NAA Five, for the Week Ending May 23rd, 2025

Date postedMay 23, 2025
GIAA Resources, News,
View in Browser
NAAHQ // May 23, 2025
NAA
 
NAA FIVE
A weekly digest of key rental housing news and takeaways
prepared exclusively for NAA’s leadership
 
The Big Picture: In this week’s housing news, Washington state continued to garner significant attention for its new housing laws, including rent control. Across the map in Des Moines, Iowa, federal housing affordability concerns are on the rise, citing the future of the Low-Income Housing Tax Credit (LIHTC). Tariff policy uncertainties remain top-of-mind for players across the housing market, particularly on the development side. 
This week’s top stories
What We're Advocating

CARES Act Notice: NAA is leading the industry’s advocacy to eliminate any ambiguity that the federal CARES Act’s notice to vacate requirement ended, as Congress intended, in 2020. Read the latest. 

Rent Control: State legislatures and city councils continue to pursue failed policies that would regulate rents and rent increases, with one jurisdiction managing the ongoing fallout from strict rent controls passed in 2021. NAA is currently tracking 172 rent control bills and supporting our affiliate partners’ efforts to stop bad policy from advancing. Read more in NAA’s latest rent control outlook. 
What We're Saying

Deregulation: Speaking on recent regulations that have been withdrawn or rescinded, NAA’s Nicole Upano told Bisnow that we “appreciate the Trump administration’s attention to these federal regulations that often times are duplicative or conflict with existing state and local compliance responsibilities, ultimately increasing costs and exacerbating housing affordability challenges.” Learn more in Bisnow and read more on NAA’s regulatory victories. 
What We're Doing

Tax Bill Advocacy: On Thursday, the One Big Beautiful Bill Act – the reconciliation package that includes federal tax policy - passed out of the U.S. House of Representatives (215-214). Notably, the final legislation in the House retains key rental housing industry tax priorities. The bill now heads to the U.S. Senate, which has already indicated that they will need to make changes to the bill as drafted. Read more. 

Affinity Groups Podcast: The latest episode of the NAA Apartmentcast features a conversation with rental housing affinity group leaders, including representatives from Once A Warrior, Melanin in Multifamily, Multifamily Q Space and Latinas in Property Management. Listen to the episode here. 
 
What We're Hearing

Apartment Starts: “While starts for buildings with five or more units jumped in April, developers still face headwinds. Challenges with lining up equity still exist, and the uncertainty around the Trump administration’s tariff policy provides another unknown.” (Multifamily Dive) 

Rent: “Median asking rent in the U.S. is down 1% year-over-year (YOY) in April, which is the largest decline since February 2024. According to Redfin, some markets are witnessing drops of more than 5%, including Austin, Texas, which saw median asking rent decline 9.6% year-over-year in April. Minneapolis, Portland, Ore., San Diego and Raleigh, N.C., each had rent decline at least 5% (YOY).” Read more. 

Categories

Most Recent Posts