Charlotte Leads North Carolina in Built-to-Rent Housing as Home Supply Stays Low

Charlotte tops other North Carolina cities when it comes to built-to-rent neighborhoods. The state sits at number two nationwide for these rental communities, while available homes remain hard to find with just two months of inventory.

Buyers and sellers aren't seeing eye to eye in today's market. A healthy market needs six months of available homes, says the National Association of Realtors. Right now, there's only 4.4 months of total inventory when you count both new and existing single-family homes.

At Harrison Trace, residents pay between $1,875 and $2,400 per month. These roomy rentals come with three to five bedrooms, offering way more space than typical apartments.

"I didn't want to buy in a rush ... We want to buy a house, but we just didn't know where we wanted to buy a house. The last time we did that, we weren't happy with the house that we bought," said Sheryl De Sa to Spectrum Local News.

While listings jumped 24% compared to last year, sellers still have the upper hand. New construction shows 9.3 months of inventory, but this includes homes not started yet and those still on the drawing board. These rental neighborhoods cut into the supply of homes for sale. While they work well for renters, they leave fewer options for buyers. First-time homebuyers face the biggest squeeze, even with help on down payments.

People's housing choices keep shifting. Newcomers often choose rental homes to get to know different areas. They avoid maintenance headaches and big down payments while figuring out where to settle down.

"I don't think you're saving money. I think it's just a temporary situation ... It's a loss that you make short-term, so you don't lose long-term," De Sa added.

While Phoenix tops the country in rental developments, Charlotte has become a key player. Despite high interest rates, home prices keep going up as few existing houses come up for sale.