As we move into the peak home rental season in Ventura County, it is apparent to me there is a lack of quality rental property available. I took some clients who were relocating out this past week. We looked at 12 units around the Newbury Park -Thousand Oaks area. I came to the following conclusion, most of the units priced below $2500.00 were in poor shape, dirty, old and dated. Above $2500 it was a mixed bag. There were some very nice homes at or around $3000 per month. A few owners apparently sensing the scarity of supply priced their homes well above $3000. While they were nice properties they are not worth $3200-3500 per month. Many of these units leased last year for $2800 per month. Is scarcity driving up prices or is inflation showing up in the rental housing market as well.
For any owners reading this post I can’t stress enough how important is is to provide tenant’s a unit that is clean and move-in ready. I saw properties with dirty carpets, sinks, ovens etc. Why do people think they can stick up a for rent sign and command top dollar. Fifty percent of the properties we saw were in need of repairs and or upgrades. Do yourself a favor, clean it, fix it, then list it. By listing a property before it is ready you will only scare away potential renters. Think of it this way, when you go on vacation and stay in a hotel, they provide you a clean fresh room. If they didn’t, you would promptly complain and leave to find a clean room somewhere else. In all likelihood this would be the lasting impression you have of this hotel, DIRTY!!! Never to return again.
One property we saw in a very nice neighborhood was listed for $2800. It has been on the market for 80+ days. The carpets were filthy, the oven and kitchen were disgusting. The master bath had cigarette butts in the sink and the toilets were very dirty. This home should easily lease for $2700 to $2800 per month. This owner has lost $7,000 in revenue. If he put that same money into the home he could have had it leased in less than a week. Leasing a home is a business, treat it like one and you will be rewarded.