Agenda - Council - 08/27/2019 - Laserfiche WebLink

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RENTAL MARKET ANALYSIS Licensed Rental Ordinance The City of Ramsey has an ordinance that requires the licensing of all rental properties in the community. The ordinance is designed to ensure all rental properties meet local building and fire safety codes. The rental ordinance requires that all landlords or owners register all rental housing units (from single-family homes to traditional multifamily apartment buildings) and ap- ply for a rental dwelling license. The city issues a new license every year and will automatically renew a license for up to two years after the initial issue date providing there are no confirmed violations of the city code. On the fourth year, a full license renewal must take place. In addi- tion, initial inspection and periodic inspections will occur in order to ensure code requirements are met. Rental Housing Comparison Table R-6 include select affordable and market rate properties in neighboring communities. These properties were selected based on proximity to Ramsey and mainly includes newer prop- erties. Table R-7 provides a breakdown of unit types and rents among all general -occupancy housing developments identified in Table R-6. • Select properties were surveyed from Anoka, Champlin, Coon Rapids, and Elk River. Among surveyed market rate properties, the average rent for a one -bedroom unit is $1,093/month, while the average one -bedroom with affordable rents was $926/month. Rents range up to $1,637 for a three -bedroom market rate unit and $1,277 for a three -bedroom affordable unit. • Market rate units have an average rent per square foot (PSF) that range from $1.32 for three -bedroom units to $1.54 for a one -bedroom plus den unit. • Vacancy rates among market rate properties was 3.4% and 1.9% for affordable properties. Both are below the market equilibrium of 5%. MAXFIELD RESEARCH AND CONSULTING 81