PDF Marijuana and Real Estate: A Budding Issue
Marijuana and Real Estate: A Budding Issue
November 2018
National Association of REALTORS? Research Group
Residential Real Estate
Residential Real Estate Trends
and growing in home or common areas.
NAR surveyed its membership regarding their interaction with marijuana and the real estate sector in states where
Six percent report that homeowner associations did allow growing or smoking in home or common areas.
marijuana is legal. This report is a
Selling a Grow House
summary of the findings. One percent of Approximately three-quarters of members
members were marijuana specialists in
in states where marijuana is legal had
residential real estate. As marijuana
never tried selling a grow house. One in
intersects with real estate, the demand for twenty of these residential members had
both residential and commercial
sold a grow house in the past. Among
properties is a growing market. Currently, residential members who have sold a grow
only one to two percent of residential
house, 27 percent in states where medical
respondents where marijuana is legal for marijuana is legal had a difficult time selling
medical or for medical and recreational a grow house. Thirty-three percent of
use were aware of their MLS containing a members in states where both medical
specific marijuana field.
and recreational marijuana is legal had
The highest share of respondents
difficulty selling a grow house.
reported they currently have residential Among members who had sold a grow
inventory available in their market. Between 11 and 15 percent of respondents in states where marijuana is
house, seven in 10 did disclose the house was used as a grow house. Among those who sold a grow house in the past, nine in
legal to some extent believe inventory was 10 had no title issues selling the grow
tight for multiple reasons, including all-cash house.
purchases from the marijuana industry.
More than three-quarters of members Three percent of members who had sold a
have not seen a change in residential
grow house in states where medical
property values near dispensaries. One- marijuana is legal and one percent where
tenth have seen an increase and 12 to 14 medical and prescription use is legal used a
percent have seen a decrease in residential specialized company for the title. Five
property values near dispensaries.
percent of members who had sold a grow
house in states where medical marijuana is
Approximately two-thirds of respondents legal and one percent where medical and
said that homeowner associations often prescription use is legal were not able to
have rules and restrictions against smoking find a title company for the home sale.
NAR 2018 ? Marijuana and Real Estate: A Budding Issue
Residential Real Estate
Property Management
would take cash for rent, and about one-
About one-third of members had seen fifth of those where marijuana is legal for addendums added to leases which restrict both prescription and recreational use growing or smoking on properties. Forty- would take cash for rent.
three percent of members in states where
medical marijuana is legal and 36 percent
of members in states where both medical
and recreation marijuana is legal had no
issues leasing a property after the growth
or use of marijuana in a property. The
most common issue was the smell, which
nearly one in five members had
encountered. Moisture issues were more
common in areas where only prescription
use is legal.
Some states allow growing on personal property. When a tenant is allowed to grow marijuana in their rental property, it was most common for the tenant to pay the utility costs. When tenants were allowed to grow marijuana in their rental units, nine percent of those in states with legal medical marijuana said self-contained machine/boxes were required.This was also the case among six percent of those in states where both medical and recreational marijuana is legal.
As marijuana is an all-cash business, earnings from those in the business were cash proceeds. About one-quarter of landlords were unwilling to take cash for rent. About one-quarter of those in states where prescription marijuana is legal
NAR 2018 ? Marijuana and Real Estate: A Budding Issue
Residential Real Estate
NAR 2018 ? Marijuana and Real Estate: A Budding Issue
MLS Contains Marijuana Fields
As marijuana in real estate is a growing market, currently only one to two percent of residential respondents were aware of their MLS containing a specific marijuana field.
MLS Contains Marijuana Fields
DOES NOT CONTAIN MLS FIELD
73% 61%
DON'T KNOW
26% 37%
1% DOES CONTAIN MLS FIELD
2%
0%
20%
40%
60%
80%
Only Prescription is Legal
Both Recreational & Prescription Are Legal
NAR 2018 ? Marijuana and Real Estate: A Budding Issue
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