You have likely read recently about investors buying-up homes in communities such as Fishers, then turning single-family residences into rental property. Mayor Scott Fadness hosted a Facebook live video discussion about this issue months ago.
The consensus at that time was this – Homeowners Associations (HOAs) are the key to limiting the number of rentals in their neighborhoods through their covenants and by-laws. That approach appears to be changing. At his recent State of the City address, Mayor Fadness previewed a proposal he plans to present to the Fishers City Council in the next 2-3 months.
According to the mayor, he will propose two things. First, a rental registration program. Second, and most importantly, he will present a permitting process that would cap the percentage of homes in any given neighborhood that can be a rental property.
“I look forward to a robust discussion with our city council about the merits for this, but I think it’s vital for the long-term sustainability of our city,” said Mayor Fadness in this State of the City address.
Fadness says 37 Fishers subdivisions have more than 20% of homes that are renter-occupied. There are a total of 81 subdivisions with more than 10% renter occupied homes.
Thank you for taking on the task of limiting the number of rental units.
This is absolutely needed !
First off to be fair, the rental companies are better than us homeowners at fixing things faster. On the point of rentals taking over, Our neighborhood has so many homes that are rentals it is hard to get quorum at HOA meetings in order to change anything. The last several I’ve been to have not reached quorum. We would need the owners of the rental properties to come, and if it’s a company you can’t get a rep to show. So the idea that the HOA’s can address this is unviable.
Thank you so much for working so hard on this! This is so important for our city, our neighborhoods and our home values!