CHARLOTTE, N.C. — Home prices in North Carolina continue to rise. The median sale price climbed to $350,000 in March, a 3% jump from last year, according to Redfin. 

Looking for a new home is already tough for the average buyer when you consider limited inventory. That’s complicated even further when you factor in what many are calling the corporate takeover — when a handful of large corporations buy single-family homes and turn them into rental properties.

What You Need To Know

  • Mecklenburg County is working to combat the corporate takeover saturating their housing market 

  • They’re specifically taking a look at large corporations that own 100+ homes and are renting them out, shrinking an already small inventory for the average buyer

  • The county’s data shows during the summer of 2021, only six corporate companies owned more than 13,000 single-family homes

Mecklenburg County leaders say they’re taking action to catch up with corporations. County Manager Dena Diorio says in order to tackle the issue, it’s important to first understand who’s behind it.

“These are large companies that usually own more than 100 units of housing,” she said. “So, it’s not a mom and pop organization or a couple that buys two homes to rent out. These are bigger corporations that really specialize in buying these homes and then renting them out.”

The county, in partnership with The Lee Institute, hosted community meetings and sent out surveys to gauge residents’ needs when it comes to corporate rentals and landlords.

“We are doing a lot of outreach to the community, really trying to understand what people would like to see,” she said. “And then we’ll present that information to the board of county commissioners to see what strategies we might be able to employ to help alleviate some of the pressures associated with corporate-owned housing.”

Residents can visit to request a listening session in their neighborhood. There’s also a survey on that website where they can share their suggestions with the county.