Invitation Homes owns a portfolio of over 86,000 single-family rental homes. The company focuses on owning homes in the starter and move-up segments of the housing market with an average sale price of around $350,000 and generally less than 1,800 square feet. The portfolio is spread across 17 target markets that feature high employment and household formation growth, with over 70% of the portfolio in the Western US and Florida; 15 of the 17 markets feature average rents lower than homeownership costs.