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Study Shows that Housing Regulations May Increase Rent Costs
A new follow-up study conducted by economists from MetroSight, sponsored by the National Multifamily Housing Council and the National Apartment Association, shows that some housing regulations increase the cost of rent, particularly for lower-income renters and those renting from small multifamily properties. The report builds on findings released earlier this year.
The research specifically analyzed the impact of source-of-income, eviction, resident screening and state preemption laws on rent costs. It found that resident screening laws increase rents between 1.5% and 3.4%, or about $252 to $708 per unit annually; source-of-income regulations increase rents between 5.2% and 5.3%; and eviction laws increase rents between 5.9% and 6.3%.
“As housing affordability continues to be a nationwide concern requiring action from state, local and federal lawmakers, this study importantly shows how misguided regulations have the ability to increase monthly costs for renters,” said NAA president and CEO Bob Pinnegar. “Now more than ever, our nation needs responsible, sustainable policy solutions that, instead of raising costs, work to boost the supply of housing and improve affordability long-term.”
- ◦Policy/Gov't
