Invitation Homes FTC Refunds and INVH vs AMH Stock (2026)

Invitation Homes FTC refunds: what the FTC says, line by line

The FTC publishes the refund facts on three official pages: a refund page dated March 2026, a press release of March 11, 2026, and the case page for matter 202 3170. We saved all three, plus the complaint and the court order, and read them on October 13, 2026.

Sources: FTC refund page “Invitation Homes Settlement” (March 2026), FTC press release of March 11, 2026, FTC case page for Invitation Homes Inc., FTC v. (matter 202 3170).

Three things the FTC pages do not say, so we cannot: the date each check was mailed (the 90 days are counted from the date printed on the check, and the press release is only the announcement), what the roughly $0.8 million between the $48 million paid and the $47.2 million in checks covers (our arithmetic; the order lets the FTC use the money for “any attendant expenses for the administration of any redress fund”), and whether a person who did not receive a check can still get one. For that last question the FTC names the administrator, Rust Consulting, as the contact.

The order also says where unspent money goes: “Any money not used for relief is to be deposited to the U.S. Treasury.” Before that, if direct redress is impracticable or money remains, the FTC may use it for related relief it considers reasonably related to the practices in the complaint.

The case in dates

The case page is the official page that gives the court number, and it shows Case Status “Pending” although the order is entered and the money paid. The order has a section on retention of jurisdiction and compliance duties that run for years (it requires delivery of the order to personnel and compliance submissions for 10 years after entry), so we do not read “Pending” as an open dispute (our reading).

What the FTC alleged, and what the order requires

None of this was proved at trial; the order resolved the complaint by agreement and Invitation Homes told its investors that it did so “without any admission of liability”. The complaint's allegations, in its words:

• Hidden monthly charges. “Since 2019, people have paid more than $18 million in application fees for listings that were deceptively priced by Invitation Homes”, with application fees up to $55 and holding fees up to $500, and rent that “could be as much as $1,740 higher per year” once mandatory fees were added.
• Security deposits. Between 2020 and 2022 the company “returned only 39.2% of consumers' total security deposit dollars collected, compared to the national average of 63.9%”; nearly 48,000 residents had an average of $1,205 withheld.
• Eviction practices. The order's findings summarize the complaint as charging, among other things, “steering residents away from eviction protections during the COVID-19 pandemic”.

What the order requires going forward includes a definition of “Total Monthly Leasing Price” that covers “all recurring mandatory fees or recurring mandatory charges associated with the Property”, a ban on misrepresenting the price or whether a fee is optional, and a rule that deposit money may be withheld only for damage “beyond normal wear and tear”, in the actual amount of the damage, and only if used to repair it. The order binds Invitation Homes for properties it owns or manages. It is not a ruling about any other landlord, including AMH.

Invitation Homes reviews: what the public record can and cannot tell you

People searching for Invitation Homes “reviews” are usually asking whether a lease with the company is a good idea. Resident reviews are opinions and we do not rate them. The public record offers three kinds of fact instead: what a federal agency alleged and the company agreed to (above), what the company says about its screening and rents in its 10-K (see our landlord census for the screening policy), and the company's own numbers on how often residents leave. In the second quarter of 2026 its same-store annualized turnover was 22.8%, against 24.6% a year earlier; AMH's same-home turnover was 8.1% in the quarter against 7.5% (not annualized, so the two numbers are not comparable). Invitation Homes also manages 15,639 homes it does not own, so a house marketed under its name may belong to someone else.

INVH vs AMH: the two listed single-family rental REITs, side by side

Everything below is from each company's latest 10-Q (June 30, 2026) and FY2025 10-K unless noted. The two define their measures differently (Invitation Homes “Same Store”, AMH “Same-Home Core”), so compare directions, not decimals. Neither company had filed a third-quarter 10-Q as of October 13, 2026.

Sources: Invitation Homes Form 10-Q (0001687229-26-000045) and Form 10-K (0001687229-26-000016); American Homes 4 Rent Form 10-Q (0001562401-26-000047) and Form 10-K (0001562401-26-000010). Growth rates are our arithmetic from the dollar figures the filings print.

Two readings of the table (ours). First, growth has slowed at both from 2025, and by more at Invitation Homes: its same-store NOI growth went from 2.3% for 2025 to 1.5% in the second quarter, AMH's from 4.7% to 2.7%. Invitation Homes also reports that new leases in the first half of 2026 averaged (1.2)% against 0.9% a year earlier, while renewals stayed positive: the company is holding rent on residents who stay and cutting it to fill vacant homes. Second, net income is not the cleaner yardstick in 2026 because property sales lift it: about 60% of Invitation Homes' second-quarter net income and about 45% of AMH's was gain on sales (our arithmetic), which is why we show core FFO and NOI.

AMH's shape is different. It keeps building: its Development Program delivered 999 homes to the operating portfolio in the first half of 2026 while it marked 854 for sale. Invitation Homes bought the homebuilder ResiBuilt on January 14, 2026, described in the 10-Q as “a leading fee homebuilder specializing in single-family rental communities”, and reported homebuilding revenues of $93.2 million in the first half. Its 10-Q says uncertainty over the federal ROAD to Housing Act “has also caused prospective institutional purchasers to defer or curtail acquisition activity, reducing demand for build-to-rent communities and fee-build operations”, so that business sells to other investors, not only to Invitation Homes.

Debt: what is due, and who is secured

Sources: Invitation Homes 10-Q “Long-Term Debt Strategy” table and Form 8-K filed July 6, 2026 (0001193125-26-296211); AMH 10-Q Note 8 and debt maturity table.

Our reading: the near-term refinancing question is an Invitation Homes question, and the company has already started answering it with unsecured notes. AMH's table has no maturity until 2028. Neither fact says anything about price or about whether the refinancing will cost more or less than the loans it replaces; that depends on rates at the time.

Dividends, buybacks and share count

Sources: Invitation Homes 10-Q (equity statement, Note 9, Part II Item 2) and 10-K cover; AMH 10-Q (equity statement, Note 10) and 10-K cover. The average prices are what each company reports paying for its own shares, not a market quote; we do not publish live prices or targets.

A reader looking for “INVH stock” or “AMH stock” will find the quote anywhere; what a quote page does not show is that both companies shrank their share counts in 2026 while their home counts barely moved, and that Invitation Homes spent $539.2 million to do it against $393.1 million of same-store NOI in a single quarter. These are facts about the filings, not a view on either stock.

Litigation and regulatory items each company discloses

• Invitation Homes. Item 3 of the 10-K and Part II, Item 1 of the 10-Q both say: “We are not subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against us other than routine litigation and administrative proceedings arising in the ordinary course of business.” The FTC matter appears in the risk factors of the 2025 10-K as resolved: “Both matters were resolved without any admission of liability, resulting in aggregate monetary relief of $68.0 million.” The $68.0 million is the FTC's $48.0 million plus the City of San Diego settlement, which the 2024 10-K puts at $20.0 million disbursed to plaintiffs in October 2024 (our arithmetic; the third-quarter 2024 10-Q shows $48,000 thousand and $19,993 thousand funded to escrow). The FTC's own case page still lists the matter as “Pending”.
• American Homes 4 Rent. Item 3 of the 10-K sends the reader to Note 14, and the note says “We are involved in various legal and administrative proceedings that are incidental to our business.” We found no named government action in the 10-K or the second-quarter 10-Q. Its risk factors say generally that government investigations “may result in significant costs and expenses”.
• Both. The ROAD to Housing Act, enacted July 11, 2026 and effective January 7, 2027, is the live regulatory item. AMH says it “will adversely impact our ability” to buy homes through the MLS, though it has not been buying significantly that way. Our census of single-family landlords has the statute's text and its size threshold.

Who holds the shares, and how concentrated the landlords are

The two listed companies own 146,692 homes outright between them (our sum of 85,509 and 61,183; AMH's figure includes 701 held for sale). We did not find a figure for how many single-family rentals exist in the US in either 10-K, so we cannot state their share of the market from these filings. Our census puts them next to Progress Residential, Tricon and the others.

The 2026 proxy statements list the holders of more than 5%. For Invitation Homes: The Vanguard Group 16.11%, BlackRock 10.39%, Cohen & Steers 9.59%, Norges Bank 8.82% and State Street 6.43%. For AMH: The Vanguard Group 12.16%, BlackRock 11.99% and Norges Bank 6.35%, plus HF Investments 2010, LLC, which the proxy describes as made up of trusts for heirs of its founder. The footnotes show how old these are: the Vanguard and BlackRock positions are taken from Schedule 13G/A filings dated February 2024 to February 2025, so treat the percentages as the proxy's, not as today's. AMH also reports that affiliates owned about 7.9% of its Class A shares at June 30, 2026, and about 19.0% counting units and Class B shares. Listed shares are the mainstream route to this asset; non-traded and small-ticket routes, including VineBrook and Arrived, work differently, and our property management fees page shows what both REITs report as the cost of managing their own homes. For funds that hold these two stocks, see our REIT ETF holdings page.

What a reader can do with this

• If you rented from Invitation Homes between January 2021 and September 2024, the FTC's eligibility test is the $45 threshold and whether the company already credited or refunded you. People who believe they qualify and received no check can ask the administrator, Rust Consulting (800-804-6915), whose details the FTC publishes on its own site. The FTC says it never requires payment or account information, so a request for either is not from the FTC.
• If you are reading INVH or AMH for a portfolio, the filings give you the comparison points: same-store NOI growth, the 2027 secured maturities at Invitation Homes against AMH's first maturity in 2028, and the pace of buybacks. The next 10-Qs will show whether growth slowed again. This is not a view on either stock.
• If you are a landlord comparing your own costs, the two companies' reported property management expense is on our property management fees page.

This is analysis of public documents, not investment, legal or tax advice.

FAQ

Sources, read and saved on October 13, 2026: FTC refund page “Invitation Homes Settlement” (Internet Archive copy of July 16, 2026, and a live read of the same page on October 13, 2026), FTC press release of March 11, 2026, FTC press release of September 24, 2024, FTC case page for Invitation Homes Inc., FTC v. (matter 202 3170, civil action 1:24-cv-04280-SEG; Internet Archive copy of March 20, 2026), Complaint (Document 1, September 24, 2024) and Stipulated Order (Document 21, entered September 27, 2024) from ftc.gov, FTC letter of December 8, 2025 to rental property managers; Invitation Homes Inc. Form 10-K for 2025 (0001687229-26-000016), Form 10-K for 2024 (0001687229-25-000008), Form 10-Q for the quarter ended September 30, 2024 (0001687229-24-000074), Form 10-Q for the quarter ended June 30, 2026 (0001687229-26-000045), Form 8-K filed July 6, 2026 (0001193125-26-296211) and DEF 14A filed March 26, 2026 (0001193125-26-126310); American Homes 4 Rent Form 10-K for 2025 (0001562401-26-000010), Form 10-Q for the quarter ended June 30, 2026 (0001562401-26-000047) and DEF 14A filed March 27, 2026 (0001562401-26-000018). Sums, differences and growth rates marked as ours are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.