Presidio Real Estate Services tracks the Ventura County Rental Home market closely and our first quarter rental home market report is available for owners, prospective investors, and tenants to download or read here. It is critical for owners of investment properties to have a solid understanding of the market dynamics before they rent out a property. This is why hiring a professional property management company can actually save you money. Extended vacancies can cost rental property owners thousands of dollars, and if you factor in the time value of money, tens of thousands of dollars. This is why Presidio Real Estate Services continues to gain market share in Ventura County. We know the market and have the strategies to help owners and investors maximize cash flow.
Countywide-The ventura county rental home market has continued to show significant strength in terms of price in 2011. 3 bedroom homes continue to be the most popular rentals. There were 261 units leased out with an avg. price of $2209.00 per month. Based on size, three bedroom properties leased for $1.38 psqft. Four bedroom homes commanded significantly more rent, $2825.00 or $1.29 psqft on average.
East County – (Westlake, Thousand Oaks, Newbury Park, Simi Valley, Moorpark, Agoura Hills, Oak Park) rents were significantly higher compared to West County rental homes. The avg. price of a home in these areas was $2635.00 per month or $1.43 per square foot. 3 bedroom units averaged $2510 and 4 bedroom homes were $3043.00.
West County- Rents were dramatically lower when compared to East County rental properties averaging $1877.00 per month. Three bedroom properties were $1940.00 per month or $1.29 psqft. while four bedroom homes were $2495.00 or $1.19 psqft.
Security Deposits- The avg. security deposit was about 125% of the monthly rent countywide. But an interesting stat, owners in the East County receive significantly higher security deposits, $4025.00 compared to $2043.00 for West County homes.
Summary- Rents have remained stable on a year over year basis. The one significant change is the number of homes leased. In this same period last year there were 763 homes leased out compared to 661 in 2011.