FISHERS, IN - Fishers is poised to become the first city in Indiana to place restrictions on long-term rental properties, a move that has ignited strong opinions among residents and industry experts.
The proposed ordinance, supported by Mayor Scott Fadness, aims to cap the number of rental homes within each neighborhood at 10%.
“Any neighborhood can have more than 10% of its homes for rent,” Fadness explained.
“If they're already for rent today, let’s say there’s a neighborhood that has 22% that are for rent today. Those are all grandfathered in.”
The ordinance seeks to address rising concerns about the impact of rental properties on the community's housing market and quality of life. Fadness emphasized that the measure is intended to protect aspiring homeowners, particularly young families looking to establish roots in Fishers.
“That's really frustrating for, let’s say, a young family that wants to come move into Fishers, make this a part of their community.”
However, not everyone agrees with the mayor's assessment. Local realtor Steve Ladig, who manages multiple rental properties in the Fishers area, argues the ordinance will exacerbate housing shortages.
“If this law goes into effect, I and Wall Street and other real estate investors are going to be enriched because there’s going to be even more of a shortage of rental properties,” he said.
“Rental rates are going to skyrocket.”
In response to concerns about housing affordability, Ladig added, “If you live in a neighborhood that has a lot of rentals, your home is appreciated significantly more than the Fishers average.”
He fears that capping rentals will drive investors to higher-end neighborhoods, further inflating prices for residents.
Mayor Fadness remains optimistic about the housing market’s resilience in Fishers.
“We have a strong housing market here. Folks want to live in Fishers," Fadness explained.
"We have to make decisions and policies that put in place that ensure the vibrancy of our community well into the future."
The ordinance is expected to have its second reading this coming Monday, where it will be subject to a vote or may be delayed for further discussion. More information on the ordinance can be found on the city of Fishers' website.
