Summer has finally arrived and Ventura County rental property owners are hoping to capitalize. ?The summer months are typically the best season for owners of investment properties. Will 2011 be a banner year ? Follow the rental markets to get a pulse on the overall health of the local housing market. Presidio provides timely reports and market data to help investors and property owners make smart decisions on how they price their rental property.
Leased Properties -The rental home market was relatively stable from the previous month. The avg price of a rental property on a countywide basis was $2313 up slightly from the previous month and demand increased a modest 10% as 229 homes were leased in May. Demand has remained in the range of 220-250 homes being leased out per month. Of the 229 homes leased it took on avg 32 days to execute an agreement. When we compare 2011 to 2010 demand is down about 8% and prices have fallen roughly 4% compared to this time last year. 3 bedroom homes are the most popular, perhaps because of the $600 price difference from a 3 bedroom to a 4 bedroom. The avg security deposit was about 1.5 times the monthly rent. But this changes when you split the County into East and West. West County security deposits are about equal to one month’s rent. Read our full leased property report here-Leased May 2011.
Active Rentals-The supply of rental homes has increased 10% from mid April to Mid June. As of June 16th there were 330 homes for lease. The Conejo Valley area continues to see supply increase. Rental rates have also moved higher in those cities. Thousand Oaks saw the biggest jump, asking prices of available units is $2704 compared to $2486 in April. Download our latest active rental listing report- Active Rentals Through June 2011.