With less than a one per cent vacancy rate and as Richmond continues to fine-tune its housing policies, the city is considering implementing a market rental housing policy, which is expected to be approved at Monday’s council meeting.
As a result of this low vacancy rate, city staff argued that all rental stocks – not just low-income or social housing units – need to be protected and that the supply of rental units needs to increase. In other words, while the city’s previously approved affordable housing strategy responded to below-market rental housing, this new policy would address housing that is rented out at market rates.
“Approximately 82 per cent of renter households (or approximately 15,500 households) find accommodation in the secondary rental market,” said a city staff report from last November. “The secondary rental market includes rented condominiums, single family houses, secondary suites, coach houses and subsidized rental housing.
“The secondary rental market is an important part of the rental market in Richmond. As such, staff are looking at ways to better understand this segment of the market and how redevelopment proposals (particularly of older housing stock) may impact it. “
Following this staff report to council, the city conducted a consultation process with stakeholders and the general public earlier this year to gather feedback on what is needed in a market rental housing policy.
As a result of these discussions, policies that will be implemented include encouraging building owners to keep units in good repair and creating incentives for market rental housing developments such as density bonuses, decreased parking requirements and fast-tracking development permits.
Another key policy was to ensure that there would be more family-sized units created – or units with two or more bedrooms – particularly because 40 per cent of Richmond’s renters are families with children. As a result, staff are proposing that new multi-family developments be encouraged to have a minimum of these “family-friendly units.”
According to the staff report from November, the market rental housing policy will “encourage housing units that rent at market rates for tenants, with no restrictions on income levels” and “also seek to encourage developers and investors to build new market rental units as these are an important part of Richmond's housing continuum.”
Richmond's city council meeting is scheduled for 7 p.m. on Monday, July 9 in council chambers at 6911 No. 3 Rd. The public is welcome to attend or watch an online broadcast of the meeting. Visit the city’s website for the full council meeting agenda.
