Advocacy highlights 

As we reflect on the year, 2024’s property management real estate market was a testament to both resilience and evolution. With interest rates hovering at elevated levels, many anticipated a slowdown, yet the market proved more dynamic than expected. From the continued demand for rental properties to the challenges of vacant office space, the year revealed a shifting landscape. In addition, technology and sustainability became central themes, shaping how properties are bought, sold, and designed. In 2024, we saw markets in flux, but new opportunities also emerged. 

Let’s take a closer look at the key trends and milestones that defined property management in 2024, the initiatives the IREM team undertook to support the industry, and finally, look ahead to the initiatives and resources IREM will provide members in 2025.  

Federal Issues 

IREM testifies before House Financial Services Committee

Ralph Amicucci, CPM^®, Esq., and IREM Instructor, testified before the House Financial Services Committee, Subcommittee on Housing and Insurance on Feb. 22, addressing “Restoring Prosperity in American Communities: Examining the Failures of Status Quo Housing Policy.”

Elements of Amicucci’s testimony addressed how hard-working Americans are unable to rent or buy homes due to increased housing costs. He also stated how the rising costs are driven by a lack of supply created by barriers to development and burdensome laws currently in existence. The laws make it extremely challenging—if not impossible—to build housing at almost any price point, particularly a price affordable to low- and middle-class families.

Bipartisan real estate caucus formed in Congress  

In early May, four congresspeople launched a bipartisan Real Estate Caucus to address the lack of housing affordability and inventory nationwide. All the founding members of the caucus have real estate experience and include Reps. Mark Alford (R-Mo.), J. Luis Correa (D-Calif.), Tracey Mann (R-Kan.), and Brittany Pettersen (D-Colo.).  

The caucus will help develop policies to increase the nation’s housing supply and provide more homeownership and rental housing opportunities to more Americans. 

IREM and other trade organizations, including the National Association of REALTORS^® (NAR), agree that forming this caucus will help highlight important issues in the industry, such as housing supply and accessibility.

President Biden’s rent control proposal

In July, the Biden Administration announced a proposal to cap annual rent increases at 5% per year for the next two years or risk losing current valuable federal tax breaks. The proposal would have applied to landlords who own more than 50 units. 

IREM^® issued a statement in response to the proposal asserting its opposition to federal rent controls and will remain committed to advocating for strategies to increase housing supply. IREM signed a coalition letter with 19 other housing organizations requesting the Administration to reject rent control and instead increase subsidies for those in need and work with housing providers on proven solutions—such as those outlined in the administration’s Housing Supply Action Plan—to expand the supply of needed affordable housing.

In addition, IREM created a Call to Action so members could contact their federal lawmakers and ask them to oppose this proposal as it would negatively affect the property management industry. 

IREM^® hosts successful congressional briefing

In September, the IREM Government Affairs team traveled to Washington, D.C., for the organization’s annual congressional briefing. Legislative staff from 60 different congressional offices attended the briefing, which focused on educating attendees on important pieces of federal legislation.

IREM members Shira Ali, CPM^®, ARM^®, CPC, RAM, and Jae A. Roe, CPM^®, ACoM^®, provided an overview of residential and commercial property management and presented on several issues, including the Choice in Affordable Housing Act, the Respect State Housing Laws Act, and the Revitalizing Downtowns and Main Streets Act.

IREM delegates met with several legislative offices, including Rep. Mann. IREM will continue to advocate at the federal level and champion legislation that furthers the profession.

Read more and view pictures from the Congressional briefing.

State issues 

Rent control was a pervasive legislative issue in 2024, getting introduced in several states, and the measure was on the ballot in many key races. ​ 

Rent control was on the ballot again in California. If approved, Proposition 33 would have repealed the Costa-Hawkins Rental Housing Act, which bans localities from capping rent on vacant units, single-family homes, and apartments built after Feb. 1, 1995. Proposition 33 failed, with 62% of voters opposing the ballot measure. 

Twenty-four states introduced rent regulations in 2024, and it is likely that legislators in states like Washington and Colorado, among others, plan to introduce rent regulations for the 2025 legislative session. Moreover, it is anticipated that state action on rent regulations—as well as tenant protections and background checks—will increase in 2025. 

Ongoing IREM initiatives & resources

Advocacy initiatives and resources 

During the past year, the IREM Government Affairs team has been busy advocating for our industry’s interests. Although the following does not capture all the initiatives the team has been conducting, it provides a brief overview of the actions achieved.  

• Calls to action. Using VoterVoice, an electronic grassroots advocacy platform, users can easily connect with their federal or state representatives to support or oppose a legislative proposal. With a few clicks, ready-made messages go directly to their representatives. Members can view our Call to Action Demonstration Video.  
• Coalition letters. IREM has signed onto several coalition letters with our housing organization partners, which include NAR, NAA, NMHC, and BOMA, to amplify our voices and utilize our strength in numbers. IREM frequently signs onto letters to Congress and other agencies advocating for issues important to real estate management.
• Podcasts and webinars. We frequently conduct live webinars and podcasts on public policy issues that are engaging, relevant, and informative. This content is recorded and available on demand as an exclusive ongoing member resource. 
• Quarterly legislative contact meetings. IREM’s Government Affairs Department hosts virtual Advocacy Updates each quarter. During the meeting, legislative contacts discuss upcoming IREM initiatives, as well as federal and state legislative updates. The meeting also provides an opportunity for legislative contacts to network and discuss issues occurring in their state.   
• Policy priorities and statements. Our priorities are identified by surveying IREM national and chapter leaders. Policy statements originate with the Advocacy Committee and are updated as necessary. IREM and our members use these statements for guidance on legislative and regulatory issues. 
• Government affairs digest. Our monthly e-newsletter is distributed to national/chapter leaders and subscribers. Our objective is to inform IREM members of Government Affairs activities and update them on current legislative and regulatory issues, including flood insurance, rent control, and much more.
• Tracking legislation. IREM closely monitors proposed legislation and regulations at both the state and federal levels.