Rent Control Coming to a Market Near You

Greg Brown

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ARLINGTON, VA—With the US rental population increasing by more than 19.6 million people over the last ten years, there has been pressure to increase rents—thus driving housing affordability issues to the top of nationwide multifamily housing discussions. Major markets including San Jose, Denver, San Francisco, Seattle, Boulder, Oakland, and Portland have seen rents rise by more than 18% over the past four years prompting some area politicians and legislators to call for an overall increase in rent control. In other areas, most noticeably California, rent controls appear poised to be put into place.

“The National Apartment Association (NAA) can unequivocally say we are opposed to rent control,” says Greg Brown, senior vice president for Government Affairs of the National Apartment Association. “Rent control benefits current residents but does nothing to solve long term housing nor does it expand supply.”

37.5% of current US rental households spend 35% or more of their income on rent and 23% spend 50% or more of their income on rent. In states such as California, Florida, New York, Hawaii, Louisiana, New Jersey and Oregon where 40% or more of rental households spend over a third of their income on rent, affordability is obviously a complex issue.