Ventura County saw a slight jump in the number of homes available for rent compared to March 2011. Rental Home inventory increased 15%. As of May 1st, 2011 there were 298 homes and condos available for rent compared to 255 last month. The avg. price of a rental property dropped from $2446 to $2406 in April. We expect to see the supply of rental properties continue to increase as we get closer to the peak summer season.
The supply of Ventura County rental properties, homes and condos in select regional cities, priced between $1,000 and $6,000 has jumped dramatically in the last two weeks. We typically publish these reports in the middle of the month. After reviewing the data we noticed a discrepancy and thought let’s re-check the numbers. The chart and table below shows the supply as of May 31st and two weeks later on June 15th. A large portion of the new supply can be attributed to expiring leases that weren’t renewed. However, it is an increase. We have a large pool of tenants we can’t find properties for. A lot of our well qualified applicants are having to wait since supply of quality properties is limited. [Read more…]