2022.02.08 WS Packet - Laserfiche WebLink

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Rental Inspections and Licensing Policy Discussion City Council Review; 2-8-22 Page 2 HOW MANY UNITS WOULD WE BE ADDING TO OUR INSPECTION ROLLS IF A CHANGE WAS MADE? Available data sets can only provide us with an estimate of existing rentals in the community, but staff feels the estimate we’ve come up with is reasonably accurate for the purposes of this policy debate. The best source of up-to- date information on rentals we found was actually just released by the Minneapolis Federal Reserve: an on-line tool entitled Investor Ownership of Twin Cities Residential Properties. With this tool, communities are able to better understand the number of investor owned properties in the community and the make-up of those investors. Using the tool, we determined the following:  At all investor levels (1 property, 2 properties, 3 properties, 4 properties, 5-9 properties, 10-19 properties, 20-49 properties, 50-99 properties, and 100+ properties), NB has less investor ownership of single-family homes when compared to our neighbors in Ramsey County.  When compared to the greater 7-county area, NB is below the regional trends the number of local investors owning less than 10 units, we are slightly above the regional trend with the number of investors who own between 10 and 49 units, and we are again below the 7-County average when looking at investors owning over 50 units.  Breaking down investor ownership of New Brighton single-family homes: Running SF Rental Total − 16 are owned by investors who own 100+ investment properties ............................................................ 16 − 9 are owned by investors who own between 50-99 investment properties ........................................... 25 − 6 are owned by investors who own between 20-49 investment properties ........................................... 31 − 1 home is owned by an investor who owns between 10-19 investment properties ............................ 32 − 15 are owned by investors who own between 5-9 investment properties .............................................. 47 − 8 are owned by investors who own 4 investment properties ...................................................................... 55 − 24 are owned by investors who own 3 investment properties ................................................................... 79 − 44 are owned by investors who own 2 investment properties .................................................................. 123 − 273 are owned by investors who only own 1 investment property .......................................................... 396 Tweaking the Fed tool to also reflect townhomes (which we understand should also capture duplexes), the total number of investment homes in New Brighton goes up to just under 500. Because the Fed only has access to records of bank owned and publicly owned properties, we know this number is a floor as there are definitely investment properties in town that are owned outright that are not reflected in the Fed data. Note that we did not include condominiums in the data set as those are presumably already being inspected by our current licensing program.