FISHERS — As housing prices remain high, more single-family homes are becoming rental properties — a trend that Fishers mayor Scott Fadness says his city is seeing as well.
According to a recent housing analysis that was presented to the Fishers City Council, an increasing number of out-of-town investors and national rental companies are managing rental units in fishers.
Nearly 30% of all rental units in the city are single-family homes, according to the analysis.
Fadness is concerned because he says out-of-state investors don't hold the same interest in the community as homeowners who live in the community.
"Oftentimes these people who own these homes from the east coast to the west coast don't care whether they are maintained or not. They just want people to pay their rent and then they will sell the asset at some point and not really take care of the home in the way that I think most residents would want to see who have invested right next to it," said Fadness.
Fadness said the city does still collect property tax revenue from rental properties, and sometimes more than homeowners. However, he doesn’t think adding more rental properties is healthy for the average Fishers resident.
"There is obviously always a quicker way and easier way to make a dollar,” said Fadness. “That doesn't mean it's always necessarily in the best interest of the residents of today or the residents of tomorrow. So we need to be longer-term thinkers and strategic thinkers and that's really our approach and our issue with this trend. “
Fadness said the first course of action is to work with homeowners associations to limit the number of rental properties that are allowed in neighborhoods and subdivisions.
He hopes this will curb the number of out-of-state investors renting local properties.
-
Spring gardening tips from experts at IU Bloomington
Besides knowing how to keep IU Bloomington looking beautiful, Johnson also knows how to help people with their gardens at home.
Oaklee Snow's mother takes plea, will testify against boyfriend in child's death
The mother of 2-year-old Oaklee Snow, accepted a plea deal regarding her daughter's death, agreeing to testify against co-defendant Roan Waters.
RISE Indy seeks next cohort for "Circle City Leaders" program
RISE Indy, an education advocacy organization, is now accepting applications for its next round of participants in the "Circle City Leaders" (CCL) program.
Armed suspect jumps into pond during ISP pursuit in Indianapolis
A traffic stop by Indiana State Police on Thursday led to a foot pursuit of an armed suspect, who jumped into a pond to evade capture.
