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NMHC Sees Growing Investor Resistance to Rent Control
While apartment market conditions continue to ease nationwide, rent control remains a significant deterrent to apartment investment and development, according to a new survey by the National Multifamily Housing Council.
The survey found that 35% of respondents have cut back on investment or development in rent-regulated markets, 41% of respondents said they don’t operate in rent-regulated markets and wouldn’t consider doing so and 15% said they haven’t made changes yet but are considering doing so.
NMHC noted that this pullback is occurring despite clear signs of market moderation, underscoring concerns that rent regulations such as rent control risk discouraging new housing supply even as easing conditions suggest market forces are already working to ease affordability concerns.
The council asked about rent-regulated markets four years ago, and in comparison, “the 2026 findings suggest a growing pullback from regulated markets.” The total share of respondents to NMHC’s Quarterly Survey of Apartment Conditions who have altered investment or development decisions, or consider doing so, has increased from 73% in 2022 to 91% this year.
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