North Carolina

Overview of the Amherst Group

Amherst is a real estate investment, development, and operating platform that seeks to fill unmet consumer demand for affordable, accessible, safe single-family housing across the U.S.

Huntsville, North Carolina

North Carolina’s
Housing Market

The housing market is a pillar of the North Carolina economy. The housing market contributes approximately 12 percent of the state’s overall gross domestic product (GDP) – slightly higher than the national average.[1] Not only is the housing market one of the largest sectors of the economy, but residential housing construction is also a major job-provider – responsible for over 260,000 jobs in the state, 4 percent of the State’s employment.[2]

North Carolina Needs More Attainable and Sustainable Housing

North Carolina currently does not have enough homes for its residents.

North Carolina lacks over 195,000 affordable rental homes.[3]

10.6 million people were living in North Carolina and the state remained the 9th largest state in the nation.[5]

Experts believe there is a gap of about 900,000 housing units that North Carolina communities to meet our growing need for homes in the state by 2030.[4]

At the same time, between April 2020, and July 2021, North Carolina added 112,000 people, a gain of 1.1 percent.[5]

Underpinned by proprietary technology, crisis-tested data, and a long tradition of working with our residents to promote housing stability, Amherst’s vertically-integrated housing platform seeks to develop innovative solutions to the nation’s housing supply crisis and provide high-quality single-family homes for lease to consumers in the communities we serve.

Amherst By the Numbers

32

U.S. Market

220

Counties

19

States

Amherst Housing Solutions

Renovated Single-Family Homes for Lease

Build-To-Rent Communities

Housing Incubator:

  • For-Sale Homes
  • Studio Built Homes

Amherst: The
Residents We Serve

The Amherst housing platform serves residents who:

Average Amherst Resident Profile

3 Members

Per household

35-44

Years old

$85,000

Household income

$1,600

Monthly rent

Our Impact in North Carolina

Beyond providing quality housing opportunities, Amherst has a positive impact in North Carolina communities through our investments in local businesses and neighborhoods. Local vendors benefit from our investment in home renovations and homeowners benefit from the removal of blight from their communities.

We have been operating in North Carolina for 10 years through our property management arm Main Street Renewal to renovate homes or build high-quality single-family homes for lease that are affordable for families and increases access to communities of opportunity for North Carolina residents. Our presence creates jobs, helps local businesses, and improves home values.

Our Homes in North Carolina

Years in Market

10+

Number of employees

85+

Number of
Homes renovated

3k+

Years in Market

10+

Number of employees

85+

Number of
Homes renovated

3k+

Number of
Residents served

20k+

Total spent on home renovations and repairs

$175.8M+

Residents utilizing
Housing choice vouchers

285

Number of
Residents served

20k+

Total spent on home renovations and repairs

$175.8M+

Residents utilizing
Housing choice vouchers

285

Number of local
Vendors used

345+

Total invested
in local vendors

$118.7M+

HOA
FEES PAID

$2M+

Number of local
Vendors used

345+

Total invested
in local vendors

$118.7M+

HOA
FEES PAID

$2M+

Our Homes in
North Carolina

Renovated Single-Family Homes for Lease

  • Amherst’s single-family rental platform provides growing families the choice of a high-quality home in communities of opportunity that they likely would not be able to access otherwise.
  • Housing is an ongoing need, and we provide it in a way that is accessible, affordable, and supported by a full suite of resident services through our property management arm Main Street Renewal.
  • Amherst is committed to revitalizing America’s aging housing stock. The average of the homes on our platform is 34 years old, these are homes in need of significant renovation:
  • 74% of the homes we buy need more than $25,000 in immediate repairs
  • 32% require more than $45,000
  • None of the homes we purchase require less than $10,000 in renovations

Charlotte, NC

Estimated renovation cost at home purchase: $80,037

Amherst’s Housing Incubator

Our solutions development platform where we utilize our capital to innovate, develop, and launch new technologies or products that are solving pain points in the housing ecosystem and are tailored to meet community needs.

Amherst Supports Our Residents’ Housing Stability

CARES: Industry-First Approach to Empowering Residents

Launched in 2017, the CARES (Client Assessment Resources and Empowerment Services program educates residents and empowers them to achieve greater housing stability through resource sharing, advocacy, and social-emotional support. Staffed by a team of in-house social workers and program specialists, CARES has served over 6,000 residents. CARES offers financial empowerment programming, rental & utility assistance, and personalized case management for each resident.

We promote housing stability by:

Resource sharing

Advocacy

Social-emotional support

The CARES team has assisted 500 North Carolina residents and counting with millions in emergency rental assistance. We have paid more than $982,000 to HOAs in North Carolina. These dollars go directly into improving neighborhoods – beautifying parks, adding safety features, building playgrounds.

Amherst Values at Work

Our Residents

CARES Program & Retention Initiatives

Our Communities

Amherst Foundation & CapCityKids

Our Environment

Energy Efficiency & Green Materials

The Future of Housing

Housing Incubator & Studio Built homes

Amherst Gives Back

The Amherst Foundation

Seeks to strengthen the communities we live and work in, by contributing to organizations that provide critical social services for those in need.

CapCityKids

Is a non-profit organization that helps children facing homelessness get a quality education by partnering with homeless liaisons to connect students with critical resources.

[1]  U.S. Bureau of Economic Analysis, data collected March 2021 collected by Amherst in August 2022

[2] U.S. Bureau of Economic Analysis, data collected November 2021 collected by Amherst in August 2022

[3] WBTV, North Carolina and the Charlotte region lacks thousands of affordable housing units, May 10, 2022

[4] WRAL Tech Wire, , North Carolina faces shortage of 900,000 housing units by 2030, exec warns, April 29, 2022

[5] U.S. Census Bureau, QuickFacts North Carolina, July 1, 2021