Mecklenburg County Corporate Owned Rentals Study
Background
From 2020 - 2023, the Charlotte-Mecklenburg region ranked at the top of the list of cities with “corporate” home purchases. Large institutional investors were buying up homes and converting them into rental properties. In the summer of 2021, a handful of corporations owned more than 13,000 single-family homes in Charlotte. During the COVID-19 pandemic, median single-family rental prices increased nearly 27% in the region. This intensified affordable housing concerns in a city already struggling. Institutional purchasers of single-family homes often make cash offers, frequently curbing individual and family homeownership by local buyers who require mortgages.
In FY2023, Mecklenburg County began developing a process to ensure everyone’s voices were heard on the issue of corporate-owned rentals. This was designed to help inform decisions by the Board of County Commissioners. Mecklenburg County collaborated with the Lee Institute and Civility Localized to conduct the public participation process.
What We Did
Civility Localized helped design a survey published on paper and online. We also conducted virtual and in person listening sessions to gain insights on residents’ experiences and needs from various perspectives including both renters and owners.
Challenges
This study required that we reach a wide cross section of the population in a short span of time.
Media
