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Fishers explores 10% long-term rental cap and permit system; Carmel HOAs weigh possible spillover
Summary
Kelly Elmore briefed Carmel HOA leaders on a proposed Fishers ordinance that would require rental registration and limit long-term rentals to 10% of units per subdivision; she said the measure includes grandfathering, a Jan. 1, 2026 effective date if enacted, and that HOAs with stricter rules would remain unaffected.
Kelly Elmore, principal and shareholder at KSN Law, told CNAN attendees that the Fishers City Council introduced an ordinance (referred to in meeting materials as Ordinance 022425a) creating a rental registration and permitting program capped at 10% of units per subdivision.
Elmore said the proposal grew from a 2022 Fishers housing study and from local concerns about corporate investors buying blocks of homes. The ordinance would require owners or managers to apply for a permit and includes grandfathering for existing rentals; Elmore said the city has described broad support for the effort and scheduled a next reading on April 21 with possible final action in late April or May if rules are suspended.
Elmore described the intended goals as preserving housing affordability, maintaining neighborhood stability and protecting long-term housing opportunities. She also said that the ordinance would not override stricter HOA rules: "If you are an HOA that had already implemented maybe a a 0 rental policy, there is a complete ban. You can continue to have that restriction," Elmore said.
Attendees raised practical questions: how the city would identify rented properties, whether management companies would share lists, and whether the municipality could require lease copies. Elmore said Fishers plans to use title-record crosschecks and a registry program to identify likely rentals, but she cautioned that compiling an accurate inventory would be time-consuming and might depend on voluntary reporting or permit applications when the ordinance takes effect.
Boards at the meeting reported a range of private restrictions in Carmel neighborhoods—owner-occupancy periods, small caps or complete bans—and several attendees urged CNAN to compile voluntary reporting to assist municipal outreach.
Ending: Elmore offered to help CNAN provide information to members and said her firm published a blog post and a handout with links and process details. She recommended HOAs review governing documents and consider owner-occupancy or leasing-amendment provisions if they seek to limit corporate rentals.
