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**Investor Resistance to Rent Control Grows Amid Easing Apartment Market Conditions**
While apartment market conditions are gradually easing across the country, rent control continues to pose a significant barrier to investment and development in the sector. A new survey by the National Multifamily Housing Council (NMHC) reveals that a growing number of investors and developers are retreating from rent-regulated markets.
According to the survey, 35% of respondents have already scaled back investment or development in rent-regulated areas. An additional 41% stated that they do not operate in such markets and have no plans to do so, while 15% noted they have not yet changed their strategy but are considering it.
NMHC highlighted that this shift is occurring even amid clear signs of market moderation. The council emphasized that rent regulations, such as rent control, may actually hinder the supply of new housing—despite the fact that market dynamics are beginning to improve affordability on their own.
Notably, the latest findings mark a notable increase in investor hesitation compared to previous years. When the Council explored similar questions four years ago, fewer respondents were reconsidering their involvement in regulated markets. Today, a substantial 91% of those surveyed have either changed their investment or development plans or are contemplating doing so, up from 73% in 2022.
These results underscore the growing concern within the multifamily industry that policy interventions like rent control could further constrain an already challenged housing supply, even as conditions begin to stabilize.
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