NMHC compared this year’s results to those of the January 2022 survey.
Apartment Leaders Pull Back From Rent-Controlled Markets
A new survey finds rent control has negative impact on housing supply reported around the country as apartment leaders pull back from rent-controlled markets, according to the National Multifamily Housing Association (NMHC).
For years the NMHC has provided a quarterly snapshot of the apartment market, including trends in sales, equity financing and debt financing. For the first time in the first survey of 2026, NMHC included a special question examining the impact of rent control regulation.
NMHC compared this year’s results to those of the January 2022 survey. The comparison shows that over the last four years:
- The share of respondents who said they have cut back on investment or development in rent-controlled markets increased from 26% to 35%.
- The share who said they do not operate in these markets and would not consider doing so because of the threat of rent control also increased from 32% to 41%.
- The share who said they have made no changes so far but are considering cutting back in these markets remained at 15%.
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“This means that the total share of respondents who have altered their investment or development decisions – or are considering doing so – has increased from 73% of respondents in January 2022 to 91%, nearly all the respondents to our January 2026 survey,” writes Jim Lapides, SVP and Head of External Affairs, in the report.
Only 7% of respondents this round said they do not plan any change in investment or development in markets affected by rent regulation (down from 23% last round), and only 2% said they do not operate in these markets but would consider doing so despite the threat of rent control (down from 4% four years ago).
These findings come as broader apartment market conditions continue to ease nationwide.
Affordability, particularly housing affordability, has moved to the forefront of public debate. While rent control is once again being promoted as a remedy for rising housing costs, policymakers and economists have increasingly and consistently warned that rent control is a failed solution.
In recent weeks, a broad range of economists, housing experts, and elected leaders from across the political spectrum have renewed those concerns, arguing that rent control ultimately worsens affordability by constraining supply.
Source: Rental Housing Journal
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