CITY COUNCIL STAFF REPORT
June 4, 2024 {{section.number}}h
APARTMENT VACANCY SURVEY
RECOMMENDATION:
Adopt “A Resolution of the City Council of the City of Coronado Adopting the 2024 Coronado Apartment Vacancy Factor Pursuant to Subsection 82.40.100(F) of the Coronado Municipal Code.”
BACKGROUND:
Subsection 82.40.100(F) of the Coronado Municipal Code states that the City Council shall not approve an application for conversion of an apartment complex into a condominium complex unless the City Council finds that “the vacancy factor in the City is not less than five percent of the total available apartment rental housing stock, determined in accordance with a resolution adopted by the City Council.” City staff conducts an annual survey of all rental properties with three or more dwelling units to determine the City’s Apartment Vacancy Factor.
ANALYSIS:
Staff compiled a list of properties with three or more dwelling units and directly mailed surveys to property owners in both February and April of 2024. The information contained in the survey responses is used to calculate the Apartment Vacancy Factor.
The 2024 Apartment Vacancy Factor has been calculated at 1.21%. This calculation is based on responses from 1,224 of the approximately 1,630 apartment units that were surveyed in the City. These responses account for 75% of the apartment units in Coronado.
As the 2024 Apartment Vacancy Factor is less than 5%, applications for conversion of an apartment complex into a condominium complex cannot be approved by the City Council in accordance with Subsection 82.40.100(F) of the Municipal Code, except for those properties designated as a Historic Resource per Chapter 84.10 of the Coronado Municipal Code.
A review of apartment vacancy survey records indicates that the 2023 Apartment Vacancy Factor was 2.02% with a response rate of 72.6%. A 30-year history of the Apartment Vacancy Factor has been attached to the resolution as Exhibit A. The apartment vacancy rate in Coronado has not reached or exceeded 5% for more than 30 years.
FISCAL IMPACT:
No fiscal impacts have been identified.
ALTERNATIVE:
The City Council may decline to adopt the resolution and provide further direction to staff.
CALIFORNIA ENVIRONMENTAL QUALITY ACT:
This activity is not considered a project as defined by CEQA and is therefore exempt from environmental review.
PUBLIC NOTICE:
No notice required.
ATTACHMENTS:
1. Resolution No. 2024-35
Submitted By: Community Development Department / Emily Pena