BAY AREA - Invitation Homes, the nation’s largest owner of single-family rentals, will pay $3.7 million to settle allegations it illegally hiked rent for hundreds of California tenants, state Attorney General Rob Bonta announced.

The attorney general’s office says the company — which is also the single largest owner of residential property in the Bay Area — raised rents between October 2019 and December 2022 on 1,900 homes in California beyond the amounts allowed by the Tenant Protection Act. That state law, passed in 2019, caps annual rent increases to 5%, plus a percentage change in the cost of living, up to 10%.

“Californians are facing a housing crisis of epic proportion. California has laws in place to protect tenants from sudden, large rent increases, and landlords need to be diligent in ensuring that they abide by those laws,” Bonta said in a statement on Monday. “The settlement announced today should serve as a reminder to landlords in California to familiarize themselves with the law and protections put in place to keep homes accessible to Californians.”

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