Jun 13, 2021

Axios Charlotte

Hello, Sunday. It's Katie

  • 🌤 Weather: 87°. Partly cloudy.

🎉 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

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.

💼 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. ⚡️ Biz lightning round

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 (🔒). 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

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 — 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.

🗞 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.