Not exactly. As more states have legalized weed, it’s not giving real estate values the same sort of high they received a decade ago when homebuyers were moving to states like Colorado eager to start cannabis businesses and legally toke up. But it doesn’t appear to be hurting home values either, according to a recent report from the National Association of Realtors®.
And as more states are legalizing marijuana for recreational and medical use, landlords appear to be loosening up restrictions, allowing more renters to grow—and in some cases, smoke—it in their apartments.
The report is based on a survey of about 3,300 real estate agents that was sent out in March. There were 21 states and Washington, DC, where marijuana is legal for both medical and recreational use in March. Sixteen states have legalized marijuana solely for medical use.
About 27% of Realtors in states where both medical and recreational marijuana have been legal for more than five years have seen lease addendums restricting growing cannabis. That’s down from 44% in 2021, the last time the survey was conducted.
However, in the same states, many property managers are buzzkills. About two-thirds have seen lease addendums restricting smoking on properties, although that’s down from 76% two years ago. For states that legalized marijuana within the past five years, 56% saw smoking addendums, down…
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