NAA Five, for the Week Ending August 22nd, 2025

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NAAHQ // Aug. 22, 2025
NAA
 
NAA FIVE
A weekly digest of key rental housing news and takeaways
prepared exclusively for NAA’s leadership
 

The Big Picture: New reports from NAA research reveal operational challenges and regulatory costs. Rental housing continues to have an uptick in demand. Greystone has closed on a $103M affordable housing fund that will finance 1,000 rental units.  

This week’s top stories
What We're Advocating

Construction Trends: Last month, new residential construction data reflected a decline in building optimism and buyers struggling to afford new homes at the height of the summer season. Read more with NAA's new economic indicators blog. 

What We're Saying

Navigating Industry Challenges: A new report, sponsored by MRI Software and conducted by NAA, highlights the top uncertainties facing the industry and how industry operators can best navigate an evolving housing market. Learn more

Deeper Dive: Some of the report’s key findings include insights on these industry challenges: 

  • Construction costs 
  • Expense levels 
  • Labor market conditions 
  • Policy uncertainties 
What We're Doing

RHALS 2025: Last month, 170 rental housing professionals attended NAA’s annual Rental Housing Advocacy and Legal Summit (RHALS). This Summit unites the industry’s preeminent advocates and legal minds to discuss efforts to minimize legislative and regulatory impacts on the industry and to retool operations to meet new compliance responsibilities. Read more

Rent and Regulation Study: A new, follow-up study conducted by economists from MetroSight – sponsored by NAA and NMHC – shows that some housing regulations increase the cost of rent, particularly for lower-income renters and those renting from small multifamily properties. Read more.  

Deeper Dive: Some of the report’s key findings include: 

  • Source-of-income regulations increase rents between 5.2% and 5.3%, or about $876 to $1,104 annually per unit. 
  • Eviction laws increase rents between 5.9% and 6.3%, or about $1,092 to $1,224 annually per unit. 
  • Resident screening laws increase rents between 1.5% and 3.4%, or about $252 to $708 annually per unit. 
What We're Hearing

Affordable Housing: “New York-based Greystone Real Estate Capital has closed its first affordable housing fund, raising $103 million to finance nearly 1,000 rental units across six states. The fund — called Greystone Affordable Housing Fund I LP — will support a total of 11 developments in Louisiana, Massachusetts, Mississippi, New Jersey, Ohio and Pennsylvania.” (HousingWire)  

Rental Housing: “Housing construction in the U.S. jumped much more than expected last month, reflecting a recovery in the multifamily market as developers respond to demand for rental housing.” (The Wall Street Journal