The rental home market in Ventura County, California is seeing some strength from a landlord’s perspective. It will be interesting to see if this trend continues. I expect to see a lot more rentals hit the market as banks ramp up foreclosures this year. Below is a summary from our April 2011 leased property report. You can download the entire report at the end of this article.
Countywide– The rental market slowed somewhat in April. There were a total of 214 homes rented out in the various Ventura County Cities we track. This was a steep drop off from March when 260 homes were leased, or an 18% drop. Rental homes prices increased 4.48 % month to month. The avg. cost per square foot increased to $1.42 from $1.36. Tenants are paying more for less space.
Trend– Higher Rents –Less Space
East County – (Westlake, Thousand Oaks, Newbury Park, Simi Valley, Moorpark, Agoura,Oak Park) There were 100 properties leased in April, the same as March 2011. However the avg. price dropped from $2627 to $2484 and the avg. psqft increased to $1.49 from $1.43. Thousand Oaks had the most units leased, 34 homes avg. price $2521. Simi Valley continues to see the number of homes rented each month drop off. In Jan, a typically slow month, there were 29 homes rented out compared to just 17 in April. The avg. price has increased to $2368 from $2261.
West County– (Ventura-Oxnard-Camarillo-) Renter’s are getting less for their money. Prices have steadily increased since Jan, up almost 7% this year. The avg price of a rental property in April was $2000 or $1.37 psqft. The number of properties leased has fallen off dramatically with just over 100 homes rented in April compared to 153 in March. It will be interesting to see how the coming months shape up. We have a gut feeling the rental market will be a leading indicator of the health of the overall housing market in Ventura County.