The inverse spinels CoFe2O4 and NiFe2O4, which have been of particular interest over the past few years as building blocks of artificial multiferroic heterostructures and as possible spin-filter materials, are investigated by means of density functional theory calculations. We address the effect of epitaxial strain on the magneto-crystalline anisotropy and show that, in agreement with experimental observations, tensile strain favors perpendicular anisotropy, whereas compressive strain favors in-plane orientation of the magnetization. Our calculated magnetostriction constants λ100 of about −220 ppm for CoFe2O4 and −45 ppm for NiFe2O4 agree well with available experimental data. We analyze the effect of different cation arrangements used to represent the inverse spinel structure and show that both LSDA+U and GGA+U allow for a good quantitative description of these materials. Our results open the way for further computational investigations of spinel ferrites.