April 30 (Reuters) - Invitation Homes, which rents out single family homes in the U.S., missed Wall Street estimates for first-quarter funds from operations (FFO) per share on Tuesday, as fixed expenses including property tax rose year-on-year.

While high demand for single-family rentals amidst increasing barriers to homeownership has allowed the company to hike rental rates, fixed costs such as property management expenses have also risen in an inflationary environment.

Meanwhile, the company is experiencing higher same-store property tax rates in its key markets, Florida and Georgia, which is further putting pressure on profits.

The real estate investment trust (REIT), which has about 80,000 homes for lease in 16 markets across the U.S., reported revenue of $646 million for the quarter ended March 31, 9.5% higher than last year.

Shares of Invitation Homes were down 2.5% in trading after the bell.

Expenses for the first quarter rose 7.4% year over year, attributable primarily to higher property tax in its key markets.

First-quarter FFO per share of 43 cents came in below analysts' estimate of 46 cents per share, according to LSEG data.

The Dallas, Texas-based REIT reported 0.8% growth in same-store new lease rent growth, which is the rental hike offered to new tenants.

Renewal rates grew 5.8% and the company achieved a blended rental growth rate of 4.4%, which reflects a combination of new lease and renewal rates.

(Reporting by Ananta Agarwal in Bengaluru; Editing by Alan Barona)