1. A method for managing distribution of host physical memory (HPM) among virtual machines (VMs) executing on a host via a hypervisor, each VM having guest system software including an operating system, the method comprising: reserving, by a balloon application executing in a first VM, a guest virtual memory (GVM) location mapped to a guest physical memory (GPM) location, which is mapped to a host physical memory (HPM) location, the balloon application being responsive to commands sent from the hypervisor for reserving memory; reclaiming the HPM location associated with the reserved GVM location determining a memory condition in the first VM; and adjusting HPM allocation to the first VM when the determined memory condition is outside bounds of a target memory condition for the first VM.