Big Companies Now Own 20,000 Mecklenburg Homes, 65 Percent Jump Since 2019

Investment firms have bought up thousands of Mecklenburg County houses. A new UNC Charlotte Urban Institute study shows they now control 7.5% of single-family homes: about 20,000 properties as of late 2023.

The numbers tell a stark story. Back in 2019, these firms owned less than 5% of local houses. Research expert Eric Moore tracked 145 firms that each hold at least 15 homes in the county.

"Corporate landlord is actually a really complicated term. We tend to throw it around, but a corporate landlord, at least from a local level, is an entity that owns at least 15 properties," Moore said per WFAE.

Northwest Charlotte bears the brunt of this shift. In spots like Coulwood and Oakdale, firms own over 20% of homes. The pattern spreads through University City and into parts of Huntersville and Steele Creek.

Three firms stand out: Invitation Homes, Tricon Residential, and American Homes 4 Rent. Their grip extends across 58 local areas, where they own more than 15% of houses.

This shift worries many. Moore spoke to WFAE about the unfair fight: "If you are looking for a home right now, having and trying to compete with a corporate landlord who has greater access to funds, who has the ability to maybe pay for an entire house in cash, that puts you at a significant disadvantage."

The Federal Trade Commission has stepped in. They're gathering public input about big rental firms to study how investors affect housing costs.

This builds on past findings. Last year, the Charlotte Observer found big firms owned 25% of rental homes here. Tenants spoke up about maintenance neglect, undisclosed fees, and wrongful evictions.

The squeeze hits hardest in poor areas and Black neighborhoods. Moore's June 2024 study points to fewer chances to buy homes. People worry about costs and safety where firms own lots of houses.

"This is really our first step into asking those larger questions," Moore said to WFAE. His work continues, looking at how this affects housing costs and neighborhood stability.