The City of Fishers is moving forward with plans to limit the number of rental homes at 10 per cent per neighborhood.  Chief of Staff for Mayor Scott Fadness, Jordin Alexander, explained the proposed ordinance before the City Council during a first reading Monday night.

The proposed timeline calls for a final vote on the ordinance by Council members in March.  In April, the city would begin the process of registering all rental homes within the city limits.  There would then be a period of educating the public and outreach to local homeowners’ associations (HOAs).

The ordinance enforcement would begin in January of 2026.  All rental homes in Fishers would be required to register with the city at that point and the caps would be enforced.

The ordinance would require rental home owners to register with the city and apply for a permit.  Once granted, the permit would be valid until the home changes ownership.

Permits would be granted only if the 10% cap had not been reached in that subdivision.  HOAs are allowed to enact lower caps if they wish.  Rental homes in place before December 31, 2025 will be considered legacy and not subject to the city ordinance cap.

Alexander listed several exemptions from the caps, including renting to family, job relocation, military deployment, failure to sell a property after 6 months and causing an undue burden (such as a divorce situation).  There will be an appeal process if a permit is denied.

Failure to register would bring a $250 fine.  If your rental is over the 10% cap a permit would normally be denied by the city.  If a landlord somehow did operate a rental above the 10% subdivision limit, fines start at $1,000 and could go as high as $7,500.

During the Community Comment period at the end of the Council session, former Councilor Jocelyn Vare suggested the city conduct a town hall on the rental cap proposal.  Council President Pete Peterson said the city would take that under advisement.

You can read the entire proposed ordinance at this link.