Agenda - Council - 12/14/2010 - Laserfiche WebLink

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Tenure As of 2010, there were approximately 493 rental units within Ramsey, or about 6 %of the total number of housing units, 8,152. In 2003, the City enacted a rental licensing requirement to ensure the quality of rental units and improve the ability of the City to track rental housing. This program tracks known units of rental housing within the City and conducts inspections every two years as a part of the licensure process. Of the 493 units, approximately one - quarter are located within apartment -style buildings. The remaining units are dispersed throughout townhome and single - family developments within the city. In 2010, the City chose to track rentals within the communities using Anoka County's tax data for those developed parcels listed as non - homestead, rather than continuing the City's existing rental licensing program. Comparing the owner /renter mix of housing with other communities using 2000 census data, Ramsey's housing is primarily owner- occupied (97 %) with very few rental units. This is a substantially higher percentage than Anoka County which has 83% owner occupied units and 17% rental housing overall. Ramsey has a smaller percentage of rental housing than all except seven incorporated cities in the metropolitan area, according to the 2000 Census. However, many cities in the northwest metro have similar ownership -to- rental ratios. Andover, Lino Lakes, and Ham Lake have very little rental housing but compared to other similar cities, Ramsey has the smallest percentage of rental units. Currently, a 63 unit apartment building is being constructed called Terrace Hill. In the past several years there has been an increase in developer interest for sites to construct apartments and this trend is likely to continue particularly with the downturn in the housing market for ownership units. With only 6% of the total housing stock as rental, Ramsey is a strong market for new apartment living. Figure 3: Owner /Renter Mix in Surrounding Communities 96% 83 % 71% 1 4% Source: 2000 Census Why is Rental Housing Important? Owner /Renter Mix • Owner Ocru_Ipiecl 9t Renter Occupied 89% 91% 97% 75% 80% 56% 1 44% 5% 0% 1 �% 3 % 92% 78% 1 2% 74% o va , ec o va .c•-s` `b" pae yep es' Q ee 'A- Z e. 'V 'F^ q � � � a o �� ( ��a Lodz' ti� �i Sa m mo o , y a o tee.. L o C � 1 65 Adequate opportunities for safe, decent and affordable rental housing are a key component of a balanced housing supply. There are many reasons why an individual and /or family choose to rent rather than own. Those choices may be short term due to financial issues (unable to afford a mortgage, need to save for a down payment, clear up credit issues), family issues (divorce, separation, job relocation) or social issues (disability, in- between home ownership, not secure in job, unsure on location preference). Also, many people choose a life of renting rather than owning due to income, transitional careers, traveling and aging. For all these reasons, a community should consider the benefits of providing a wide range of living choices which includes rental housing.