CHARLOTTE, N.C. (QUEEN CITY NEWS) – Spring Knoll Drive is like something out of Americana. Every house is two stories, every home comes with a flag.
But if you want to buy a home here, you are already too late. However, if you are willing to spend around $2,100 a month to live there, you can. Numerous homes, practically every home along the road, are up for rent.
The neighborhood is one example of something being seen all over Charlotte — homes, bought by large corporations for purposes of renting.
“The normal ‘mom and pop’ buying their first home, it’s a huge hindrance when you have companies with cash and going way over the asking price,” said realtor Matt Stone.
Stone said that, while business is good, corporate buy-ups of houses have made it tougher for anyone to find a home. It has also led to rates rising, he said.
“It’s hard to quantify, but it is significant,” he said. “It’s 10% or more of the total jump that would be attributed to them.”
Charlotte ranks near the top in the United States for this kind of corporate buy-up of homes, where outside investors come in and offer cash for homes at high prices. In turn, those properties are rented out. It’s a problem that has put Charlotte in the national spotlight and has been reflected nationwide.
Mecklenburg County Commissioners are looking at what can be done about the issue. At a Budget Policy Meeting on Tuesday, commissioners received input and a presentation on the issue, which highlighted possible solutions. Among them, engaging homeowners’ associations or enacting some sort of code enforcement.
Stone said a significant option could involve homeowners’ associations creating their own rules on renting.