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NMHC: Insurance Costs for Operators Up 26% Over Past Year

Owners, operators and developers of rental housing have been hit hard by dramatically rising insurance costs, the National Multifamily Housing Council said Monday. Insurance costs have risen by an average 26% over the past year for respondents in NMHC’s 2023 State of Multifamily Risk Survey and Report. 

“These new findings and risk mitigation guidance come at a critical time for multifamily businesses and our residents,” said Sharon Wilson Géno, NMHC president. “The current confluence of high interest rates, increasing costs and an expanding need for affordable and attainable housing highlight the importance of housing providers and policymakers having a clear understanding of insurance market challenges.” 

Further, NMHC said the ability of multifamily firms to attract investments required to help address the nation’s housing affordability crisis is put at risk by out-of-control insurance costs. The council called on lawmakers to incentivize a more robust insurance and reinsurance market for the sector. 


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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