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March 12, 2019
Return of Rent Control
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Following the recent enactment of the first statewide rent control law in Oregon, the apartment industry, local governments and affordable housing groups are asking: Will statewide rent control catch on beyond Oregon?

The only statewide rent control law in the country, the Oregon measure caps rent increases at 7 percent (plus CPI) per year and includes some new eviction restrictions. 

“While the intent of rent control laws is to assist lower-income populations,” said NMHC’s Doug Bibby (The New York TimesThe Washington Post), “history has shown that rent control exacerbates shortages, makes it harder for apartment owners to make upgrades and disproportionately benefits higher-income households.” In a letter to the editor of the Los Angeles Times, Bibby also argued that it’s no coincidence that places with strict rent control have housing shortages.

There is fear that rent control could be coming to more states after Oregon, as discussion of similar policies is picking up in New York, Colorado and Illinois. “Our biggest concern is that these rent control ordinances only go in one direction, which is more restrictive,” said NMHC’s Jim Lapides in The Wall Street Journal.

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INVESTMENT

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In this op-ed for The Hill, NMHC Chairwoman Sue Ansel outlines ways lawmakers can use policy to address affordability challenges, not the least of which is using its “power of the purse to help advance state and local regulatory reform.”

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SUSTAINABILITY

Cities Tuck Climate Change Fixes into New Housing Policies

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MEETINGS

Nikki Haley Headlines NMHC Spring Meeting in Chicago, May 15-17

Join us at the Four Seasons Hotel in Chicago, May 15-17, for our annual Spring Meeting, featuring former Ambassador to the UN Nikki Haley. Plan to arrive early to also attend the NMHC Leadership Forum on Diversity & Inclusion on May 15.
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Market Trends

Volatility in Construction Pricing Strains Multifamily Developers

While rising construction costs and pricing volatility is a common refrain among apartment developers, NMHC’s research team says it is generally difficult to locate good data sources to actually put a numerical figure on those increases. A big part of that issue is that multifamily construction represents a relatively small segment of the overall construction industry. However, we recently pulled together what indicators do exist from government surveys as well as NMHC surveys. All measures confirm that it continues to get more expensive to build.


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About Apartment Wire
A must-read for top apartment industry professionals, Apartment Wire is a timely review of emerging trends in apartment finance, development, management and technology and more, featuring both exclusive content from NMHC's staff of experts and provocative articles from across the web.
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