🎉 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
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.
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 (🔒). The company is also under contract to buy an adjacent parcel at 321 W. Palmer, currently home to Woodie's Auto Service.
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 — 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.
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