenants based on disability and was the subject of a January 2022 letter authored by Sen. Elizabeth Warren (D-MA) who accused the firm of driving up housing costs based on its CEO’s comments that a national housing shortage would provide the “backdrop for continued long-term rental demand growth.”
  • During Q1 2024, AMH saw its net income decrease slightly, however, its revenue increased 6.5% YoY to over $423.5 million, largely thanks to average rent hikes of 5.7%. 
  • Meanwhile, the company has spent $3.3 million on additional acquisitions and continued to pay outside lobbying firm Fierce Government Relations $30,000 to lobby the U.S. Senate on “housing issues.” 

Equity Residential     

  • Equity Residential is one of the largest publicly-traded owner of multifamily units in the U.S., operating nearly 80,000 units as of the end of 2023. The firm was named in at least two lawsuits in 2023 which alleged it conspired with other rental companies to raise rents through the third-party listing site RealPage. 
  • A review of Equity Residential’s Q1 2024 results shows the company saw its net income increase 38.6% to $305 million thanks to rent increases, as the company spent $38.5 million on stock buybacks. 
  • And during its Q1 2024 earnings call, Equity Residential president and CEO Mark Parrell touted the company’s efforts to shift opinion among state governors, claiming their “lead regulatory guy” was able to convince lawmakers there was simply a lack of housing supply with “price controls” unable to solve this issue.
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