News Summary
U.S. Senator Jon Ossoff has launched an investigation into the increasing home prices in Georgia, attributing the rise to out-of-state corporate buyers. The focus is on major corporate landlords such as Invitation Homes and Tricon Residential. Ossoff’s effort aims to uncover the impact of these entities on affordable housing and to seek transparency in rental agreements amid rising concerns over fees and property maintenance practices.
Atlanta, Georgia — U.S. Senator Jon Ossoff has initiated an investigation into the rising home costs in Georgia, which he attributes primarily to out-of-state corporate buyers. The senator’s inquiry is focused on four major corporate landlords: Invitation Homes, Main Street Renewal, Tricon Residential, and Progress Residential. Ossoff believes these companies are accumulating single-family homes in large quantities, consequently driving up prices and decreasing the availability of affordable housing for families and individuals in Georgia.
As part of this investigation, Senator Ossoff has sent formal letters to each of the aforementioned companies, requesting detailed information regarding their real estate activities in Georgia. The inquiries are specific, seeking clarity on their total property acquisitions in the region, the exact number of single-family homes owned, and any additional fees charged to renters, which could be contributing to the inflated housing costs.
A recent report by the Government Accountability Office highlights that corporate entities currently own approximately one in four single-family rental homes in metropolitan Atlanta. This pattern is significant, given that corporate landlords have been noted to play a crucial role in the regional housing market, as outlined by the Atlanta Regional Commission. An October 2024 analysis found Tricon Residential and Invitation Homes to be among the leading corporate buyers in the metro Atlanta area.
According to the Atlanta Business Chronicle, American Homes 4 Rent dominates the rental market in metro Atlanta, managing over 5,800 rental properties. Gwinnett County stands out with nearly 10,000 corporate-owned single-family rentals, representing the highest concentration within the metropolitan region. Other areas with significant corporate rental holdings include:
- Henry County: Approximately 5,800 rentals
- Cobb County: Approximately 5,600 rentals
- Fulton County: Approximately 5,600 rentals
- Paulding County: Approximately 3,900 rentals
- DeKalb County: Approximately 3,700 rentals
- Douglas County: 2,940 rentals
- Cherokee County: 2,472 rentals
- Forsyth County: 1,085 rentals
- Bartow County: 802 rentals
Investigative reports have raised concerns about corporate landlords frequently imposing high fees and neglecting essential property maintenance. A recent series evaluating corporate landlords’ influence on local families revealed significant repercussions on housing costs, revealing how institutional investors have exacerbated the challenges faced by renters and prospective homeowners in metro Atlanta.
Senator Ossoff has found support for his investigation within previous studies, which indicated that a small number of corporations, including Invitation Homes, controlled an 11% market share of the single-family rental market in multiple metro Atlanta counties. As of March 2024, Invitation Homes managed over 7,800 homes in the region, while Tricon Residential and Main Street Renewal oversaw around 5,200 and 5,700 homes respectively.
Compounding these challenges, a federal court recently approved a $48 million settlement involving Invitation Homes that addressed allegations of charging “junk” fees to renters. This legal action further underscores the growing scrutiny faced by corporate landlords regarding their rental practices. Ossoff’s efforts aim to ensure greater transparency in rental agreements and to address issues such as the improper withholding of security deposits.
According to a statement from the National Rental Home Council’s CEO, systemic issues in housing development are primarily due to restrictive zoning laws and regulations that hinder new construction. The Atlanta Regional Commission affirms that corporate landlords currently own more than 51,000 single-family rental homes in the Atlanta area, presenting a substantial influence on the housing landscape.
Historical data also suggests that corporate landlords have played a pivotal role in the rise of eviction rates within metro Atlanta, particularly during the COVID-19 pandemic. As Senator Ossoff continues his investigation, the focus remains on uncovering the full impact of corporate real estate practices on affordability and availability of housing for Georgians.
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Additional Resources
- Patch: Senator Ossoff’s Housing Probe
- AJC: Ossoff’s Probe of Investor Ownership
- 11Alive: Ossoff Announces Investigation
- WSBTV: Georgia Law Preventing Deed Theft
- Google Search: Affordable Housing Georgia
