Axios Charlotte

Picture of the Charlotte skyline with CLT written across it.
June 13, 2021

Hello, Sunday. It's Katie

  • ūüƧ Weather: 87¬į. Partly cloudy.

ūüéČ Happy birthday to Axios Charlotte member Cayley Lentz.

Situational awareness: On top of incentives like $25 cash cards, North Carolina just launched a $1 million lottery to urge people to get the coronavirus vaccine.

  • The state's latest "ground game" for getting shots in arms, especially in lower-income neighborhoods, includes sending health workers door to door, per the N&O.

Today's newsletter is 550 words, a 2-minute read.

1 big thing: Wall Street landlords

UNC Charlotte Urban Institute Wall Street landlord map
Location of single-family institutional investor-owned homes in Charlotte. Map: Justin Lane/UNC Charlotte Urban Institute

Wall Street-backed landlords have been buying up moderately priced single-family houses in Charlotte for years.

  • They now own more than 11,000, according to reporting from UNC Charlotte's Urban Institute.
  • In turn, companies like Invitation Homes, American Homes 4 Rent and Tricon American Homes renovate the houses and rent them out.

Why it matters: These rental conglomerates have been concentrating on the starter-home segment of our market.

  • In case you haven't heard, Charlotte's housing market is wild. Supply is extremely tight, and homes are selling faster than ever.
  • Housing inventory was down nearly 67% in April from the year before, per the latest report from Canopy Realtor Association. Homes in the region were on the market for an average of 20 days.

State of play: These rentals are focused heavily on mid-priced neighborhoods like Steele Creek and Highland Creek.

  • The average appraised value of single-family rental houses owned by the companies analyzed in the Urban Institute report was about $206,000.
  • That's much lower than the average appraised value of all single-family homes in Mecklenburg County, which is about $325,000.

My thought bubble: The report's author, Ely Portillo, a former Observer colleague of mine, has been writing about this topic for years. Reaction to his latest story has been particularly intense, though.

  • It underscores how regular families are competing against corporations when trying to buy homes in this hyper-competitive market.

Read the full story.

ūüíľ Fresh openings from our Job Board

If you're on the hunt for a new job, here are 54 to get you started.  

  • Senior Associate, Client Success¬†at Axios Charlotte.¬†Apply.
  • Marketing Director¬†at The Navigator Group.¬†Apply.
  • Analyst¬†at Bank of America.¬†Apply.
  • Sales & Design Associate¬†at Paper Twist.¬†Apply.
  • Real Estate Agents¬†at David Hoffman Realty.¬†Apply.
  • Inside Sales Representative¬†at Sonic Automotive.¬†Apply.
  • Program and Volunteer Coordinator¬†at Girls on the Run Greater Charlotte.¬†Apply.
  • Associate Merchant, Online¬†at Lowe's.¬†Apply.
  • Dental Assistant¬†at Pearl. Dentistry Reimagined.¬†Apply.
  • Realtor¬†at The Redbud Group.¬†Apply.
  • SVP Marketing¬†at Charlotte Center City Partners.¬†Apply.
  • Relationship Associate¬†at Brown Brothers Harriman.¬†Apply.
  • Mortgage Licensing Specialist¬†at Wyndham Capital Mortgage.¬†Apply.
  • Registered Nurse - Atrium Health South Park¬†at Atrium Health.¬†Apply.
  • Analyst, Navigation - Remote¬†at Lowe's.¬†Apply.
  • Security Officer¬†at Northwood Office.¬†Apply.
  • ReStore Donation Drivers¬†at Habitat for Humanity of the Charlotte Region.¬†Apply.
  • Sales Associate¬†at Diamonds Direct SouthPark.¬†Apply.
  • Front Desk Team Member¬†at Pearl. Dentistry Reimagined.¬†Apply.
  • Tech-Savvy Self-Starter Office Admin¬†at Savvy + Co. Real Estate.¬†Apply.
  • Sr. Analyst Brand Advocate¬†at Lowe's.¬†Apply.
  • Lead Brand Advocate - Remote¬†at Lowe's.¬†Apply.
  • Account Executive¬†at WJZY FOX46/WMYT My12.¬†Apply.
  • Custodian¬†at Wing Haven.¬†Apply.
  • Sr. Analyst Online Category Experience - Remote¬†at Lowe's.¬†Apply.
  • Project Manager/Intern Architect¬†at Meyer | Greeson | Paullin | Benson, Architecture and Interior Design Firm, P.A.¬†Apply.
  • Designer¬†at Paper Twist.¬†Apply.
  • Volunteer Coordinator¬†at Wing Haven.¬†Apply.
  • Wing Haven Host¬†at Wing Haven.¬†Apply.
  • Analyst Resolutions - Remote¬†at Lowe's.¬†Apply.
  • Office Manager¬†at TRC Staffing.¬†Apply.
  • Guest Environment Expert¬†at SpringHill Suites by Marriott Charlotte University.¬†Apply.
  • Catering & Event Account Executive¬†at QC Catering.¬†Apply.
  • Warehouse Associate¬†at Zentra LLC.¬†Apply.
  • Merchandising Specialist¬†at Lowe's.¬†Apply.
  • Business Process Architect, Online PMO - Remote¬†at Lowe's.¬†Apply.
  • Creative Communications Manager¬†at First Presbyterian Church of Charlotte.¬†Apply.
  • Family Selection Specialist¬†at Habitat for Humanity of the Charlotte Region.¬†Apply.
  • Property Manager¬†at Northwood Office.¬†Apply.
  • Spanish Healthcare Interpreter¬†at Atrium Health.¬†Apply.
  • Management¬†at Brixx Wood Fired Pizza.¬†Apply.
  • Marketing and Community Engagement Coordinator¬†at Inner Peaks Climbing Center.¬†Apply.
  • Assistant Manager¬†at Inner Peaks Climbing Center.¬†Apply.
  • Administrative Assistant¬†at TRC Staffing.¬†Apply.
  • Senior Full Stack .net Developer¬†at Wyndham Capital Mortgage.¬†Apply.
  • Junior Art Director¬†at RSM, Inc.¬†Apply.
  • Encompass Application Developer¬†at Wyndham Capital Mortgage.¬†Apply.
  • Junior Digital Designer¬†at RSM, Inc.¬†Apply.
  • Manager - Corporate Communications and Outreach Cabarrus College¬†at Atrium Health.¬†Apply.
  • Mortgage Servicing Specialist¬†at Wyndham Capital Mortgage.¬†Apply.
  • Mobile Security Strategy Architect¬†at Bank of America.¬†Apply.
  • Digital Marketing Manager¬†at RTA Media.¬†Apply.
  • Financial Advisor¬†at Mutual of Omaha.¬†Apply.
  • Marketing Analyst¬†at vestique.¬†Apply.

Want more opportunities? Check out all openings on our Job Board.

Hiring? Post a job. 

2. ‚ö°ÔłŹ Biz lightning round

american airlines plane at an airport
Photo: Daniel Slim/AFP via Getty Images

American Airlines, which operates 90% of daily flights at Charlotte Douglas, is retiring its inflight magazine, American Way, at the end of the month, USA Today reports.

  • The trend, borne out across the industry, is due to travelers' changing preferences for in-flight entertainment, per Dana Lawrence, American's managing director of global brand marketing.

Off Broadway Shoe Warehouse is closing its South End store after 18 years at the end of the month, freeing up a prominent 2-acre spot on South Boulevard for future development.

  • Asana Partners bought the site in 2016 for $6.2 million, property records show. Managing partner Sam Judd told Axios the firm doesn't have any plans to share yet.

5th Street Group, owner of 5Church, was spotlighted in the Washington Post last week for raising worker wages to $15 an hour as a way to address the restaurant labor shortage. Owner Patrick Whalen told the Post that applications have poured in, sales have increased and customer reviews improved.

Stream Realty Partners, a Texas firm, has purchased about 1.5 acres at 1218 S. Church in South End for $16 million, per CBJ (ūüĒí). The company is also under contract to buy an adjacent parcel at 321 W. Palmer, currently home to Woodie's Auto Service.

Axios is hiring!

Want to join the Axios team? We're hiring a Senior Associate on the Client Success team to organize and lead post-sale account management for Local clients.

If you embody an entrepreneurial spirit and a passion for digital advertising, we want to hear from you. 

Interested? Check out the full job description. 

3. Video meetings with your banker

U.S. Bank video banking app
Courtesy of U.S. Bank

U.S. Bank, which entered the Charlotte market in 2019, has launched a new feature that lets users video chat and share their screens with a banker.

Why it matters: The latter is a first in the industry, per the company.

Zoom out: Americans are doing more and more of their banking online, which has prompted banks to invest more in their digital capabilities ‚ÄĒ and change how they operate their physical branches.

  • In many markets, including Charlotte, banks have opted to close branches altogether because of customers' changing needs.
  • Despite how sophisticated online banking can be, though, sometimes it's necessary to speak to a human, as U.S. Bank notes.

No home improvement experience needed

Lowe's HQ in Mooresville. Photo: Samantha Alexander/Axios

You don’t need to know anything about plumbing or appliances to work at Lowe’s HQ. They hire for jobs across a wide variety of roles, and they’ll teach you everything you need to know about the world of home improvement.

Check out open roles and build a better career with Lowe’s.

ūüóě I've been enjoying reading Jeremy Markovich's newsletter, North Carolina Rabbit Hole, which delves into issues like whether Krispy Kreme is really a southern company, and the confusing Penguin drama. Check it out.