On July 16, 2024, the Biden Administration announced a proposal to cap annual rent increases at 5% for housing providers with 50 or more units. Despite Biden's announcement five days later that he would not be seeking re-election, the proposal is expected to be a central issue in the upcoming election cycle.

 

While rent control policies may offer short-term relief to some, they disrupt long-term market stability and investment and harm the housing industry for all. Capping rent increases can stifle the supply of rental housing and deter new investment, exacerbating existing housing shortages. Furthermore, these policies can impair housing providers’ ability to maintain their properties, leading to a decline in housing and neighborhood quality.

The National Apartment Association is accepting applications for 2025 committee seats until September 1, 2024. NAA committees are established to assist in the governance of NAA. They represent, involve and serve members while providing a framework for educating future leaders of the association. They promote member participation in problem-solving and provide a forum for the many interests within the association, utilizing the experience, knowledge and skills of our members. Each committee focuses on a single area, discusses relevant issues and may present action items to the Board of Directors. 

Ramit Sethi, millionaire and host of Netflix's "How to Get Rich," argues that renting is often unfairly criticized as "wasting money" when, in reality, it offers flexibility and avoids the hidden costs associated with homeownership. Sethi highlights that these "phantom costs," such as interest, taxes and maintenance, can diminish the financial benefits of owning a home. He advises potential homebuyers to carefully weigh these costs and consider alternative investments before committing to property ownership, emphasizing that renting can sometimes be a more profitable and practical choice.

The Virginia Apartment Management Association invites passionate individuals to apply for the Sandra Winfrey Advocacy Scholarship. Thanks to a generous donation from the Winfrey family, this scholarship aims to empower the next generation of apartment industry advocates by offering expense-free attendance at three advocacy-related events in 2025: VAMA's Lobby Day, NAA's Advocate Conference, and the Virginia Governor's Housing Conference. 

The City of Norfolk sold the empty Greyhound bus station at the edge of the Neon Disctrict to The Breeden Company, who plans to redevelop the property into a 220-unit mixed use community called "Houndstooth." Many details are still being worked out, but initial plans call for "home-work" apartments and the retention of as much of the original Greyhound building as possible. 

Amended plans by the university include two 6-story buildings with up to 200 units at Brook and Overbrook roads, preserving part of the Richmond Community Hospital building, and adding 100 units to a mixed-use development already underway at at Brook and Lombardy Streets. Both projects are expected to be complete by the end of 2025. Units will be available to students and the general public alike, and will be a mix of market-rate and income-restricted. 

With nearly half of Virginia Beach renters spending 30% of their income on housing costs, there is a greater need now, more so than ever, for affordable rental housing. City officials, in an effort to cut development costs, like land purchases, has asked local churches and nonprofits if they would be interested in building affordable housing on land they own. They are currently running an interest form, and will evaluate any submitted properties to see if building housing would be feasible. 

Marlyn Development Corp has proposed a senior living community at the site of the 5-story Beach Tower off Pacific Avenue. The building would be razed, and a new, 10-story tower would be built, which would inclue 85 apartments reserved for independently-living seniors aged 62 and older. Plans also include constructing an assisted living and memory care building, as well as an amenities building, with two sky bridges connecting them to the main tower.