Analysis Follows CPI Report Finding Housing Costs Among Largest Driver of Inflation 

Washington D.C. – Following President Biden’s call on Congress to act on his affordable housing proposals and ahead of today’s U.S. Senate Banking Committee hearing on housing needs, government watchdog Accountable.US released a new analysis showing Invitation Homes and AMH, the two largest single-family rental companies, made a combined $953.1 million in profit in 2023 — a 37% increase from 2022 — amid rent hikes. In addition, Equity Residential, the third largest publicly traded apartment owner, reported increased profits while raising rent and spending millions to acquire new properties. 

Accountable.US’ analysis follows the U.S. Labor Department’s latest Consumer Price Index (CPI) report showing shelter costs were among the biggest drivers of inflation in February, with the report stating “the index for shelter rose in February, as did the index for gasoline. Combined, these two indexes contributed over sixty percent of the monthly increase in the index for all items.”

For many corporate landlords, there’s clearly no ceiling on rent increases or housing junk fees despite bragging about hundreds of millions of dollars in profits. If price-gouging property companies had any intention of self-regulating their greed, they would have done it by now instead of inviting a housing affordability crisis. It’s why conservatives in Congress must quickly act on President Biden’s proposals to lower housing costs for everyday families – not obstruct them on behalf of their greedy landlord donors.”

said Accountable.US’ Liz Zelnick


Invitation Homes

  • In July 2022, Invitation Homes—which owns 80,000 homes as of February 2024—was found to have “engaged in abusive tactics to remove tenants from their homes” during the COVID-19 pandemic as reporting found the company had a history of renovating homes without permits, leading to “shoddy repairs and maintenance” putting tenants at risk, as the company raised rents and engaged in “‘fee-stacking‘” to maximize profits. 
  • During FY 2023, Invitation Homes saw its net income increase 35% YoY to over $521 million as it acquired 2,877 homes, while its CEO boasted of its “information advantage” that would benefit the company’s potential future acquisitions. 
  • Since January 2023, Invitation Homes has paid at least $10.8 million in civil penalties and redress over allegations the company broke California state tenant protection and price-gouging laws and illegally charged “exorbitant” late fees. Meanwhile, tenants across Charlotte, NC protested outside its Charlotte office over living conditions, with one tenant even being forced to start a GoFundMe to help with moving expenses after a rental unit was deemed “uninhabitable” by code enforcement officials.


  • AMH, or American Homes 4 Rent, is the second largest single-family rental company as of February 2024 with over 59,000 homes owned. 
  • During 2023, AMH saw its net income climb by nearly 40% YoY to over $432.1 million, with the company spending $13.9 million on shareholder dividends and $12.8 million on acquisitions. 
  • AMH’s Q4 2023 revenue climbed by 5.5% YoY, “driven by a 6.1% increase in average monthly realized rent.”
  • In 2023, AMH paid two outside firms $130,000 total to lobby against legislation aimed at addressing the housing affordability crisis, including S. 3402, the End Hedge Fund Control of American Homes Act, and S.2224, the Stop Predatory Investing Act.

Equity Residential

  • According to the National Multifamily Housing Council (NMHC), Equity Residential is the fifth largest owner of multifamily units, identified by Accountable.US as the third largest publicly traded landlord owning nearly 80,000 units in 2023. 
  • During FY 2023, Equity Residential’s net income climbed to over $868 million, with its Q4 2023 results climbing by 95% YoY to over $322 million, using $179.9 million to acquire 634 units in Atlanta, GA and an additional $49.1 million on stock buybacks during Q4 2023. 
  • In 2023, Equity Residential was named in two suits over allegedly participating in a scheme with other landlords to illegally raise prices through the third-party company RealPage, in what a class action lawsuit dubbed a “cartel” of price-setting.



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