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March 18, 2025 <br />Page 3 <br /> <br />Based on feedback to avoid large concentrations of rental properties in any area of the City, Staff <br />created four zones within the City (see Rental Properties Existing Conditions Map). The breakdown of <br />existing long-term rentals per each zone is as follows: <br />Table 2: Existing Long-Term Single-Family Rental Conditions per Zone <br />Zone Long-term Rental <br />Properties <br />Total Single-Family <br />Properties Percentage <br />Zone 1 6 157 3.82% <br />Zone 2 22 769 2.86% <br />Zone 3 23 781 2.94% <br />Zone 4 7 247 2.83% <br />Total 58 1954 2.97% <br />Most zones have just under 3 percent of single-family properties utilized for long-term rental. Zone 1, <br />which is the area north of 37th Avenue, has an existing long-term single family rental inventory, closer <br />to 4 percent. <br />LONG-TERM SINGLE-FAMILY RENTAL ALTERNATIVES <br />During work sessions with City Council and Planning Commission, it was discussed to propose <br />opportunities for limited growth of long-term rentals of single-family properties, with caps, or <br />limitations, of long-term rentals per each zone. During the February 25 City Council, there was some <br />discussion of whether long-term rentals were an affordable option for families. The City Council is <br />considering capping long-term single-family rentals at 3 percent, or as existing conditions but would be <br />interesting in obtaining feedback from the Planning Commission to continue to reflect on the topic. <br />To guide Planning Commission discussion, staff has provided tables illustrating possible alternatives for <br />long-term rental properties, including caps at 3 percent, 4 percent and 5 percent. <br />Table 3: Alternative 1 - Capped at Approximately 3 percent (Existing Conditions) <br />Zone Long-term Rental <br />Properties <br />Total Single-Family <br />Properties Percentage <br />Zone 1 6 157 3.82% <br />Zone 2 22 769 2.86% <br />Zone 3 23 781 2.94% <br />Zone 4 7 247 2.83% <br />Total 58 1954 2.97% <br />Table 4: Alternative 2 - Capped at Approximately 4 percent <br />Zone Added Long-term <br />Rental Properties <br />Total Long-term <br />Rental Properties <br />Total Single-Family <br />Properties Percentage <br />Zone 1 1 7 157 4.46% <br />Zone 2 8 30 769 3.90% <br />Zone 3 8 31 781 3.97% <br />Zone 4 3 10 247 4.05% <br />Total 20 78 1954 3.99% <br /> <br />