Washington, D.C. (April 25, 2022) – Judging by recent media attention, Charlotte, North
Carolina has become the center of the single-family rental home world. Most of the coverage
seems to be limited to the fact that providers of single-family rental homes do indeed maintain an
active commitment to the region’s housing market, while not attempting to explain why this
might be the case, and whether housing consumers in Charlotte are benefitting from the presence
of professionally-managed single-family rental home companies. So, here are a few points to
provide some needed context concerning the single-family rental home market in Charlotte and
throughout the state of North Carolina:
First, some data regarding the presence of single-family rental home companies in North
Carolina: there are more than 4.7 million housing units in North Carolina1; 720,000 of which are
single-family rental homes2
NRHC member companies own approximately 25,000 homes in the state. This equates to about 0.5% of the residential housing and roughly 3.5% of the number of single-family rental homes.
Second, demand for rental housing is directly correlated to job growth and population growth,
and on both fronts the Charlotte region is booming. The U.S. Census Bureau reported that
Charlotte was among the fastest-growing cities in the country over the past decade with
population growth of over 21%3
It was also the 4th fastest-growing city for job growth in 2021 and is expected to see a nearly 50% increase in the employment base over the next decade.4
In the Urban Land Institute’s 2022 Emerging Trends report, Charlotte was ranked as the seventh
best city for real estate investment and Raleigh-Durham the second.5
As Charlotte’s economy continues to attract new residents and businesses, the supply of rental housing will have to expand accordingly.
Third, while the number of properties owned by providers of single-family rental homes has
increased in the Charlotte area, so too have the number of properties in both the owner-occupied
and multifamily housing markets – dramatically so. In fact, between 2010 and 2019 the number of total housing units in the Charlotte market increased by more than 15%.6
In 2021 there were more units of multifamily housing delivered in Charlotte (10,692) than any single year on record.7
Lastly, the number of building permits for residential housing issued in the Charlotte
market in 2021 was at its highest level in five years at 73,000.8
Fourth, the claim that providers of single-family rental homes are somehow adversely impacting
homeownership in Charlotte is dubious at best. Between 2016 and 2020 the homeownership rate
in the Charlotte metro area increased from 66% to 73%.9
Further, providers of single-family rental homes are increasingly shifting to the building of new homes for rent rather than the purchasing of existing homes. This is particularly evident in new build-for-rent communities throughout the Charlotte region.
Finally, and most importantly, providers of single-family rental homes are committing
significant resources to the Charlotte market for one reason: demand. In a recent survey
conducted by NRHC, the Charlotte and Raleigh-Durham markets led the nation in single-family
rental home occupancy levels at a rate of 98%10. Companies are investing in local staff, hiring
local contractors and business partners, and bringing property management expertise to the local
market all to assure a positive experience for residents and families who choose a single-family
rental home lifestyle. As evidence, NRHC member companies invested nearly $2 billion in home
renovations, upgrades, and other property-level operations in 2021, and each of NRHC’s five
largest member companies maintain an A+ rating from the Better Business Bureau.11
The Charlotte area housing market should be one that reflects the diverse needs and
circumstances of those who call this vibrant and dynamic region home. Single-family rental
home providers are an important part of the housing ecosystem in Charlotte, throughout North
Carolina, and across the country. As testament to the role of single-family rental homes in
neighborhoods and communities, a report by Harvard’s Joint Center for Housing Studies and
AARP in 2021 found, “the most livable neighborhoods offer the most diverse set of housing
options, including multifamily and rental opportunities as well as single-family and owner6 2021 State of Housing in Charlotte Report https://realestate.charlotte.edu/research/state-housing-charlottereport.
#
About NRHC
The National Rental Home Council (NRHC) is the nonprofit trade association representing the
single-family rental home industry. NRHC members provide families and individuals with
access to high-quality, single-family rental homes that contribute to the vitality and vibrancy of
neighborhoods and communities. For more information on NRHC or the single-family rental
home industry visit www.rentalhomecouncil.org
Contact: David Howard, [email protected]
1 U.S. Census Bureau https://www.census.gov/quickfacts/fact/table/NC/HCN010212?
2 Freddie Mac https://staging-rentalhomecouncilorg.kinsta.cloud/wp-content/uploads/2019/01/single-familyrental-markets.pdf
3 Charlotte Business Journal https://www.bizjournals.com/charlotte/news/2021/08/13/census-figures-forcharlotte.html
4 WCNC https://www.wcnc.com/article/news/local/charlotte-region-expected-to-grow-50-percent-by-2050-
population-growth-york-lancaster-diversity-south-carolina-north-carolina/275-33158760-d79f-4c2c-9da0-
eb368e4ca5bf
5 Urban Land Institute https://knowledge.uli.org/-/media/files/emerging-trends/2022/final-global-emergingtrends-2022.pdf?rev=bd96393d80c8405dac79fd3ceb22bcf5&hash=02E2AB6DD5DCB31F5C6AA8BFE857F1327
6 Multifamily News https://www.multihousingnews.com/top-10-multifamily-markets-by-units-delivered-in-2021/
8 Axios Charlotte https://charlotte.axios.com/292133/charlottes-building-boom-innumbers/?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axioslocal_charlotte&stream=top
9 WCNC https://www.wcnc.com/article/news/verify/verify-yes-charlotte-has-one-of-the-highest-homeownershiprates/275-0cc7847d-d3b8-41a9-a232-dc38858fde8e
10 NRHC/John Burns Real Estate Consulting Single-Family Rental Index, 4th Quarter 2021
11 Better Business Bureau http://www.bbb.org
Keeping Family Housing Affordable and Great Neighborhoods Accessible
occupied homes.”
12 NRHC member companies are working diligently to respond to the demand
for quality, affordably-priced, rental housing in safe, well-located neighborhoods. By making
long-term commitments to the communities in which they invest and build, single-family rental
home companies – large and small – are providing families with more options for housing to
meet the needs of local residents.