Fishers restricts rental properties to 10 percent in each subdivision

By DANIELLE ZULKOSKY
WISH-TV | wishtv.com

The Fishers Council on Monday passed a new ordinance limiting rental properties to 10 percent in each subdivision.

This new ordinance had split support in the meeting.

The council allowed people to speak for 30 minutes. Comments were nearly tied with only one more person speaking in support than those against.

It was a fairly brief discussion by councilors before the unanimous vote in favor.

The ordinance would grandfather in rental homes in areas that are already above the 10 percent cap. No new permits will be granted until that subdivision gets under the 10 percent limit.

Jennifer Rice said she was in favorite of the ordinance.

“We’ve seen over the last few years lots of large corporate rental companies comes to Fishers and all of Hamilton County and scoop up homes with cash which is not allowing first time home buyers, for example, to purchase homes,” Rice said.

Steve Ladig, managing broker at Ladig Realty, is against this ordinance. He said concerns range from this ordinance reducing average home prices to it creating a lack of necessary rentals in the city.

“It definitely restricts property rights of its citizens. Also what you’re doing is reducing the demand for properties,” Ladig said. “Carving out an pool of buyers, investors won’t be able to buy homes which is going to reduce home values. Also, you’re going to limit the number of rentals. That’s going to cause rentals in our area to sky rocket.”

Many are also concerned this will face legal challenges and tax payers will foot the bill.

It is set to go into effect next year.

This ordinance could face another hurdle from the Statehouse.

While not passed as of Monday, House Bill 1389 would ban local entities from enacting these types of rental limiting ordinances.

This story was originally published by WISH-TV at wishtv.com/news/local-news/fishers-ordinance-restricts-rentals.

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Zimmerman: due process & transparency prevailed

Following Monday night’s Fishers City Council meeting, during which the 10 percent cap on rental properties in each subdivision was passed, The Reporter spoke to Council Member Todd Zimmerman about the ordinance, which passed unanimously.

For those who are interested and were unable to attend the meeting in person, you can see it in its entirety on YouTube. Comments from council members following public comments, but before the vote, begin at the one-hour mark.

The ordinance is available at this link.

“The only resistance that we saw was MIBOR and real estate agents themselves – and maybe a constituent or two,” Zimmerman told The Reporter.

According to Zimmerman, of the hundreds of emails and other communications he received from constituents and other people, he estimated 80 percent were in favor of the ordinance.

“People were saying, ‘I don’t believe this. Tell me what’s going on,” Zimmerman said. “I just sent them the information. Here’s the facts, good or bad. You may agree or disagree, but here are the facts. And, you know, the response was just overwhelming.”

Zimmerman said he voted in favor of it because that is what the majority of his constituents who reached out said they wanted.

“I believe we should give due process to everything,” Zimmerman said. “Give opportunity for everybody to process the information, collect their data, speak their mind, and go through an entire process like that. I don’t want things dropped on people the last minute. Just be very transparent and then see the chips fall where they may and what the public really wants. I think that they want to stop what the trends are in the United States of America. It’s not just Fishers.”

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Ditlevson: new ordinance preserves homeownership & neighborhood stability

By TIFFANIE DITLEVSON
Fishers City Councilor & Realtor

As a Fishers City Councilor and a passionate advocate for our city’s continued prosperity, safety, and strong sense of community, I believe homeownership is the cornerstone of neighborhood stability. It cultivates pride, fosters long-term investment, and strengthens the very fabric of our community.

That’s why I stand in full support of the city’s proposed rental cap and landlord registry – two proactive initiatives designed to strike a thoughtful balance between protecting homeowners and promoting responsible rental practices while providing caveats for homeowners who have life situations that may escalate the need to rent their homes to prevent undue hardships.

The rental cap proposal would limit the number of homes in designated neighborhoods that can be owned by investors and used as rental properties – capping that figure at 10 percent. Over the past several years, we’ve witnessed a growing trend of outside investors purchasing homes – not as places to live, but as rental income sources, often at rates that price out local buyers. This not only affects housing affordability but also alters the character and stability of our neighborhoods. While responsible rental housing has an important place in our city, we must ensure that homeownership remains attainable and that our neighborhoods are not overtaken by absentee ownership and transient tenancy.

Equally important is the proposed landlord registry. This measure would require landlords to register their rental properties with the city, fostering accountability and helping maintain a high standard of property upkeep. Good landlords – those who invest in their properties and treat tenants with respect – will experience no hardship. But this registry ensures that those who neglect their responsibilities will be held accountable.

As a Realtor, I’ve worked closely with clients who have been unable to purchase homes in Fishers, particularly at entry-level price points under $350,000. These homes are often targeted by investors seeking to maximize cash flow, making it even harder for local families to compete. In February, for example, I worked with two first-time homebuyers – both school teachers – who were eager to settle in Fishers. Unfortunately, they were priced out of the market. Ultimately, we found them a charming home on the west side of Indianapolis. They were grateful to become homeowners but deeply disappointed to leave Fishers.

At its heart, this effort is about preserving the integrity of our neighborhoods and the promise of our city. Fishers is a vibrant, welcoming place – a true collection of neighborhoods we are proud to call home. I never imagined I would one day live in one of the best cities in America, and as a public servant, I feel a deep responsibility to protect what makes our community so special – not just for today, but for generations to come.