Will the decrease in supply of rental properties lead to higher rents for landlords ? This is an important statistic we are tracking. However when you look at the rental market it’s a tale of geography. The West County area has a lot more homes available than is typical. Thousand Oaks and Westlake Village have an overabundant supply compared to earlier this year when there were on avg 15-20 properties available at any given time. This may be bad news for rental property owners as the increased supply could drive down rents, or it may jus be an anomoly.
West County- Rental activity in the West County area has slowed somewhat. This part of Ventura County has seen a dramatic drop off in the number of homes for rent. Over the last two years on avg. there is typically between 150-200 properties for rent at any given time in Oxnard, Ventura, Camarillo, and the surrounding communities. When we prepared this report there were roughly 140 homes for rent. It will be interesting to see if the reduced supply starts to bring in higher rents for owners and investors.
It really is a tale of two counties. One final key point to note, the main reasons homes usually sit on the market is they are overpriced or they are in poor condition. If you review our leased property report published last week you will see this data illustrated. The avergae price of a rental home in the first quarter of 2011 in Thousand Oaks was $2476.00 compared to an active price of $2605.00.
Download our complete report here. Rental Market News Active Rentals March 2011