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.