In the aftermath of the 21st Century ROAD to Housing Act: Lessons learned and future opportunities for BTR

There are few things more destabilizing for any industry than uncertainty.

When the BTR industry met at IMN’s Build-to-Rent Spring in March, the 21st Century ROAD to Housing Act was a central part of the conversation, with uncertainty around the proposed legislation creating questions for investors, developers and operators. As we explored in our earlier coverage, the potential impact of the legislation was becoming an important consideration for the sector.

By the time the industry reconvened at IMN’s Build-to-Rent Fall in Dallas this September, the conversation had shifted from “What might happen?” to “What comes next?”. The legislation has become law, bringing greater clarity to an issue that had been a significant focus for BTR throughout the year.

Two sessions explored that changing landscape. “In the aftermath of the 21st Century ROAD to Housing Act – Lessons learned and future opportunities for BTR”, led by Bernard Fulton, SVP for Legislative & Political Affairs at NMHC, followed by “Navigating the Post-ROAD Act landscape: Evolving BTR strategy,” a panel also moderated by Bernard.

Together, the sessions offered a snapshot of where the industry stands now; and where the conversation is heading next.

From uncertainty to a legislative outcome

Speaking at BTR Fall, Bernard looked back at the concerns that emerged as the ROAD to Housing Act was being developed, particularly around a provision in the Senate version that would have required large owners of BTR communities to sell their investments.

For an industry built around long-term ownership, the potential requirement raised questions about the durability of BTR as an asset class.

Bernard outlined how NMHC worked alongside other industry organizations and BTR companies to make the case to policymakers. The effort included support from 76 bipartisan members of the House calling for the provision to be removed.

The industry also took its case directly to policymakers. This included a tour of a BTR community in Commerce City, Colorado, for HUD Secretary Scott Turner and Congressman Gabe Evans, where industry representatives were able to demonstrate what BTR looks like on the ground.

Ultimately, the seven-year forced-disposition requirement was removed from the final legislation. The Senate passed the final reconciled bill 85 to 6, the House passed it 358 to 32, and it became law on July 11.

For BTR, that represented a significant change.

What changed for BTR?

With the forced-disposition requirement removed, Bernard described the policy risk that had been hanging over BTR underwriting as having meaningfully receded.

For the industry, that means greater certainty around long-term hold strategies and a different conversation with capital partners, lenders and boards.

Bernard also highlighted the broader significance of the outcome, describing the legislation as federal recognition of BTR as a distinct housing model.

The shift can be summed up simply:

• The uncertainty: A proposed seven-year forced-disposition requirement had raised concerns around long-term BTR ownership.
• The outcome: That requirement was removed from the final legislation.
• The impact: The federal disposal clock that had been part of the conversation is no longer there.
• The opportunity: The industry can now focus on what comes next rather than continuing to debate that particular provision.

But greater certainty does not mean the policy conversation is finished.

Instead, it has moved into a new phase.

The focus now turns to implementation

With ROAD now law, the conversation is shifting from what the legislation says to how it will work in practice. That means turning attention to the definitions, thresholds and compliance mechanics that will determine how the legislation is applied — an area Bernard highlighted as an important next step for the industry.

NMHC has already engaged with the Treasury Department on the rules and plans to remain involved as implementation moves forward, keeping the industry's operational realities part of the conversation.

For BTR, that marks a shift from following the legislation itself to understanding how the resulting framework will work on the ground. It may not carry the same headline appeal as a Congressional vote, but for developers, owners and investors, the details of implementation could be just as important as the legislation itself.

The conversation moves beyond federal policy

While the outcome of the ROAD legislation was central to Bernard’s session, he also made clear that the industry's policy priorities do not stop there.

The next areas of focus include:

• Implementation: Making sure the rules reflect the realities of BTR development and operations.
• Local zoning barriers: Continuing to address the local obstacles that can affect the ability to build communities.
• Financing access: Ensuring BTR has access to the financing needed to support development and growth.

These issues bring the conversation closer to the day-to-day realities of the sector.

For developers and operators, policy is ultimately experienced on the ground — through the ability to build, finance and operate communities.

That was an important theme running through the second session at BTR Fall, “Navigating the Post-ROAD Act landscape: Evolving BTR strategy.”

From legislation to strategy

Moderated by Bernard, the panel brought together John Isakson, CEO of Ark Homes For Rent; Zak Nyberg, VP of Consulting at John Burns Research and Consulting; Richard Ross, CEO of Quinn Residences; and Rachael Kish, Senior Vice President, Operations at Asset Living.

The panel continued the conversation around what the post-ROAD environment means for BTR strategy, building on the legislative context established in the opening session.

Together, the two sessions reflected a clear change in the industry's conversation.

The focus is no longer solely on whether the legislation will create a new challenge for BTR. Instead, the industry is considering how to operate within the framework that has emerged and where the next opportunities and challenges may sit.

An industry finding its voice

Another key theme from the panel session was the role that industry advocacy played in getting to this point.

The BTR community brought together developers, operators, investors and industry organizations around a common concern, while using data, research and real-world examples to make its case.

The Commerce City community tour was one example of that approach: putting policymakers directly in a BTR community and demonstrating the relationship between policy decisions and what gets built.

For Bernard, that experience provides a model for the industry's next challenges.

The message was clear: continued engagement will matter.

Whether the issue is implementation, local zoning or financing access, the industry will again need operators and developers willing to explain what policy means in the real world.

What comes next for BTR?

The discussions at BTR Fall 2026 reflected a meaningful shift in the industry's outlook. The seven-year forced-disposition requirement that had generated significant concern has been removed. The ROAD to Housing Act is now law, and the focus has moved toward implementation and the wider issues that continue to shape BTR. For the industry, that means a new set of questions:

1. How will the legislation be implemented?
2. How can local barriers to development be addressed?
3. What will financing access look like as the sector moves forward?
4. How can the BTR industry continue to demonstrate what this housing model delivers?

For an industry that spent much of the past year watching legislation closely, the change in conversation is notable.

The ROAD to Housing Act has reached a legislative conclusion. At BTR Fall, the conversation made it clear that for BTR, the next chapter is already underway.

One thing we know about BTR: the conversation is never really over. Join us in March for Build-to-Rent Spring 2027 as the industry comes back together to share ideas, challenge thinking and explore what comes next.