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Business Wire
14 hours ago
- Business
- Business Wire
Regulation Increases Rent Costs, New Study Finds
WASHINGTON--(BUSINESS WIRE)--A new follow-up study conducted by economists from MetroSight—sponsored by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA)—shows that some housing regulations increase the cost of rent, particularly for lower-income renters and those renting from small multifamily properties. This report importantly builds on findings released earlier this year, revealing that overregulation can increase operating costs. 'As housing affordability continues to be a nationwide concern requiring action from state, local and federal lawmakers, this study importantly shows how misguided regulations have the ability to increase monthly costs for renters,' said NAA President and CEO Bob Pinnegar. 'Now more than ever, our nation needs responsible, sustainable policy solutions that, instead of raising costs, work to boost the supply of housing and improve affordability long-term.' 'As the nation continues to confront a housing affordability crisis, it's critical that we understand how sometimes well-intentioned regulations may impact rent levels—particularly for those who can least afford increases,' said NMHC President Sharon Wilson Géno. 'This new research finds that certain policies, while at times designed to protect renters, are associated with higher rents, especially for lower-income households. By bringing these data to light, we and our partners at NAA hope to support a more balanced policy conversation—one that supports renters while improving affordability and expanding the supply of rental housing.' The research specifically analyzed the impact of source-of-income, eviction, resident screening and state preemption laws on rent costs. The study used two distinct and separate datasets, one from CoStar Group – which included market-level data from 391 metros between 2000 and 2024 – and another from the U.S. Census Bureau's American Community Survey (ACS), which featured 307 metros between 2005 and 2023. Some of the report's key findings include: Source-of-income regulations increase rents between 5.2% and 5.3%, or about $876 to $1,104 per unit annually. Eviction laws increase rents between 5.9% and 6.3%, or about $1,092 to $1,224 per unit annually. Resident screening laws increase rents between 1.5% and 3.4%, or about $252 to $708 per unit annually. 'If we want rent regulations to align with affordability, we need to plainly recognize the tensions between them,' said Metrosight Founder and Economist Issi Romem, Ph.D. 'It is striking that we found their cost has fallen hardest on lower-income renters and residents of small apartment buildings—the very people they're meant to support.' To learn more about the research, access the full report. For more than 27 years, the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) have partnered on behalf of America's apartment industry. Drawing on the knowledge and policy expertise of staff in Washington, D.C., as well as the advocacy power of 141 NAA state and local affiliated associations, NAA and NMHC provide a single voice for developers, owners and operators of multifamily rental housing. One-third of all Americans rent their housing, and 40 million of them live in an apartment home.
Business Wire
05-08-2025
- Business
- Business Wire
NMHC Statement on FHFA Announcement that the LIHTC Cap Will be Raised
WASHINGTON--(BUSINESS WIRE)--NMHC is pleased to hear that the Federal Housing Finance Agency (FHFA) is authorizing each GSE to annually purchase up to $2 billion in Tax Credit Equity, an increase from their current $1 billion limit, for a combined increase of $2 billion. This significant move will improve housing affordability and expand housing opportunities for those most in need. NMHC appreciates the Trump Administration's commitment to lowering housing costs by expanding housing supply. 'This step by FHFA is great news for housing providers seeking to use LIHTC to build and preserve housing, as well as individuals and families searching for affordable housing opportunities,' said NMHC President Sharon Wilson Géno. 'As someone who has spent more than 30 years working in and advocating for the affordable housing community, I have seen firsthand how LIHTC can be one important tool to help us build the housing America needs.' LIHTC is currently the nation's premier affordable housing production and preservation program. The public-private partnerships created through LIHTC leverage federal dollars with private investment to build affordable rental housing and stimulate new economic development in many communities. Since its inception in 1986, the LIHTC program has financed 4 million apartments and served more than 9.28 million households. This announcement builds on additional good news for LIHTC in the recently enacted reconciliation legislation that permanently enhanced LIHTC authority. The LIHTC changes in the new law are projected to result in 1.22 million additional affordable homes being built or preserved over the next decade. Learn more about LIHTC. Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is where rental housers and suppliers come together to help meet America's housing needs by creating inclusive and resilient communities where people build their lives. We bring together the owners, managers, developers and suppliers who provide rental homes for 40 million Americans from every walk of life—including seniors, teachers, firefighters, healthcare workers, families with children and many others. NMHC provides a forum for leadership and advocacy that promotes thriving rental housing communities for all. For more information, contact NMHC at 202/974-2300, email the Council at info@ or visit NMHC's website at
India Gazette
16-06-2025
- Business
- India Gazette
Principal Secretary to PM reviews key infrastructure projects in Gujarat
Gandhinagar (Gujarat) [India], June 16 (ANI): P K Mishra, Principal Secretary to the Prime Minister, conducted site inspections and high-level review meetings in Dholera and Lothal in Gujarat, assessing key infrastructure projects on Monday. These projects are aligned with Prime Minister Narendra Modi's vision for industrial and economic growth, according to a release by PMO. According to the release, P K Mishra visited the under-construction Ahmedabad-Dholera Greenfield Expressway, implemented by the National Highways Authority of India (NHAI). He highlighted the expressway's potential to reduce travel time between Ahmedabad and Dholera to 45 minutes and emphasised timely execution with global-quality road standards. At Dholera Special Investment Region (DSIR), PK Mishra assessed the progress of Dholera International Airport. Officials informed him that cargo operations would commence by October 2025. He directed authorities to adhere to timelines and ensure seamless connectivity with the expressway. The Principal Secretary to PM inspected Tata Electronics' Semiconductor Fabrication (Fab) project, a flagship initiative in domestic chip manufacturing. He reviewed its production scope, including chips for mobile devices, consumer electronics, and automotive applications. He also visited social infrastructure projects--schools, hospitals, and residential complexes--developed by Dholera Industrial City Development Limited (DICDL). He emphasised user experience, calling for stakeholder feedback integration. Mishra also chaired a comprehensive review meeting with senior officials from DICDL, DIACL, NHAI, Airports Authority of India, and Indian Railways. He reviewed key projects, including Ahmedabad-Dholera Expressway, Bhimnath-Dholera Freight Rail Link, Ahmedabad-Dholera Semi-High-Speed Rail Line, Dholera International Airport. Shri Mishra reiterated the Government of Gujarat's commitment to Dholera's development as a global-standard smart industrial city. He stressed the importance of timely project completion, skilled workforce availability, and robust planning, the release added. Mishra inspected the National Maritime Heritage Complex (NMHC), a flagship initiative under the Ministry of Ports, Shipping, and Waterways. He chaired a review meeting with T Ramachandran, Secretary, MoPSW and other officials from the Ministry, Gujarat Maritime Board, Archaeological Survey of India, NHAI, and Indian Railways. P K Mishra emphasised that NMHC must serve as a scholarly tribute to India's maritime past, stressing the importance of in-depth research, academic collaboration, and a thoughtfully planned visitor experience, the release added. He also reviewed environmental sustainability measures, including local species plantation and water management systems. He highlighted NMHC's unparalleled scale and significance, underscoring the need to curate artifacts that narrate India's maritime legacy from the Harappan civilisation onward. Mishra also inspected Phase I-A construction, including six galleries, and directed its completion by August 2025. Mishra was accompanied by PMO officials Tarun Kapoor, Advisor to the PM, and Mangesh Ghildiyal, Deputy Secretary, PMO, the release added. (ANI)
Yahoo
10-06-2025
- Business
- Yahoo
ZRS Management hits 100,000 apartment units
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. In early May, ZRS Management, the No. 13-ranked operator on the most recent National Multifamily Housing Council Top 50 list, surpassed 100,000 units under management. The Orlando, Florida-based company becomes the 13th firm to pass the 100,000 threshold, according to this year's NMHC annual rankings. ZRS had one of the largest jumps on this year's list, jumping six spots and gaining almost 15,000 apartments from the previous year. ZRS operates almost 350 properties in eight states and the District of Columbia. Over the past decade, its portfolio has grown by approximately 70,000 units — a more than 200% increase. Over the last few years, the multifamily industry has seen several third-party operators, including Atlanta-based RangeWater Real Estate, cross the 100,000-unit threshold, as historically high levels of apartments are delivered and consolidation has hit the management business. In 2020, seven operators claimed more than 100,000 units on the NMHC Top 50. In 2015, only four firms had passed that threshold. For many companies, growth has come through acquisitions or absorbing portfolios of operators who want to exit the management business. For example, in February 2024, Atlanta-based Wood Partners transferred property management operations to Charleston, South Carolina-based Greystar. However, ZRS has avoided making acquisitions and expanded as its clients grew. 'That's really been the most unique part,' President and CEO Darren Pierce, who stepped into the top role at ZRS in January, told Multifamily Dive. 'With the consolidation that's happened in our industry on the third-party side and a lot of groups doing it through acquisition, our growth as an entire organization from day one has always been organic.' Hitting the 100,000 threshold elevates ZRS to being more of a national property management brand. Pierce credits strong retention among its 2,100 employees with fueling the firm's growth. '[Getting to 100,000 units] solely was just a compounding of good behaviors, a compounding of good client relationships and investing in our employees,' Pierce said. 'It's deal after deal coming in and being rewarded by the confidence from all of our owners. It's definitely been a nice milestone.' Though the transaction market has been slower over the last few years, ZRS has picked up management contracts from new clients, some of whom are developers that are keeping projects longer than they anticipated. 'Our growth has been on transactions, and when transactions are happening in our business, we are rewarded by our clients buying new deals,' Pierce said. 'And so a lot of the growth has also come through management changes — companies that have retained their asset, refinanced their asset, and are looking for a new management partner.' ZRS could see its numbers increase or decrease as its clients buy and sell. 'As the market starts to loosen up and our clients start to sell, we could easily drop below 100,000 or pick up some more and exceed 100,000,' Pierce said. 'We've never measured our success by how many units we've managed.' Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Times of Oman
04-06-2025
- Business
- Times of Oman
India Pavilion inaugurated by Crown Prince of Norway with Union Minister Sarbananda Sonowal in Oslo
Oslo: Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbananda Sonowal, joined His Royal Highness (HRH) The Crown Prince of Norway, Haakon, in Oslo, on Tuesday to jointly inaugurate the India Pavilion at Nor-Shipping, a premium global maritime event. Marking India's first-ever participation in this premier global maritime event, the pavilion is designed to showcase the country's maritime strengths and serve as a platform to foster alliances and cooperation with international maritime players, enhancing India's capabilities in the sector. HRH The Crown Prince was accompanied by the Union Minister as both of them visited the stalls at the India pavilion. The Union Minister escorted the Crown Prince around the India Pavilion before taking him to show the National Maritime Heritage Complex (NMHC) model at the pavilion, which drew applause from the Norwegian Prince. The Crown Prince enquired about India's maritime legacy and quipped that 'India's four thousand years old maritime history is older than Norwegian Viking maritime tradition'. The NMHC, being developed at Lothal in Gujarat, is aimed at preserving and showcasing India's maritime heritage from the Indus Valley Civilisation up to this date. NMHC is dedicated to the legacy of maritime heritage of India. Speaking on the occasion, the Union Minister, Sonowal, said, "Under PM Narendra Modi ji's guidance, India is embarking on an ambitious maritime journey, one that is simultaneously rooted in our heritage and geared for the future. PM Modi ji's philosophy of "Vikas Bhi, Virasat Bhi", Development as well as Heritage, guides all our endeavours. It reminds us that as we build smart ports, modern ships, and digital infrastructure, we must also preserve and celebrate the ancient wisdom of our seas, our shipbuilders, and our sailors. India has a glorious maritime past that stretches back over 5,000 years, from the dockyards of the Indus Valley to the vibrant spice trade of the southern coast. In line with this philosophy, we are developing a world-class institution: the National Maritime Heritage Complex (NMHC) at Lothal, Gujarat." During his visit to the India Pavilion, The Crown Prince took a keen interest in India's recent economic performance and expressed admiration for the country's robust annual growth exceeding 8 per cent this year. The Crown Prince confirmed his upcoming visit to India later this year, accompanied by a high-level business delegation. As a gesture of goodwill, Union Minister Sarbananda Sonowal presented the Crown Prince with a commemorative plaque inspired by the Harappan civilisation. The Minister also extended an invitation to the Crown Prince to visit the upcoming NMHC and sought Norway's cooperation in the project's successful realisation. At the India Pavilion in the Nor-Shipping event, there are leading Indian maritime companies such as Cochin Shipyard Ltd (CSL), Garden Reach Shipbuilders & Engineers Ltd (GRSE), Goa Shipyard Ltd, Mandovi Dry Docks, and L&T Shipbuilding. They are accompanied by key MSME players in the maritime sector, including Chowgule & Company, Yeoman Marine Services, Shoft Shipyard, Marine Electricals, SEDS, SWAN Defence, Buoyancy Consultants, among others, showcasing the breadth and depth of India's maritime industry. Adding further, Sarbananda Sonowal said, "We see Norway not just as a maritime leader of the modern era, but as a natural and trusted partner in this journey. Your seafaring legacy, your pioneering spirit, from Viking longships to Arctic expeditions, is truly inspiring. India proposes a comprehensive partnership with Norway for the NMHC, encompassing three kinds of collaboration, Cultural collaboration, through exchange of maritime artefacts, archival material, and exhibitions that tell the story of global navigation and Indo-Nordic connections; Technological collaboration, drawing upon Norway's expertise in museum design, digital storytelling, sustainability, and heritage conservation; and Academic and institutional collaboration, with Norwegian museums and universities, to jointly promote research in marine archaeology, shipbuilding traditions, and conservation science. This is not merely a project, it is a living bridge between our civilisations, our innovations, and our visions for the future. I believe that with your partnership, India and Norway can together chart a new maritime horizon--one that is sustainable, inclusive, and inspired by heritage." During the Crown Prince's visit to the India Pavilion, Union Minister Sarbananda Sonowal also highlighted the special bilateral relationship that both countries enjoy with each other. India and Norway, as key maritime nations, share a robust and growing partnership. Norwegian shipowners have offices in India, with Indian seafarers making up 10% of their vessel crews. Indian shipyards, like Cochin Shipyard, have built several large Norwegian vessels, showcasing India's shipbuilding strength. The collaboration extends to the blue economy, with joint initiatives in marine spatial planning, pollution research, tsunami early warning systems, and deep-sea mining. The Joint Task Force on Blue Economy, established in 2019, continues to drive sustainable development and innovation in the maritime sector. Sarbananda Sonowal paid homage at the 'Minnehallen Memorial' in Stavern, Norway Union Minister Sarbananda Sonowal became the first Indian Minister to visit the 'Minnehallen Memorial' in Stavern, paying tribute to fallen sailors with solemn respect. Sonowal paid obeisance and remembered the 86 Indian seafarers who made the ultimate sacrifice during World War II. Speaking after the visit, Sarbananda Sonowal said, "It is an honour to visit the Minnehallen Memorial and pay tribute to the brave 94 Indian sailors who served with courage and sacrifice during World War II. Their legacy of dedication and commitment inspires us to strengthen maritime ties and uphold their spirit of resilience." During World War II, Indian seafarers formed the third largest foreign national group serving aboard Norwegian merchant ships. Most hailed from Punjab and Bengal, with a notable number of Christian sailors from Goa as well. At least 86 Indian seamen lost their lives in the line of duty. In honour of their sacrifice, the Norwegian government inscribed their names on copper plaques, which are now installed at the Minnehallen Memorial. The Seamen's Memorial Hall is Norway's official memorial in commemoration of the seafarers who perished during the First and Second World War. In the crypt of the memorial, 8000 names of deceased seafarers are engraved into copper plates.
