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HOUSING NEEDS <br />HOUSING SUPPLY <br />Housing Vacancy <br />An adequate supply of housing is essential to maintaining adequate choices for <br />residents, moderating housing prices, and encouraging the normal maintenance <br />of properties. This is a delicate balance that must be maintained. Low vacancy <br />rates result in price and rent escalation, while excess vacancy rates result in price <br />depreciation, rent declines, and deferred maintenance. Although market forces are <br />beyond the control of any one city, maintaining an optimal balance of housing <br />supply and demand is a desirable goal. <br />The building industry assumes that a housing vacancy rate of 1.5 -2.0 percent for <br />ownership units and 5 -6 percent for rental units are optimal and offer a variety of <br />choices for residents. In 2000, the vacancy rate was 2.2 percent for renters and 0.9 <br />percent for owners. In 2010, the vacancy rate saw a significant increase at 4.9 <br />percent for rental units and 1.9 percent for homeowners. The 2010 Census <br />estimates the Citywide housing vacancy rate at 4.8 percent, which was lower than <br />the county rate of 5.4 percent. <br />Housing Size <br />Chart A -15 compares the percentage of renter and owner households with the <br />percentage of appropriately sized units for renters and owners by family size. <br />Shown below, the size of units available for homeowners generally matches the <br />size of households. The same is true for renter households with the exception of <br />large - family households. According to the 2011 ACS, 38 percent of all families <br />who rent have five or more members, but only 22 percent of the rental units <br />available (apartments and single- family homes) are adequately sized with three or <br />more bedrooms. This translates into a shortage of about 5,940 large- family rental <br />units. <br />606 <br />40% <br />20% <br />0% <br />Person <br />Owned Units <br />Person Person <br />Percentage of homeowners <br />■ Percentage of owned housing <br />Rented Units <br />60 <br />I- <br />40% - <br />205' <br />0% <br />Person Person Person <br />E Percentage of renter households <br />Percentage of rented housing <br />CITY OF SANTA ANA GENERAL PLAN HOUSING ELEMENT <br />Chart A -15: Access to Housing <br />Stock by Tenure <br />Although there is a balance of ownership units, <br />the city has an excess supply of smaller rental <br />units and a shortage of large rental units with <br />three or more bedrooms. <br />Source: U.S. Census Bureau, 2007 -2011 <br />American Community Survey. <br />AA& <br />A -15 <br />