A Dallas-based, Wall Street-traded firm owns 3,397 rental homes in the Las Vegas Valley, according to the company.

Invitation Homes, a publicly traded real estate investment trust, confirmed the number in an email response to the Las Vegas Review-Journal. The company, with a current market cap of $18.5 billion, owns approximately 85,138 homes across the country, according to its website.

This makes Invitation Homes likely the second largest homeowner in the valley, behind New York-based hedge fund Pretium Partners, which operates under the name Progress Residential and owns close to 4,500 homes.

Kristi DesJarlais, senior vice president for communications and public relations at Invitation Homes, said in an email to the Review-Journal that on top of owning thousands of houses in the valley, the company employs 50 full-time workers, contributing $3.9 million in wages and benefits to the local economy. Last year, the company also hired 118 local trade and service vendors and invested $18.6 million in improvements for the houses it owns.

Political response

In June, U.S. Rep. Susie Lee, D-Nevada, sent a letter to the Federal Housing Agency calling for more transparency when it comes to large out-of-state corporations and their growing ownership of valley homes and told the Review-Journal the number of residential properties owned by a single company such as Invitation Homes is troubling.

“That’s 3,397 families in Southern Nevada who have been mistreated in the name of corporate greed,” she said. “I applaud the FTC for cracking down on the corporate landlords who take advantage of working families.”

In September of last year, Invitation Homes reached a $48 million settlement with the Federal Trade Commission regarding allegations it deceived renters about various types of fees association with leasing a house. DesJarlais said all their fees are detailed on their website, in each listing specifically, and in lease agreements with tenants.

“We believe they are fair and consistent with single- and multi-family best practices,” she said in a statement. “When a resident signs a lease with us, all fees are clearly listed on the first page of the lease, with a total monthly obligation tallied at the bottom of the page. We also transparently include full, detailed monthly costs for each listing on our website.”

Hassan Chaudhry, chief redevelopment officer for the Neighborhood Housing Services of Southern Nevada, a nonprofit that works to deliver affordable housing projects, said he believes that institutional investors in the housing market are a “necessary evil,” given the current market climate and conditions within the housing industry in the country and the overall economic landscape

Chaudhry called for more government-subsidized affordable housing projects and rent caps on rental properties across the country. He said high mortgage rates are hindering low-income people from getting into the housing market in the first place, so institutional investors are filling in the gap by offering rental homes.

U.S. Rep. Steven Horsford, D-Nev., has long taken a stance against corporate landlords, institutional investors and large companies owning swaths of homes within his district, and said when companies such as Invitation Homes buy in local areas, that raises the price of homes for Las Vegas residents, who are currently struggling to get into the housing market.

A UNLV study done in 2023 showed that investors (anyone who bought five or more properties over the past decade) owned approximately 25 percent of North Las Vegas alone.

Invitation Homes sent out a news release in May detailing how many homes the firm owns in the Las Vegas Valley via a “community impact report.”

“A corporate entity in Texas should not be the second-largest landlord in our community, and they shouldn’t be sending press releases about how they’re making it harder for local residents to achieve the American Dream,” Horsford said.

Horsford first introduced his HOME Act (The Housing Oversight and Mitigating Exploitation Act) in Congress in 2022 with the aim of taking on large institutional investors in the housing market in regards to price gouging and market manipulation.

Investor impact on Las Vegas Valley

A recent investigation completed with the help of Redfin found that investors have bought approximately 131,000 homes in the valley since 2000.

Maurice Page, executive director of the Nevada Housing Coalition, said one of the most disturbing things he has heard about large corporate landlords is they disproportionately target starter home communities to buy houses and turn them into permanent rentals.

“The perception is that these companies have been the cause of the uptick in regards to buying homes and also in regards to renting homes,” he said. “Overall, right now they have a bad rep right now if I’m being quite clear because you come in and you’re buying up these neighborhoods, these communities and you’re increasing the rent and in a lot of the areas you’re purchasing these homes are in low to moderate income areas, what you’re doing is you’re eliminating the opportunity for first-time homebuyers.”

DesJarlais confirmed that Invitation Homes has been a seller of homes in the Las Vegas Valley for the past few years, and in the first half of 2025, the company bought one house and sold nine. In the second quarter of 2025, the company bought one house for $541,500, and the average sale price of the four homes it sold in that quarter was $302,000. The benchmark price for an average house in Southern Nevada currently sits at $485,000.

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