Ordinance No. 18535 - Laserfiche WebLink

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18535 3. This inadequate production of multiple-family hous- ing units has contributed to a low vacancy rate for that type of housing. The May, 1979 vacancy rate for all housing units in Eugene was 1.9 percent, combining a rate of 1.4 percent in single-family units and 3.0 percent in multiple-- family units. Housing market analysts recognize the desir- ability of maintaining vacancy rates in the rental housing stock of approximately 5 to 7 percent to maintain adequate choice in housing price, location, and quality. 4. Using data current as of September, 1979, Eugene has a housing stock of 42,323 dwelling units. Of this amount, 45.80 are occupied by renters. 30Q X12,640 units} of this stock are multiple family units. Most ~95.1p} of the multiple family units are rented and a good portion X35 a or 4, 466 units} of the multiple-family units are lo-- sated in th.e central city census tracts. 5. Condominium conversion represents an increase in the owner-occupied housing stock and a decrease in the renter-occupied housing stock. If demand far rental units does not decrease consequent with the decrease in number of rental units, lower-income households could face a reduction in housing choice. 6. There will likely be a large number of condominium conversions in this area in the near future due to the dimin- ishing size of the average household, the financial advanta es g of home ownership, and th,e relative expense of single family structures, and because the financial return to condominium Ordinance -- 3