This week the Biden Administration released The White House Blueprint for a Renters Bill of Rights, acting on a promise to ease the burden of housing costs, and encourage more affordable home ownership for Americans.
The 19 page document, prepared by the Domestic Policy Council and National Economic Council, outlines five principles intended to support federal policy change which promotes fairness in multifamily and rental housing in the United States.
The five principles include the need for renters to have access to:
Safe, quality, accessible, and affordable housing
Clear and fair leases
Education, enforcement, and enhancement of rights
The right to organize
Eviction prevention, diversion, and relief
So what does this mean for the multifamily industry?
According to a press release published Wednesday, the National Apartment Association (NAA) has been in contact with the White House for months in regards to the Renters Bill of Rights, and according to the release, advocated to help “avert an executive order advanced by renters advocates and members of congress, which would have imposed immediate policy changes.”
The blueprint emphasizes the need to curb “egregious” rent increases, provide legal options for residents facing eviction, expanding the Fair Housing Act, and pushes for more transparency from property owners and managers.
As it stands, the Renters Bill of Rights does not constitute US government policy, and is merely a blueprint outlining potential action and principles should government agencies decide to act on them.
NAA said it remains steadfast in its opposition to expanding federal involvement in the landlord/tenant relationship, and will continue to collaborate with the White House and other federal agencies to explore housing policy changes.
Bob Pinnegar, NAA president and CEO said, “Complex housing policy is a state and local issue and the best solutions utilize carrots over sticks.”
The blueprint was developed as a part of a six-month research process which included input from tenants, housing providers, legal associates, and advocates.
“These principles will, where possible, guide future federal policies and programs, and updates to rulemaking, guidance, and notices governing existing policies and programs,” the blueprint reads.
Action items outlined in the blueprint will likely not affect any non-enterprise-backed multifamily rental properties until federal, state, or local policies are enacted. However, it is important to be aware of the priorities regarding tenant rights and principles as outlined by the Renters Bill of Rights.
Here is a brief overview of the blueprint’s five core principles, including some quick statistics on the national rental housing market, and new administrative action that could impact the purchase of multifamily portfolios and operation.
If passed, would the Renters Bill of Rights change the way your property operates?
What are your thoughts on tenants rights to organize?
Please leave your thoughts in the comments!