Regulation
According to Yardi Matrix's April 8 report, U.S. multifamily advertised rents rose 0.3% month-over-month in March to $1,750, the first monthly gain since last summer. However, year-over-year growth stayed at a weak 0.1%, and occupancy fell 0.4% annually. Supply glut, reduced immigration, and slower job growth continue to weigh on the market.
HUD issued new enforcement guidance on May 22, recognizing only trained service animals as reasonable accommodations and revoking the 2020 ESA guidance. However, experts note that this move brings more compliance uncertainty, and providers should continue to assess cases individually and pay attention to state and local laws.
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.
Housing advocacy groups have filed lawsuits against three California cities, accusing them of using local measures to limit the scope of Senate Bill 79 (SB 79). The bill, signed in October 2025 and effective July 1, 2026, aims to promote housing construction near public transit stops. The lawsuits involve San Diego, San Francisco, and Montebello, with plaintiffs including organizations such as Californians for Homeownership, affiliated with the California Association of Realtors.
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.
A new analysis by the National Association of Affordable Housing Lenders and the Center for Affordable Housing Lending reveals that the first year of the 21st Century ROAD to Housing Act will be dominated by paperwork, not construction. HUD is responsible for 88 of 124 implementation actions, and many required reports may strain the agency's reduced staff. Local governments are advised to begin early planning to capitalize on future federal funding.
On July 13, the New Jersey Supreme Court issued a unanimous ruling that revised the legal framework for local consideration of land use change applications, explicitly requiring local zoning authorities to first confirm that an application will not substantially impair zoning plan intent before considering the project's public interest. The ruling stems from Montville Township's denial of a 165-unit senior housing development and is regarded by the legal community as the most significant amendment to the existing framework in over three decades.