FISHERS — If you're looking to buy a home, you will likely compete with investment companies in addition to regular people. Fishers could soon level the playing field and restrain how many homes companies can own.
A proposal introduced in Fishers City Council on Monday would require all home rental companies to register with the city and limit them to owning 10 percent of homes in any subdivision.
"The cap is new for Indiana," said Fishers chief of staff Jordin Alexander. "We saw a lot of where some of these larger companies come in with cash offers much larger than the asking price."
Alexander said the city would also enforce existing homeowner's association's rental and ownership caps if they are lower than 10 percent.
The infiltration of out-of-state investors into Fishers' housing market has concerned Mayor Scott Fadness for years now.
"They just want people to pay their rents, sell the asset at some point, and not really take care of the home," Fadness said in March 2022.
The rental cap proposal took more than a year of planning and legal research to develop, according to the city. Alexander said it could take effect in January 2026 if it moves along as scheduled.
The next steps include a second reading of the proposed ordinance and a public hearing about the proposal.
Alexander believes the rental registration and cap not only would open up Fishers' housing market for local homebuyers but also be able to easily track down out-of-state investment companies if their property violates any laws.
"We're trying to contact companies in Arizona or out east, that makes it really difficult and possibly a safety concern," Alexander said.
Fishers now has more than 100,000 residents and is Indiana's 6th-most populous city. Alexander hopes the changes can keep Fishers growing.
"It is still a struggle to buy, as you know," Alexander said. "The demand is still high to live here, so we do want to preserve those opportunities."
