Corporate housing purchases on the rise in Mecklenburg County
New data shows that the purchase of corporation housing is going up in Mecklenburg County.
The county recently told Commissioners that in the second quarter of 2022, investors purchased 28% of the homes in Mecklenburg, Channel 9′s Joe Bruno reported. That is a 5-point, 4% increase from last year.
Action 9′s Jason Stoogenke reported in July that corporations are snatching up many starter homes so they can rent them out, making it that much more difficult for first-time homebuyers.
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Ely Portillo co-wrote a UNC Charlotte Urban Institute study last year, looking at the impact corporate landlords have on housing.
“This is really something else that, for many people, [is] another hurdle on their journey to homeownership,” Portillo told Stoogenke. “People who might have less money, who might need more time to line up a mortgage, who might not be able to put as much down, when you’re talking about generally all cash offers from companies that can close quickly, that can be really tough for a family to compete with.”
Portillo says that as of last summer, corporations owned more than 11,000 homes in Mecklenburg County alone. In a map he made of the data, you can see clusters -- especially in certain parts of town like Steele Creek, north Charlotte, the University area and Mint Hill.
As for the uptick in corporation buying, county staff plans to organize community forums to discuss next steps and what the future holds for corporate housing in the county.
(WATCH BELOW: Community-wide effort launches to address Charlotte housing, homelessness crisis)