Over 60 Fishers neighborhoods have more single-family rental homes than permitted by an ordinance that took effect earlier this year.
But the neighborhoods may never end up coming into compliance as Fishers, as well as Carmel, will no longer be allowed to enforce its rental cap ordinance beginning Jan. 1, 2028, due to House Enrolled Act 1210.
The ordinance in Fishers, which has been preempted by state lawmakers, currently limits the number of rental homes to 10% per subdivision. If neighborhoods have more than the permitted amount, no new rentals can be approved in those areas. The rental cap ordinances took effect in both Fishers and Carmel earlier this year and are believed to be the first of their kind across the country.
Fishers Mayor Scott Fadness told IndyStar the city is going to continue with its rental cap ordinance for as long as legally possible with the hopes of demonstrating its effectiveness. The goal is to protect single-family homes from being purchased and turned into rentals by institutional investors, the mayor said.
To go along with its rental cap ordinance that took effect on Jan. 1, Fishers has published a map showing the distribution of single-family rental homes in its community. The map shows which subdivisions are currently over the 10% rental cap and where rental homes are distributed throughout the city.
Amy Nelson, of the Fair Housing Center of Central Indiana, told IndyStar that investors often target affordable neighborhoods and buy up as many homes as they can in those areas, where first-time buyers or people with low to moderate incomes may look to buy.
For additional reporting on how Fishers and Carmel are adjusting to the new law that bans their rental cap ordinances, click here.
Contact Jake Allen at jake.allen@indystar.com. Follow him on X, formerly Twitter, @Jake_Allen19.
This article originally appeared on Indianapolis Star: Map: Which Fishers neighborhoods have the most single-family rental homes
Reporting by Jake Allen, Indianapolis Star / Indianapolis Star
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