Rents
Social housing program gets city task force sign-off in Portland, Maine
A working group established by the Portland (Maine) City Council, after more than a year of study, recommended advancing a social housing plan aimed at addressing affordability through public ownership and mixed-income rental housing.
Notable multifamily policy and legal moves from this summer
This summer, U.S. state and local governments have been active on issues affecting the multifamily housing sector: California sued non-compliant cities, Michigan updated building codes, Arizona cracked down on landlord air conditioning issues, and Seattle streamlined environmental reviews and banned "junk fees."
Rents are rising faster in Chicago than other US cities. The mayor wants rental reform.
Chicago's rent growth ranks first among major U.S. metropolitan areas. Mayor Brandon Johnson introduced the 'Tenant Protection Ordinance' this summer, aiming to curb rent increases and combat hidden fees through measures such as establishing a regulatory agency, strengthening eviction protections, and creating a citywide rental registration system. The proposal faces opposition from real estate groups, and the City Council has introduced a competing bill.
Beyond the Rent: The economic signals multifamily leaders should watch this fall
Amid heightened economic uncertainty this fall, multifamily industry leaders need to watch macroeconomic signals beyond rent. George Ratiu, Vice President of Research at the National Apartment Association, points out that consumer sentiment, inflationary pressures, credit default risks, and a rising long-term unemployment rate could strain Class B and C properties. Although fundamentals remain solid, downside risks are accumulating.
Seattle bans rental ‘junk fees’
The Seattle City Council has passed an ordinance banning rental 'junk fees' such as administrative service charges, pet rent, and package fees. The legislation, approved 8-0, requires clear upfront pricing, expands investigative authority, and allows the City Attorney to recover triple the amount of illegal fees. The measure takes effect for agreements entered after July 1, 2027.
US Chamber of Commerce launches housing advisory council
In response to the 21st Century ROAD to Housing Act, the U.S. Chamber of Commerce has created a Housing Advisory Council to promote market-driven housing policies. The council will address zoning, capital, and labor challenges, leveraging a network of 1,500 chambers. Inaugural members include James Hardie, UMH Properties, Citi, and JPMorganChase, with the latter chairing the council.
Multifamily rents grew in July, buoyed by Sun Belt: Yardi
The latest Yardi Matrix report shows that the average national multifamily rent rose 0.2% month-over-month to $1,771 in July, also up 0.2% year-over-year. Sun Belt markets performed strongly, but supply pressures persist, and the industry outlook remains cautiously optimistic.