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3A Presentation 2015 0420
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3A Presentation 2015 0420
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
4/20/2015
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_CCAgenda 2015 0420 CS+RG
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\City Clerk\City Council\Agenda Packets\2015\Packet 2015 0420
PowerPoint 3A Presentation 2015 0420 Rent Review Program
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\City Clerk\City Council\Agenda Packets\2015\Packet 2015 0420
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File Number: 15-203 <br />residential development. State law mandates that all cities and counties in California <br />provide adequate zoning for the development of their fair share of housing growth. A <br />minimal number of new housing, particularly market rate housing, was built during the <br />prior eight year Regional Housing Needs Allocation (RHNA) period from 2007-2014. <br />The RHNA, as assigned by the Association of Bay Area Governments (ABAG), for the <br />City's recently certified 2015-2023 Housing Element Update is 2,287 units, with the <br />largest income need category being market rate housing. <br />High construction costs. New construction continues to be expensive for <br />developers/property owners, which is a major influence on the growth of residential <br />supply. <br />Spillover of renters from higher cost housing markets. Unaffordable rents in San <br />Francisco and more recently, Oakland, have caused renters to seek more affordable <br />rental housing, which has increased demand in more traditionally affordable housing <br />markets such as San Leandro. <br />New and existing landlords have been raising rents to make up for past years <br />with minimal to no rent increases (or even rent reductions). The majority of rent <br />increases that the Rent Review Board reviewed in the last year stemmed from <br />landlords seeking to bring their rents closer to market rate, making up for years of no <br />rent growth and/or rent reductions. The increased rents enable the landlords to catch <br />up with rising operating costs (i.e., utilities), obtain financing for improvements <br />(including deferred maintenance), and meet investor returns. <br />Despite the recent upward rental trend in the City, the City's average rent of $1,377.00 in <br />2014 and annualized rent growth rate of 4% (from 2006-2014) confirms the City's status as <br />one of the most affordable cities to rent housing in Alameda County. In comparing year over <br />year rent growth rates among Alameda County cities in the 4th quarter of 2014, San Leandro <br />had the lowest rate at 8.2% (see Attachment B). <br />The City occupancy rate increased by 1.7% during the 2006 through 2014 period (see <br />Attachment A). Occupancy levels in San Leandro are higher than the Bay Area region overall, <br />which may reflect a lower renter turnover rate. For 4th quarter 2014, year over year <br />occupancy rankings among Alameda County cities, San Leandro had the highest rate at <br />98.7% (see Attachment B). <br />Thus, based on current data, San Leandro continues to be one of the most affordable cities to <br />rent housing in Alameda County. Historically, the City has experienced a long-term pattern of <br />sustained rental affordability in comparison to other nearby cities with occasional upward rent <br />increases followed by extended periods of declining or stable rent levels (i.e. post -2008 <br />recession impacts). The Rent Review Board's case review activity since its inception in 2001 <br />follows the rent growth rate pattern of long periods of inactivity and occasional increases in <br />caseload, with the most notable surge (21 cases from 10 properties, though the majority of <br />cases were primarily from two properties) occurring this current fiscal year 2014-15 to date <br />(see Attachment C). <br />Rent Review Program Overview <br />City of San Leandro Page 2 Printed on 4114/2015 <br />
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