DALLAS, Nov. 8, 2018 /PRNewswire/ -- Invitation Homes Inc. (NYSE: INVH) has made home ownership a reality for more than 100 of its residents as part of its Resident First Look™ program. Invitation Homes periodically identifies homes for sale, and Resident First Look offers residents an opportunity to purchase their home before the company places it on the open market.
Invitation Homes launched the Resident First Look program as a pilot in 2016 in Phoenix and Northern California. Today, this innovative program has expanded to include 13 of the company's 17 markets across the country.
"At Invitation Homes, we're all about helping residents make houses into homes for their families," said Charles Young, chief operating officer. "Resident First Look is a unique way to offer residents who live in homes we've identified for sale the opportunity to buy the home they already live in and love. We invest an average of $22,000 in each home upfront and regularly perform maintenance, so these homes are a great way for residents to enter the homeowner market."
Resident First Look has had broad appeal. Those who have taken advantage of the program include veterans, single parents, first-time homebuyers, and individuals and families who lost their home in the financial crisis and have been able to restore their credit scores while leasing their Invitation Homes property.
More than 65 percent of the Resident First Look purchasers have been first-time home buyers and more than 13 percent have been veterans. Residents also have utilized down-payment assistance grants in Arizona and California.
Homes included in the Resident First Look program include a portion of properties Invitation Homes identifies for sale. The company routinely refines its portfolio, and Resident First Look is one of several ways it returns homes back into the marketplace.
Approximately one quarter of Invitation Homes residents who move out do so to become home buyers, making the Resident First Look program an especially valuable option.
"Many of our residents are choosing to lease because it makes sense for their lives, often because they prefer the professional service we provide over the hassle of home ownership or because they are in transition in their lives. Some residents dream of owning a home but are working to save money or repair their credit," said Cheryl King, vice president of investments for Invitation Homes. King was critical in the development of the program and remains deeply involved today. "With Resident First Look, these residents are often able to achieve their desire to own a home long before they imagined it was possible."
About Invitation Homes: Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes across America. With more than 80,000 homes for lease in 17 markets across the country, Invitation Homes is meeting changing lifestyle demands by providing residents access to updated homes with features they value, such as close proximity to jobs and access to good schools. The company's mission, "Together with you, we make a house a home," reflects its commitment to high-touch service that continuously enhances residents' living experiences and provides homes where individuals and families can thrive.