Invitation Homes and Rockpoint Group are forming a new joint venture partnership that will acquire homes at higher price points than what the companies usually target.

Dallas Tanner, President & CEO of Invitation Homes, said in prepared remarks that this new JV will enable it to serve the growing number of renters by choice who place a high premium on location.

Kori Covrigaru, co-founder and CEO of PlanOmatic, tells GlobeSt that offering a single-family rental product that is likely 30% to 60% higher in monthly rental prices "seems to be a good idea for the demand coming from aging millennials as well as boomers who are seeking the rental lifestyle with flexibility and convenience. Both ends of the generational spectrum are creating this demand and this joint venture partnership is poised to successfully deliver."

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