CHARLOTTE, N.C. — Affordable housing continues to be one of the biggest issues facing Charlotte.
What's making it even more tough is the number of corporate-owned rental homes -- so much so that it's making national headlines.
A new report by the New York Times shows a subdivision on the eastern edge of Charlotte called Bradfield Farms has big investors buying up and renting out single-family homes.
“We had a lot of people come and buy homes and then turn them into rentals,” Becky Johnson, a resident of Bradfield Farms, said.
Johnson has lived in Bradfield Farms for a decade. She's one of the few homeowners on her street.
Across the subdivision, 50% of the homes that sold in 2021 and 2022 were bought by large investors who paid in cash, according to a New York Times analysis.
“You’d be surprised at how many homes are actually owned by corporate landlords, to the point where there are neighbors that every single house is owned by one corporate landlord," Jessica Moreno, a community organizer for Action NC, said.
Moreno has been following this housing trend for years. She said corporate landlords are gobbling up houses not giving first time home buyers a chance, while also burdening tenants with rising rents.
A lot of times, she hears about poor living conditions at these rentals where repairs go ignored.
“They [tenants] fix the things themselves because they don’t want to deal with health implications due to water or leak damages and just end up fixing it themselves," Moreno said.
Over the years, Johnson has seen some of the issues rentals have brought to the neighborhood.
“It was squatted," Johnson said while pointing to a home across the street. "I called them and let them know they needed to come out and take care of that.”
Last summer, Johnson went to work, urging neighbors to change the subdivisions homeowners association rules. Her board now requires homeowners to live in their home for a year before renting it.
While it limits investor buying -- and neighbors say it's made a difference -- experts say it's not a silver bullet.
“There are a lot of houses that are vacant, and so I don’t think that these corporations are scared too much to have a house sitting for a year because they’ll be able to make up that money," Moreno said.
Community groups like Action NC, are trying to create change and push for legislation restricting investment companies.
Those who would like to get involved can use the tenant line at 980-443-3715 or visit this link.
Contact Lexi Wilson at lwilson@wcnc.com and follow her on Facebook, X and Instagram.
This story is part of WCNC Charlotte’s efforts to focus on solutions to the affordable housing crisis in Charlotte. WCNC Charlotte is committed to reporting on the issues facing the communities we serve, including affordability. We tell the stories of people working to solve persistent social problems. We examine how problems can be solved or addressed to improve the quality of life and make a positive difference. WCNC Charlotte is seeking solutions for you by providing the following assistance programs in Charlotte:
HOME ASSISTANCE PROGRAMS IN CHARLOTTE