Business

What Wall Street-backed companies spent buying Charlotte houses

A house for rent on Castletown House Drive in Steele Creek, where national companies have aggressively bought houses and turned them into rentals.
A house for rent on Castletown House Drive in Steele Creek, where national companies have aggressively bought houses and turned them into rentals. dhinshaw@charlotteobserver.com

For most people, a home is the biggest purchase of their lives. For big firms buying up thousands of houses to rent out, the deals are figures on a spreadsheet.

The numbers behind those deals can be tough to tease out of thousands of individual property records. The biggest single-family rental house companies are publicly traded, which means they regularly report on their finances for investors.

That offers a window into how much they’ve spent on houses across Charlotte. Here’s what three of the biggest companies have invested in Charlotte-area real estate, according to their public filings:

Invitation Homes: 3,110 homes owned

Average purchase price: $134,464*

Additional average renovation/improvement cost: $21,891*

Average monthly rent charged: $1,385

American Homes 4 Rent: 3,056 homes owned

Average purchase price: $160,135*

Additional average renovation/improvement cost: $14,623*

Average monthly rent charged: $1,490

Average square footage: 2,049

Tricon: 1,807 homes owned

Average purchase price: $101,000

Additional average renovation/improvement cost: $30,000

Average monthly rent charged: $1,093

Average square footage: 1,542

*(As of 2016. Estimates based on annual report)

Ely Portillo: 704-358-5041, @ESPortillo

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