While often well-intentioned, industry regulations come with a costly price tag for both renters and rental housing providers alike. New research from MetroSight reveals that overregulation can negatively impact rental housing affordability by increasing operating costs, discouraging new construction, increasing the cost of housing and limiting its accessibility and availability for Americans.
Earlier this year, the National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC) took action and sent a letter to the White House requesting a thorough review of 32 federal programs, rules and regulations at 10 different agencies – the ultimate goal: to increase housing supply, lower costs and improve housing affordability.
“NAA members have made it clear: less regulation opens the door to providing more housing,” said NAA President & CEO Bob Pinnegar. “Reviewing these federal compliance burdens would be a solid first step towards allowing the private sector to build and operate without the financial and administrative costs of overregulation.”
Regulatory Victories
Since January, NAA – alongside real estate industry coalition partners – has secured critical wins for the rental housing industry. As always, bolstering housing affordability and lowering costs remain the focus of NAA’s advocacy. Key wins, as of April 23, 2025, include:
- ENERGY STAR Saved: The U.S. Environmental Protection Agency (EPA) suspended plans to discontinue the ENERGY STAR program.
- HUD Changes Mortgage Insurance Premiums (MIPs): The U.S. Department of Housing and Urban Development (HUD) announced a plan to reduce mortgage insurance premiums (MIPs) to 0.25 percent for new multifamily loan originations and multifamily refinancing programs through the Federal Housing Administration (FHA). This notice further eliminates the MIP categories established in 2016, which are misaligned with the presidential memoranda and have become economically obsolete. The revised MIP became effective for any FHA multifamily mortgage insurance applications submitted or amended on or after October 1, 2025, so long as the loan has not been initially endorsed.
- HUD Delays Code Adoption: HUD delayed its final determination for new multifamily construction and rehabilitation projects financed by the agency to adopt certain model building codes that are not required in the vast majority of states nationwide as minimum energy standards.
- FHFA Rescinds Duplicative Landlord-Tenant Requirements: The Federal Housing Finance Agency (FHFA) rescinded its directive imposing three new federally-mandated landlord-tenant requirements on covered multifamily housing financed through Fannie Mae and Freddie Mac (the Enterprises), which would have required changes to millions of leases. Deeper Dive.
- Momentum for Housing on Federal Lands: In March, U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner and U.S. Department of the Interior (DOI) Secretary Doug Burgum announced the Joint Task Force on Federal Land for Housing. The Task Force aims to find federal land vacancies that can be used for new affordable housing units, assisting with land transfer operations, streamlining regulations and increasing awareness for the urgent need for more housing. Read more.
- HUD Rescinds Two Rules: HUD terminated the Affirmatively Furthering Fair Housing Rule. In December, under the Biden Administration, the Agency also rescinded a proposed rule on criminal screening. Under the Trump Administration, the Agency has removed many guidance documents and notices related to rental housing. NAA continues to monitor closely for rulemakings to be formally withdrawn and removed from the Federal Register.
- BOI Scope Dramatically Limited: The Beneficial Ownership Information (BOI) pause on reporting enforcement for U.S. companies has been made permanent with FinCEN’s issuance of an interim final rule taking effect on March 26, 2025. The interim final rule dramatically reduces the rule’s scope of what BOI is subject to disclosure.
- Revisiting “Waters of the United States:” The EPA announced that it will work with the U.S. Army Corps of Engineers (Army Corps) to review the definition of “Waters of the United States” (WOTUS) to align it with the Supreme Court’s finding in Sackett v. Environmental Protection Agency. An appropriately scoped revision to the WOTUS definition would provide much-needed clarity and regulatory relief for developers across the country as they work to meet the nation’s rental housing needs. Read more.
- FCC Withdraws Bulk Billing Ban: Federal Communications Commission (FCC) Chair Brendan Carr withdrew a Biden-era proposal from circulation that would have banned broadband bulk billing arrangements between property owners and internet service providers, including jeopardizing existing contracts. The Commission’s move ensures that residents can continue to benefit from economies of scale, decreased costs and increased access to high-quality internet services in rental communities. Deeper Dive.
- Efficiency Standards Postponed: The U.S. Department of Energy (DOE) announced actions to postpone mandated efficiency standards for home appliances, including air conditioners, washers and dryers and water heaters. Read more.
- Energy Conservation Standards Delayed: DOE rescinded a new, final rule that would have changed the energy conservation standards for gas-fired instantaneous water heaters. Read more.
- HOME Investment Partnerships Program Delayed: HUD has further delayed its HOME Investment Partnerships Program: Updates & Streamlining Final Rule, which imposed ten new federally-mandated landlord-tenant requirements for covered housing. Leases would have to include the HOME tenancy addendum, which lays out new rights and responsibilities, such as significant "good cause" limitations on terminations of tenancy, anti-retaliation protections and the right to organize for tenants in covered housing. The tenancy addendum allows tenants to organize, create tenant associations, convene meetings, distribute literature, and post information. The new effective date is April 30, 2026. Read more.
- FTC Removes Confusing Blog Guidance: The Federal Trade Commission (FTC) removed 300 blog postings from its website, including business guidance by blog which made it difficult for the rental housing industry to understand changes to their federal compliance responsibilities. Blog entries, such as “Price fixing by algorithm is still price fixing” and “Becoming a gold star property manager: Lessons from the FTC’s case against Greystar,” circumvent the established rulemaking process under the Administrative Procedure Act and do not allow the public to comment as FTC imposed new standards. Using its blog, the FTC has reinterpreted or expanded its authority under existing laws.
Under the Biden Administration, the FTC also notably excluded the rental housing industry from a final rule on so-called “junk fees.” Read more.
What’s Next
NAA is grateful for the Trump Administration's attention to these regulatory challenges. Without their swift action, federal overregulation of the rental housing industry would continue to impact the cost and availability of affordable housing for millions of Americans.
NAA continues to advocate against policies that exacerbate longstanding affordability challenges and instead for real housing policy solutions.
To learn more about NAA’s federal regulatory advocacy, contact publicpolicy@naahq.org.