The National Apartment Association (NAA) is a leading voice for the rental housing industry, serving over 95,000 members and over 11.6 million apartment homes globally. MFE caught up with president and CEO Bob Pinnegar to discuss the association’s priorities for the coming year and its accomplishments for 2023.

What have been the key highlights for the NAA in 2023?

Advocacy was a top priority for the NAA in 2023, and it will continue to be top of mind in 2024.

With the Biden administration’s unprecedented Blueprint for a Renters Bill of Rights—and the subsequent federal agency actions that have been either discussed or proposed—amplifying the voice of rental housing providers has never been more important.

Over the past year, NAA members held more than 300 meetings with members of Congress—both through NAA’s At Home program and at Advocate, our annual advocacy conference—to promote sustainable and responsible housing policy solutions.

Last year, NAA also helped secure the reintroduction of three important and bipartisan pieces of legislation, all aimed to responsibly improve housing affordability long term and protect the nation’s rental housing infrastructure for future generations of renters.

In June, a record 11,600-plus industry professionals attended Apartmentalize, NAA’s annual conference and exposition, for opportunities to connect, engage, and network.

Over the past year, NAA’s expanded research offerings delivered insightful reports on where rent payments go, housing affordability, inflation, and more.

What are NAA’s priorities for 2024?

In the year ahead, NAA will continue to prioritize resources that assist members as they navigate the continued operational challenges fueled by economic volatility and regulatory hurdles.

On the advocacy front, NAA will prioritize securing passage of our three priority bills in Congress. If enacted, these pieces of legislation would revitalize the Section 8 Housing Choice Voucher program to help serve more American renters, reduce barriers to apartment development and boost critically needed supply over the years to come, and return a core element of landlord-tenant law back to the state and local level.

Additionally, NAA will continue to work alongside federal stakeholders to ensure that the voice of the rental housing industry is heard and valued in policy deliberations related to the White House Blueprint for a Renters Bill of Rights. As federal agencies explore potential rules to implement forms of federal rent control and restrict “hidden” or “falsely advertised” fees, NAA will continue to engage members from across the country to be certain that our perspective is heard and understood by policymakers.

What industry challenges are keeping you up at night, and how is NAA responding to those issues?

Undoubtedly, the skyrocketing costs seen over the past year continue to be a monumental challenge for owners and operators across the country—particularly with regard to insurance, interest rates, and property taxes.

In so many of the conversations I’ve had across the industry this past year, interest rates continue to be the largest challenge for rental housing providers. With many communities in the industry operating on variable interest rate loans that reset last year, it’s more than understandable that these rates are impacting owners just as much if not more than insurance costs.
What makes you hopeful about the coming year?

Despite the challenges the industry continues to face—from continued economic uncertainty to rising costs and increased regulatory activity at all levels of government—rental housing remains the bright spot of commercial real estate. Commercial real estate is cyclical, and the long-term fundamentals of the rental market will allow the sector to endure the temporary challenges of today. While margins will certainly be squeezed by ongoing challenges in the year ahead, I remain confident in the industry’s long-term trajectory.

What is your call to action or resolution for the apartment industry for the new year?

In the year ahead, my challenge to the rental housing industry is to get involved with advocacy. Now more than ever, the industry needs powerful voices and stories that help ensure lawmakers understand the important role of rental housing in our communities nationwide—as well as the industry’s fundamental operational realities.