AUTHORS
Sofia Lopez, Action Center on Race and the Economy;
Samantha Kaan, Action Center on Race and the Economy;
Jordan Ash, Private Equity Stakeholder Project.
HOW AMERICA'S LARGEST
SINGLE-FAMILY LANDLORDS
PUT PROFIT OVER PEOPLE
THE NATIONAL
RENTAL HOME COUNCIL
CONTRIBUTORS
Amee Chew, Center for Popular Democracy;
Katie Goldstein, Center for Popular Democracy;
Liliana Baiman, Center for Popular Democracy
THE NATIONAL RENTAL HOME COUNCIL/2 THE NATIONAL RENTAL HOME COUNCIL/3
Introduction
Over the past decade, housing in the U.S. has become increasingly consolidated
into the hands of corporations, while rents and home prices have skyrocketed
to unprecedented levels. Tenants in single-family rental (SFR) homes are facing a
particularly tight squeeze; nationally, rents in this type of housing have increased more
than 13% over the past year, and in metro areas like Miami and Phoenix single-family
rents have increased a staggering 39% and 19%, respectively.
1
Unsurprisingly, the metro areas facing the highest single-family rent increases are the
same communities where the largest single-family rental companies have the greatest
presence, and where the 2008 foreclosure crisis wreaked havoc on homeowners,
especially homeowners of color. Increasingly, these SFR corporations have sought to
shape public policy and perceptions of the housing market to secure unchecked growth
and profit.
To advance their interests, the largest SFR landlords rely on the National Rental Home
Council (NRHC), a public relations tool that deflects scrutiny and portrays the SFR
industry as the benevolent saviors of the housing market. Throughout its history the
NRHC leadership has been dominated by the largest SFR companies in the country. As
landlords, large corporate rental companies are associated with high eviction rates,
2
underinvestment in maintenance, steep fines for tenants, large rent increases, and
aggressive buying tactics that lock would-be homeowners out of the market.
3
Rather than accept their talking points, we should investigate what these companies say
to their investors and what their tenants say about living in these homes. Based on these
companies’ track records, we should all be concerned about their ambitious plans for
continued expansion, and the billions of dollars investors have flooded the rental market
with over the past year.
4
THE NATIONAL RENTAL HOME COUNCIL/3
The Rise of the
Single-Family Rental Home
Industry and the Creation
of the National Rental
Home Council
The consolidation of single-family rentals
into the hands of investor landlords began
in the aermath of the 2008 foreclosure
crisis. As recently as 2011, before home
prices hit rock boom, no single entity owned
over 1,000 SFR units,
5
but by 2021, corporate
landlords had acquired an estimated 350,000
homes across the country.
6
The five largest
SFR operators, who comprise the leadership
of the National Rental Home Council,
cumulatively own or operate almost 300,000
homes and have come under increasing
scrutiny for their negative impacts on the
housing market.
7
The foreclosure crisis and the federal
response created the perfect conditions for
rapid consolidation, transferring thousands
of homes, especially from households of
color trapped by predatory debt, to Wall
Street-backed landlords, oen through
government-subsidized acquisitions aer
mass foreclosures. Without question, the
SFR industry would not exist in its current
form if not for vital support from Fannie
Mae, Freddie Mac and the Federal Housing
Administration to large corporate landlords.
In addition to incredibly generous loan terms,
Fannie, Freddie and the Federal Housing
Administration auctioned non-performing
mortgages to investors in such high volumes
that by 2016, 95 percent of Fannie and
Freddie’s distressed loans went to Wall
Street investors.
8
Mergers and acquisitions of smaller
companies have also been a critical source
of growth for the largest SFR companies. For
example, in 2017, Invitation Homes merged
with Starwood Capital, which had previously
merged with Colony American Homes, to
become the largest SFR operator in
the country.
9
The largest SFR companies made a bet
that the foreclosure crisis would lock broad
swathes of the country out of homeownership,
creating a captive pool of renters. In a 2016
pitch to investors, Pretium Partners, the parent
company of Progress Residential, explicitly
said, “We believe tight credit availability is
preventing new households from being able to
obtain mortgages to purchase their first home
. . . Households that have been unable to
obtain mortgages have become renters, thus
driving high occupancy rates and robust
rent growth.”
10
The five largest SFR
operators,
cumulatively own or
operate almost 300,000
homes and have come
under increasing
scrutiny for their
negative impacts on
the housing market.
THE NATIONAL RENTAL HOME COUNCIL/4 THE NATIONAL RENTAL HOME COUNCIL/5
In this context, Invitation Homes, American
Homes 4 Rent, Progress Residential, Starwood
and Colony American Homes joined together
to form the NRHC in 2014.
11
This came amid
growing scrutiny and weeks aer California
Congressman Mark Takano called for federal
regulators to investigate the SFR industry and
the practice of selling rent-backed securities.
12
The new group partnered with the lobbying
and public relations firm Glover Park Group
(now Finsbury Glover Hering), which was
founded by Clinton-Gore administration
veterans and has close ties with the private
equity, banking, and real estate industries.
13
Continuing this trend, following increasing
scrutiny, in 2022 Pretium Partners hired a
former Glover Park director and ex-NFL
communications head, Jocelyn Moore, as their
newest Senior Managing Director leading
corporate affairs.
14
Growth and
Corporate
Consolidation in
Single-Family Rentals
The Wall Street-backed segment of the SFR
industry has grown dramatically over the past
decade, while families across the country have
struggled with displacement, loss of their
homes, and financial devastation since the
foreclosure crisis. Amidst job losses and mass
death during the COVID-19 pandemic, the
buying frenzy has only accelerated.
Many across the industry have remarked that
SFRs have proven to be a resilient or profitable
asset class, expressing recent speculation
that Wall Street-backed landlords could own
as much as 50% of all SFRs within the next
five years,
15
or, more conservatively, that in-
vestor-ownership of SFRs could reach 40% of
market share by 2030.
16
The Chief Executive
of Tricon Residential, estimates institutional
ownership of SFRs will increase by about one
million homes in the next decade.
17
Recent research indicates that large inves-
tors have only spent about one-quarter of the
$89 billion they have raised to invest in SFR
and build-for-rent homes,
18
which, based on
the largest companies’ harmful track record,
should concern us all.
The Chief
Executive
of Tricon
Residential,
estimates
institutional
ownership
of SFRs will
increase by
about one
million homes
in the next
decade.
THE NATIONAL RENTAL HOME COUNCIL/5
The National
Rental Home
Council
Founded in 2014, the NRHC is the primary lobbying and advocacy group for the SFR industry.
Like more established real estate trade groups such as the National Multifamily Housing Council
and the National Association of Realtors, the NRHC exerts influence both directly, by lobbying
for legislation and donating to elected officials, and indirectly, by repeating talking points to the
press that reinforce their desired narrative about their industry.
The NRHC has nearly 80 member companies and claims to speak for the whole SFR industry,
including “mom and pop” landlords, but there are only four companies that have almost
exclusively occupied the organization’s leadership positions since its founding: Invitation Homes,
Progress Residential, American Homes 4 Rent, and Tricon Residential. Executives from these
four corporations have consistently held the President, Vice-President, Secretary, and Treasurer
positions. By 2020, the FirstKey Homes CEO had joined the board, and is currently the
NRHC chair.
19
This tight grip suggests that the NRHC prioritized unrestricted growth and continued dominance
for these five companies, who already account for almost 300,000 of the estimated 350,000
corporate-owned SFR homes across the country.
20
2020
21
2019
22
2018
23
2017
24
Invitation Homes Treasurer
Treasurer and
Director
Treasurer
and Director
President and
Treasurer
American Homes
4 Rent
Vice-President Vice-President Vice-President Director
Progress Residential Secretary
Secretary and
Director
Secretary and
Director
Secretary
Tricon Residential President President President Director
FirstKey Homes Director N/A N/A N/A
THE NATIONAL RENTAL HOME COUNCIL/6 THE NATIONAL RENTAL HOME COUNCIL/7
While the public face of the NRHC is one of a
friendly, pro-affordability industry group, the
group’s origins and advocacy indicate that
they push for policies that put their financial
interests above the well-being of their tenants.
The actual policies the NRHC advocates for
are worded vaguely on their website, using
general language about increasing access
to quality and affordable housing. The top
section of their advocacy page is titled
“Renter’s Rights,” which they describe as
policies that improve “access and choice” in
housing and that “encourage our residents to
be good citizens.”
25
Contradicting this seemingly pro-tenant
language, the NRHC lobbies against tenant
protections and policies that would keep
rents affordable. Their website states they
intervene at the state level to combat what
they call “harmful rent control policies,”
26
and they were vocally opposed to the CDC’s
eviction moratorium in 2020.
27
Individually,
the companies who make up the board of the
NRHC have contributed heavily to block rent
control and other forms of tenant protections.
Invitation Homes spent over $1 million in 2018
to block Proposition 10 in California, which
would have loosened rent control preemption;
Blackstone spent another $6 million.
28
Several of the companies in the NRHC’s
leadership have explicitly indicated SFRs
are a good financial investment specifically
due to the increasing inaccessibility of
homeownership.
29
Yet, the NRHC wants to
present a different public image, stating on
their website that SFRs are “not a bet against
homeownership.”
30
Their lobbying activity also indicates they are
more allied with powerful real estate interests
than their public statements suggest. The
NRHC spent $200,000 on lobbying in 2021 in
partnership with three lobbying firms whose
other clients include Invesco (the behemoth
investment management company), the
National Association of Realtors, and the
Association of Real Estate Investment Trusts.
Eight of the 10 individual lobbyists they
worked with in 2021 are part of the revolving
door between government office and lobbying
firms, having previously held roles in
federal government.
31
The National Rental Home
Council’s Anti-Tenant
Policy Advocacy
THE NATIONAL RENTAL HOME COUNCIL/7
We should be deeply concerned about the NRHC’s plans to influence policy at the state and local
level, because their leadership and largest members have a documented history of maximizing
profits at the expense of tenant safety and well-being.
32
Below are short profiles of the largest
NRHC members, showing the massive rent increases, eviction filings, dangerous lack of main-
tenance, steep fines and fees, and more, that these companies have imposed on tenants and
communities.
Invitation Homes
The Corporations
Leading the NRHC
Another example is Marvia Robinson who
asked if Invitation Homes would accept rental
assistance to cover her back-rent during
the pandemic; instead, Invitation Homes
suggested she sell her plasma, hair, or eggs,
or obtain a payday loan.
37
Despite the broad devastation of the COVID-19
pandemic, Invitation Homes recorded their
most profitable year ever in 2020.
38
Invitation
Homes’ profits in 2021 increased 33% or $65.3
million from 2020.
39
In a Q3 2021 investor call,
the company noted that it had raised rental
prices 30% in Phoenix, 29% in Las Vegas,
21% in Tampa, 20% in Atlanta, and 19% in
Jacksonville.
40
Notably, while the company’s
revenue from its rental properties was 9.3%
higher in 2021 than in 2020, the amount the
company spent on property operation and
maintenance increased by just 3.8%.
41
Invitation Homes is the nation’s largest owner
of single-family rental homes with 82,000
properties.
33
Invitation Homes was founded
in 2012 by the Blackstone Group, the largest
private equity firm in the world, specifically
to acquire foreclosed single-family homes
to rent them out.
34
The company expanded
rapidly through 2016 and grew significantly by
merging with Starwood Capital in 2017.
Invitation Homes has fallen under scrutiny
for callous treatment of tenants and deferred
maintenance in the homes it owns. A 2018
Reuters story found that in speaking with
tenants across the U.S., “The picture that
emerges isn’t as much one of exceptional
service as it is one of leaky pipes, vermin,
toxic mold, nonfunctioning appliances and
months-long waits for repairs.”
35
News articles
have detailed horror stories from Invitation
Homes tenants, like one family that became
sick and developed breathing problems aer
Invitation Homes failed to repair a water leak
in the home’s aic, leading to “high levels of
pathogenic mold.”
36
THE NATIONAL RENTAL HOME COUNCIL/8 THE NATIONAL RENTAL HOME COUNCIL/9
Progress Residential and its parent private
equity firm Pretium Partners have grown
exponentially since 2012, and currently own
a portfolio of approximately 80,000 homes
across nearly 40 markets.
42
According
to a December 2021 Washington Post
investigation, Progress has been growing its
portfolio by up to 2,000 homes a month,
43
including their 2021 acquisition of single-
family rental company Front Yard Residential in
partnership with Ares Management,
44
and their
recent purchase of over 2,000 properties from
Zillow’s failed iBuying venture.
45
Pretium’s founder and CEO Don Mullen is
a former Goldman Sachs executive who
famously led a team of mortgage brokers
to bet against the mortgage market during
the 2008 financial crisis. New York Magazine
described Mullen in 2012 as “a guy whose
most famous trade was a successful bet on
the full-scale implosion of the housing market
[who] is now swooping in to pick up the
pieces on the other end.”
46
Like Invitation Homes, Progress Residential
has been the subject of reports of problems
from tenants. Many of the issues relate to
the company’s customer service practices,
47
patchwork repairs,
48
and a strategy of passing
costs onto tenants that normally would be
covered by a landlord.
49
In January 2022, the
city of Columbia Heights, MN, a suburb of
Minneapolis, revoked the rental license of
Pretium Partners’ HavenBrook Homes on the
basis of conditions so horrendous, they “put
residents’ lives at risk,” and notified tenants
they needed to vacate their homes within
45 days because the company had failed to
resolve maintenance issues at
multiple properties.
50
Progress
Residential/Pretium
Partners
In February 2022, Minnesota Aorney General
Keith Ellison announced that he had filed
a lawsuit against Pretium and HavenBrook
Homes for “shameful,” “deceptive,” and
“fraudulent” practices in failing to repair
and maintain their rental homes. Ellison
alleged that the company was in violation
of Minnesota law, claiming to provide high-
quality service while extracting profit from
tenants and leaving them in
“uninhabitable homes.”
51
Additionally, Pretium Partners’ eviction
practices during the COVID-19 pandemic
despite federal and state eviction
moratoriums, and led the U.S. House of
Representatives Select Subcommiee on the
Coronavirus Crisis to launch an investigation
and oversight hearing into Pretium and three
other companies for filing for thousands of
evictions during the pandemic.
52
THE NATIONAL RENTAL HOME COUNCIL/9
American Homes
4 Rent
American Homes 4 Rent owns over 57,000
properties, making it the third largest owner of
single-family rental homes in the U.S.
53
Founded
in 2011, American Homes 4 Rent laid out
their playbook in their 2013 IPO: buying large
volumes of distressed homes at bargain prices,
generating “aractive” cash flow from rents, and
benefiting from future price appreciation.
54
Like its peers, there is no shortage of horror
stories from tenants living in American Homes
4 Rent properties. A 2019 story in The Atlantic
highlighted the problems of several American
Homes 4 Rent tenants, including a Georgia
tenant who filed multiple maintenance requests
for leaking pipes. When the company refused to
make repairs and a pipe finally burst, thousands
of dollars worth of the tenant’s belongings
were ruined. In another case, a Florida tenant
whose home was wired incorrectly said the
company called her a “drama queen” when she
complained that the temperature inside the
house was as high as 100 degrees, a danger to
her four-month-old son. According to the tenant,
American Homes 4 Rent did not send anyone to
make repairs for a week and a half.
55
The Beer
Business Bureau has received 830 complaints
about American Homes 4 Rent over the last
three years.
56
From 2019 to 2021, American Homes 4 Rent’s
rental revenue increased 16.4%,
57
returns
boosted by the fact that they increased rents on
vacant homes by 11% in 2021.
58
On its Q3 2021
earnings call, American Homes 4 Rent COO
Bryan Smith stated, “We’re really excited and
optimistic about the ability to push rents next
year.”
59
In addition to revenue increases from
rent, the company’s fee revenue soared 63.8%
from 2019 to 2021.
60
American Homes 4 Rent’s
2021 profits were $55.7 million higher than in
2020, a 36% increase.
61
Private equity firm Cerberus established a
Private equity firm Cerberus established a
platform in 2008 to buy distressed mort-
gage-backed securities following the financial
crisis.
62
In 2015 Cerberus formed FirstKey
Homes to manage properties it had acquired
through its platform and signaled its intention
to buy more.
63
Today, FirstKey Homes manag-
es Cerberus’ portfolio of 42,000 homes.
64
Cerberus, like many of its peer companies,
appears to be being that many households
will be locked out of homeownership. A former
FirstKey executive stated that the housing
bubble “created a permanent rental class out
there that will continue to drive demand for
these properties in the future.”
65
FirstKey has developed a reputation for “un-
usually aggressive tactics to recover late rent”
in the Memphis, TN area.
66
The Washington
Post examined FirstKey’s business practices in
Shelby County, where Memphis, TN is located,
and found that the company filed for eviction
at twice the rate of other property managers
and threatened renters with eviction at a high-
er rate than any other large property managers
in the area, going to court more than 400 times
in 2018 just in Shelby County.
67
In addition to aggressive eviction filings in
Memphis, The Washington Post reported that
FirstKey had failed to keep its residences up
to code. In 2018, its rate of code violations was
higher than other Memphis-area SFR owners,
earning Cerberus the title of number one resi-
dential code violator.
68
FirstKey Homes
THE NATIONAL RENTAL HOME COUNCIL/10 THE NATIONAL RENTAL HOME COUNCIL/11
Tricon Residential
Canada-based Tricon Residential entered
the single-family rental business in 2008,
with a strategy of buying real estate at steeply
discounted prices.
69
Tricon currently owns and
operates about 30,000 single family rentals
in the U.S. with plans to increase to 50,000
homes by 2024.
70
Tricon has purchased hundreds of homes
in lower income neighborhoods and
communities of color in Charloe, North
Carolina, many of which were occupied by
renters who received Section 8 assistance.
Tricon described a strategy to its investors of
purposefully decreasing the proportion of its
tenants who are on government assistance in
order to “improve tenant quality,” and “[focus]
on raising rents.”
71
Tricon has stated that it
planned to refuse to renew the leases even of
Section 8 tenants who are in “good standing”
in Charloe. The Charloe Housing Authority
and local non-profits called out Tricon for
this behavior and its role in making the city’s
affordable housing crisis worse, by “raising
rents sharply, refusing to renew leases for
some tenants who receive government rental
assistance and buying from Charloe’s rapidly
shrinking supply of cheaper homes.”
72
Tricon’s 2021 profits more than tripled from
2020, skyrocketing from $113 million to $517
million.
73
Tricon told investors this increase
was fueled in part by fees and costs passed
to tenants, like renter’s insurance and air filter
replacements, allowing Tricon to take in $640
per home, per month in this kind of revenue.
74
Tricon anticipates it can grow this figure to
between $850 and $950 monthly per home.
75
The CEO of Toronto-based Tricon has also
said many of its tenants want to own homes,
but “they may have tons of student debt or
medical debt, which we know has swelled
in the U.S. over the last decade and has
made it difficult for many people to qualify
for a mortgage.”
76
Tricon aributes part
of its success to homeownership falling
“increasingly out of reach,” making single
family rentals appealing and drawing immense
investor interest and capital.
77
In 2020, a group of investors led by the
Blackstone Group began a $300 million
investment in Tricon.
78
In announcing the
investment, Tricon said, “Blackstone inherently
understands our business…We are excited to
have the support of one of the world’s largest
real estate investors.”
79
Tricon told investors
this increase was
fueled in part by fees
and costs passed to
tenants, like renter’s
insurance and air filter
replacements, allowing
Tricon to take in $640
per home, per month
in this kind of revenue.
Tricon anticipates it
can grow this figure to
between $850 and $950
monthly per home.
THE NATIONAL RENTAL HOME COUNCIL/11
Demands &
Recommendations
Although industry groups like the National Rental Home Council claim that increasing
corporate ownership of single-family rentals is a positive thing, tenant stories make it
clear what happens when we allow the SFR industry to pursue maximum profits at the
expense of safe, decent, affordable housing for their tenants. The following measures
are necessary steps to fix our current housing nightmare, ensure quality, safe, affordable
housing, and guarantee renters a degree of power in negotiating with the billion-dollar
companies that own their homes.
We call on the National Rental Home Council
to require its members adopt these policies
across their full portfolios:
• Adopt Just Cause Eviction Protections for all tenants;
• Limit rent increases to no more than 3% annually;
• Keep all properties up to habitability standards, and
immediately address any and all issues of health and
safety; and
• Negotiate a grievance procedure with all tenants that
includes:
- Timely responses from management;
- Timely action by management to address issues;and
- Recognition of tenants unions
THE NATIONAL RENTAL HOME COUNCIL/12 THE NATIONAL RENTAL HOME COUNCIL/13
We call on policymakers to enact the following
legislation to protect tenants from predatory
behavior in the housing market, and limit
corporate control over our homes:
Enact broad tenant protections:
• Enact Just Cause Eviction legislation limiting the reasons a landlord can evict tenants.
Establish rent control laws that limit annual rent increases to 3% annually, including mandatory
fines and fees.
• Legally recognize tenants’ right to organize and bargain collectively, and mandate that
landlords recognize and negotiate with tenant unions.
• Eliminate state preemptions that obstruct localities from strengthening the aforementioned
renter protections.Implement and fund Right to Counsel laws, so tenants facing eviction are
guaranteed legal representation and a fair chance to stay in their homes.
Restrict corporate control of housing:
• The widespread use of LLCs has made it difficult for tenants to know who owns their home.
City, state, and national governments must require disclosure of full ownership through
landlord registries.
• Enact anti-speculation taxes and regulations.
• End federal support for Wall Street landlords including repealing Opportunity Zones and 1031
Exchanges; eliminating no-strings, low-cost financing via Fannie and Freddie; and increasing
penalties for landlords who engage in abusive practices.
• Expand public banking as an alternative to Wall Street financing by for-profit investors.
Invest in social and public housing: We desperately need alternatives to profit-driven, Wall
Street control of housing. This requires massive federal investment in social and public housing,
and policies that support tenant ownership, permanent affordability, and tenant power.
Pension funds that invest in real estate and private equity funds that are undermining the rental
housing market need to adopt beer due diligence measures. They should require current and
potential investors to disclose potential harms to tenants, and negotiate tenant protections into
limited partnership agreements (LPAs). Fund trustees and staff should also consider divesting
from harmful investments that lead to tenant evictions in their home states and cities.
THE NATIONAL RENTAL HOME COUNCIL/13
Endnotes
1. Olick, Diana. “Single-family rent prices are surging at a record rate, led by homes in Sun Belt cities like Miami and
Phoenix.” CNBC. 15 Mar 2022. hps://www.cnbc.com/2022/03/15/single-family-rent-prices-are-soaring-led-by-
homes-in-the-sun-belt-.html#:~:text=Single%2Dfamily%20rents%20gained%20a,just%202%25%20the%20
previous%20January.
2. Raymond, Elora and Richard Duckworth. “Housing Instability: Single-Family Evictions in One Atlanta Metro
County.” Federal Reserve Bank of Atlanta. January/February 2017. hps://www.atlantafed.org/community-
development/publications/partners-update/2017/01/170216-housing-instability-single-family-evictions-in-one-
atlanta-metro-county.aspx.
3. Lopez, Sofia. Wrien testimony for the Commiee on Banking, Housing, and Urban Affairs, U.S. Senate on “How
Private Equity Landlords are Changing the Housing Market.” 21 Oct 2021.
hps://www.banking.senate.gov/imo/media/doc/Lopez%20Testimony%2010-21-21.pdf Abood, Maya, et al. Wall
Street Landlords turn American Dream into a Nightmare: Wall Street’s big bet on the home rental market, and the
bad surprises in store for tenants, communities, and the dream of homeownership. 17 January 2018.
hps://d3n8a8pro7vhmx.cloudfront.net/acceinstitute/pages/100/aachments/original/1516388955/
WallstreetLandlordsFinalReport.pdf?1516388955; Ferrer, Alexander. Beyond Wall Street Landlords: How Private
Equity in the Rental Market Makes Housing Unaffordable, Unstable, and Unhealthy. The Just Recovery Series.
n.d. hps://www.saje.net/wp-content/uploads/2021/03/Final_A-Just-Recovery-Series_Beyond_Wall_Street.pdf
4. Nguyen, Danielle. “The Light: Now Tracking $50+ Billion of Capital Flooding SFR and BFR Sector.”
RealEstateConsulting.com. 28 Jan 2022. hps://www.realestateconsulting.com/now-tracking-50-billion-of-
capital-flooding-sfr-and-b-sector/
5. Christophers, Bre. “How and Why U.S. Single-Family Housing Became an Investor Asset Class.” Journal of
Urban History. 8 July 2021, p. 6. hps://journals.sagepub.com/doi/10.1177/00961442211029601
6. “Pretium: Seing the Record Straight: American Households and Communities Benefit from Professional
Ownership of Single-Family Rental Homes.” 28 July 2021.
hps://pretium.com/wp-content/uploads/2021/07/Pretium-Sets-the-Standard-for-Professional-Single-Family-
Rental-Ownership.pdf
7. Invitation Homes owns approximately 82,000 homes, see: Clark, Patrick. “Single-Family Landlords Eye
Wealthy Renters with High-End Houses.” Bloomberg. 8 March 2022. hps://www.bloomberg.com/news/
articles/2022-03-08/single-family-landlords-eye-wealthy-renters-with-high-end-houses; Pretium Partners (the
parent company of Progress Residential) owns approximately 80,000 homes, see: Rodriguez, James. “Big
investors have set aside more than $50 billion to buy homes across the US and rent them out. Here are the 15
people leading the charge.“ Business Insider. 3 March 2022. hps://www.businessinsider.com/meet-15-power-
players-fueling-wall-streets-single-family-rentals-2022-3; American Homes 4 Rent owns approximately 57,000
homes, see: “American Homes 4 Rent” LinkedIn. Accessed May 7, 2022.
hps://www.linkedin.com/company/ah4r/; FirstKey manages approximately 42,000 homes for Cerberus, see:
FirstKey Homes 2022-SFR1. KBRA, Structured Finance: CMBS/RMBS Pre-Sale Report. 1 April 2022.
hps://www.kbra.com/documents/report/64903/firstkey-homes-2022-sfr1-pre-sale-report, p. 6; Tricon owns
approximately 30,000 homes, see: Lorinc, Jacob. “Tricon CEO Gary Berman on his company’s next moves -
and why he told 60 Minutes millennials don’t necessarily desire to own homes.” Toronto Star. 2 April 2022.
hps://www.thestar.com/business/2022/04/02/you-can-rent-the-american-dream-how-tricon-a-once-obscure-
toronto-company-built-a-corporate-landlord-empire-with-single-family-homes.html. Together these companies
own an estimated 291,000 homes.
8. Mari, Francesca. “A $60 Billion Housing Grab by Wall Street.” New York Times. 22 Oct 2021.
hps://www.nytimes.com/2020/03/04/magazine/wall-street-landlords.html
9. Lane, Ben. “Invitation Homes, Starwood Waypoint Homes merge to create largest single-family landlord.”
Housing Wire. 16 Nov 2017.
hps://www.housingwire.com/articles/41839-invitation-homes-starwood-waypoint-homes-merge-to-create-
largest-single-family-landlord/
10. Dezember, Ryan. “A Onetime Housing Skeptic Plans $1 Billion Bet on Homes.” Wall Street Journal. 5 Oct 2016.
hps://www.wsj.com/articles/a-onetime-housing-skeptic-plans-1-billion-bet-on-homes-1475619217
11. Lane, Ben. “National Rental Home Council names inaugural board of directors.” Housing Wire. 11 Feb 2015.
hps://www.housingwire.com/articles/32903-national-rental-home-council-names-inaugural-board-of-
directors/
12. “REO-to-rental prompts congressman to call for action.” Rexcuadvice.com.
hp://www.rexcuadvice.com/blog/reo-rental-trend-prompts-congressman-call-action
13. Dayen, David. “Wall Street’s wily front group: Inside story of a rental scheme’s secret faceli.” Salon. 2 April
2014.
hps://www.salon.com/2014/04/02/wall_streets_wily_front_group_inside_story_of_a_rental_schemes_
secret_faceli/
14. Pretium Partners. “Pretium appoints Jocelyn Moore to lead corporate affairs.” Press release, 3 Feb 2022.
hps://pretium.com/pretium-appoints-jocelyn-moore-to-lead-corporate-affairs/
15. Campbell, Kyle. “When will single-family rental reach institutional scale?” PERE. 25 Feb 2022.
hps://www.perenews.com/when-will-single-family-rentals-reach-institutional-scale/
16. Ibid.
17. Ibid.
18. Parker, Will. ”Home Builders Bypassing Individual Home Buyers for Deep-Pocketed Investors.” Wall Street
Journal. 11 April 2022. hps://www.wsj.com/articles/home-builders-bypassing-individual-home-buyers-for-
deep-pocketed-investors-11649678401
19. About the NRHC.” National Rental Home Council. n.d.
hps://www.rentalhomecouncil.org/about-the-nrhc/ , accessed May 8, 2022; see note 21.
20. See note 7.
21. Kevin Baldrige, Tricon Residential, President. David Singelyn, American Homes 4 Rent, Vice-President. Chaz
Mueller, Progress Residential, Secretary. Dallas Tanner, Invitation Homes, Treasurer. Colleen Keating, FirstKey
Homes, Director. National Rental Home Council Form 990 for the fiscal year ending Dec. 2020.
hps://projects.propublica.org/nonprofits/organizations/474822520/202121259349302037/full
22. Kevin Baldrige, Tricon Residential, President. David Singelyn, American Homes 4 Rent, Vice-President. Chaz
Mueller, Progress Residential, Secretary. Dallas Tanner, Invitation Homes, Treasurer. John Bartling, Invitation
Homes, President Emeritus. Dana Hamilton, Progress Residential, former Secretary. National Rental Home
Council Form 990 for the fiscal year ending Dec. 2019.
hps://projects.propublica.org/nonprofits/display_990/474822520/10_2020_prefixes_47-52%2F474822520_20
1912_990O_2020103017408727
23. Kevin Baldrige, Tricon Residential, President. David Singelyn, American Homes 4 Rent, Vice-President. Dana
Hamilton, Progress Residential, Secretary. Dallas Tanner, Invitation Homes, Treasurer. John Bartling, Invitation
Homes, President Emeritus. Fred Tuomi, Colony American Homes (now Invitation Homes), Director. National
Rental Home Council Form 990 for the fiscal year ending Dec. 2018.
hps://projects.propublica.org/nonprofits/display_990/474822520/06_2019_prefixes_46-51%2F474822520_2
01812_990O_2019062716446996
24. John Bartling, Invitation Homes, President. No Vice-President in 2017. Jeff Meriggi, Progress Residential,
Secretary. Fred Tuomi, Colony American Homes (now Invitation Homes), Treasurer. Kevin Baldrige, Tricon
Residential, Director. David Singelyn, American Homes 4 Rent, Director. National Rental Home Council Form
990 for the fiscal year ending Dec. 2017.
hps://projects.propublica.org/nonprofits/display_990/474822520/10_2018_prefixes_47-47%2F474822520_20
1712_990O_2018101815806622
25. “Advocacy.” National Renter’s Home Council. Accessed May 10, 2022.
hps://www.rentalhomecouncil.org/advocacy/
26. Ibid.
27. Merle, Renae. “Trump is calling for another moratorium on evictions. Landlords are pushing back.” Washington
Post. 6 Aug 2020. hps://www.washingtonpost.com/business/2020/08/06/trump-eviction-moratorium/
28. McDonald, Patrick Range. “In California, Big Real Estate Spent $77.3 Million to Stop Rent Control.” Housing is
Human Right. 4 Dec 2018.
hps://www.housinghumanright.org/california-big-real-estate-spent-77-million-stop-rent-control/
29. Dezember, Ryan. “A Onetime Housing Skeptic Plans $1 Billion Bet on Homes.” Wall Street Journal. 5 Oct 2016.
hps://www.wsj.com/articles/a-onetime-housing-skeptic-plans-1-billion-bet-on-homes-1475619217; Tricon
Residential Form F-10. 5 October 2021. hps://docoh.com/filing/1584425/0001193125-21-291505/TCN-F10
(page S-13); Frankel, Todd C, and Keating, Dan. “Eviction filings and code complaints: What happened when a
private equity firm became one city’s biggest homeowner.” Washington Post. 25 Dec 2018.
hps://www.washingtonpost.com/business/economy/eviction-filings-and-code-complaints-what-happened-
when-a-private-equity-firm-became-one-citys-biggest-homeowner/2018/12/25/995678d4-02f3-11e9-b6a9-
0aa5c2fcc9e4_story.html
30. “Advocacy” National Renter’s Home Council. Accessed May 10, 2022.
hps://www.rentalhomecouncil.org/advocacy/
31. Client Profile: National Rental Home Council, Lobbyists. OpenSecrets. n.d.
hps://www.opensecrets.org/federal-lobbying/clients/lobbyists?cycle=2021&id=d000082003
32. “Giant landlords pursue evictions despite CDC ban.” Reuters. 23 April 2021.
hps://news.yahoo.com/giant-landlords-pursue-evictions-despite-172224571.html., The Office of Aorney
General Keith Ellison. “Aorney General Ellison Sues HavenBrook Homes, One of the Largest Landlords in
Minnesota, for Failing to Repair Rental Homes, violating law,” 10 Feb 2022.
hps://www.ag.state.mn.us/Office/Communications/2022/02/10_HavenBrookHomes.asp., Semuels, Alana.
“When Wall Street is Your Landlord.” 13 Feb 2019.
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Todd C, and Keating, Dan. “Eviction filings and code complaints: What happened when a private equity firm
became one city’s biggest homeowner.” Washington Post. 25 Dec 2018.
hps://www.washingtonpost.com/business/economy/eviction-filings-and-code-complaints-what-
happened-when-a-private-equity-firm-became-one-citys-biggest-homeowner/2018/12/25/995678d4-02f3-
11e9-b6a9-0aa5c2fcc9e4_story.html., Tricon Residential Form F-10. October 5, 2021. hps://docoh.com/
filing/1584425/0001193125-21-291505/TCN-F10, p. S-21-22.
33. Clark, Patrick. “Single-Family Landlords Eye Wealthy Renters with High-End Houses.” Bloomberg. 8 Mar 2022.
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37. “Giant landlords pursue evictions despite CDC ban.” Reuters. 23 April 2021.
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38. Colarossi, Natalie. ”U.S. Largest Provider of Single-Family Rent Homes Made Largest Profit Ever Amid
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44. Front Yard Residential Form 8-K. 11 Jan 2021. hps://ir.frontyardresidential.com/node/11111/html
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46. Roose, Kevin. “Goldman Executive Who Made Millions on Housing Bust Now Wants to Make Millions on
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47. Albert, Mark. “Paern of complaints against one of largest home renters in U.S.” KOCO News. 20 Nov 2018.
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48. Cowan, Kellie. “Renters recall ‘nightmare’ experiences with corporate landlord Progress Residential.” Fox 13
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49. See note 43.
50. City of Columbia Heights. “City Statement Regarding HavenBrook Rental License Revocation.” January 20,
2022. hps://www.columbiaheightsmn.gov/news_detail_T17_R581.php.
51. The Office of Aorney General Keith Ellison. “Aorney General Ellison Sues HavenBrook Homes, One of the
Largest Landlords in Minnesota, for Failing to Repair Rental Homes, violating law,” 10 Feb 2022.
hps://www.ag.state.mn.us/Office/Communications/2022/02/10_HavenBrookHomes.asp.
52. Select Subcommiee on the Coronavirus Crisis. “Hybrid Hearing on ‘Oversight of Pandemic Evictions.” 27 July
2021.
hps://coronavirus.house.gov/subcommiee-activity/hearings/hybrid-hearing-oversight-pandemic-evictions-
assessing-abuses; Telford, Taylor and Siegel, Rachel. “House panel targets corporate landlords tied to
thousands of evictions.” Washington Post. 20 July 2021.
hps://www.washingtonpost.com/business/2021/07/20/corporate-landlord-eviction-moratorium/
53. “American Homes 4 Rent” LinkedIn. Accessed May 7, 2022. n.d. hps://www.linkedin.com/company/ah4r/
54. American Homes for Rent SEC Form S-11. 4 June 2013.
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55. Semuels, Alana. “When Wall Street is Your Landlord.” 13 Feb 2019.
hps://www.theatlantic.com/technology/archive/2019/02/single-family-landlords-wall-street/582394/
56. “American Homes 4 Rent | Complaints” Beer Business Bureau. Accessed May 7, 2022.
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complaints
57. Guion, Payton; Dukes, Tyler; and Rago, Gordon. “Wall Street landlords are optimized for profit, sometimes
squeezing tenants” Charloe Observer. 2 May 2022.
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58. Clark, Patrick. “Rent Surges on Single-Family Homes With Landlords Testing Market.” Bloomberg. 7 May 2021.
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testing-market
59. American Homes 4 Rent Q3 2021 Earnings Call Transcript. 5 November 2021.
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60. See note 57.
61. American Homes 4 Rent, L.P. SEC Form 10-K for the fiscal year ending December 2021.
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62. Residential Opportunities. Cerberus. Accessed May 7, 2022.
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63. KBRA “First Key Homes 2022-SFRP 1 re-Sale Report.” 1 April 2022.
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64. Ibid.
65. Frankel, Todd C, and Keating, Dan. “Eviction filings and code complaints: What happened when a private
equity firm became one city’s biggest homeowner.” Washington Post. 25 Dec 2018.
hps://www.washingtonpost.com/business/economy/eviction-filings-and-code-complaints-what-happened-
when-a-private-equity-firm-became-one-citys-biggest-homeowner/2018/12/25/995678d4-02f3-11e9-b6a9-
0aa5c2fcc9e4_story.html
66. Ibid.
67. Ibid.
68. Ibid.
69. Tricon Capital. “Tricon Capital to Establish a US $261 million Co-Investment in Tricon IX a Tricon-Managed
Distressed U.S. Land and Homebuilding Fund.” Press release, 22 July 2013.
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261-million-Co-Investment-in-Tricon-IX-a-Tricon-Managed-Distressed-U-S-Land-and-Homebuilding-Fund.html
70. Lorinc, Jacob. “Tricon CEO Gary Berman on his company’s next moves – and why he told 60 Minutes millennials
don’t necessarily desire to own homes.” Toronto Star. 2 April 2022.
hps://www.thestar.com/business/2022/04/02/you-can-rent-the-american-dream-how-tricon-a-once-
obscure-toronto-company-built-a-corporate-landlord-empire-with-single-family-homes.html
71. Clasen-Kelly, Fred; Douglas, Anna; and Renni, Julianna. “Company bought hundreds of houses. Now, poor are
geing ‘priced out,’ critics say.” Charloe Observer. 14 June 2019.
hps://www.charloeobserver.com/news/politics-government/article217082180.html#storylink=cpy 29
72. Ibid.
73. Tricon Residential 2021 Annual Report.
hps://s29.q4cdn.com/296929481/files/doc_financials/2021/ar/Tricon-2021-Annual-Report.pdf, p. 43
74. Tricon Residential SEC Form F-10. October 5, 2021.
hps://docoh.com/filing/1584425/0001193125-21-291505/TCN-F10, p. S-21-22.
75. Ibid.
76. Lorinc, Jacob. “Tricon CEO Gary Berman on his company’s next moves – and why he told 60 Minutes
millennials don’t necessarily desire to own homes.” Toronto Star. 2 April 2022.
hps://www.thestar.com/business/2022/04/02/you-can-rent-the-american-dream-how-tricon-a-once-
obscure-toronto-company-built-a-corporate-landlord-empire-with-single-family-homes.html
THE NATIONAL RENTAL HOME COUNCIL/21
7 7. See note 74, p. S-13.
78. T ricon Residential. “Tricon Announces $300 Million Investment led by Blackstone Real Estate Income Trust,
Inc.” Press release, 27 August 2020. hps://www.newswire.ca/news-releases/tricon-announces-300-million-
investment-led-by-blackstone-real-estate-income-trust-inc--830230040.html
79. Wilcox, Don. “Blackstone makes $395M equity investment in Tricon.” Real Estate News Exchange. 27 Aug 2020.
hps://renx.ca/blackstone-395m-equity-investment-tricon-residential/