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Jeff Smith's Blog

By Jeff Smith | Broker in 91320

Ventura County Rental Market Update

Active 2011 and Avg Price_001We are well into the peak rental season and things are moving along nicely here in Ventura County. The supply of homes and condos for rent is off slightly compared to June of 2011. As of this report there were 318 properties available for rent in the cities we surveyed, compared to 330 this time last month. I have included various charts and graphs at the end of this report for you engineer types who like to analyze data.


In the Conejo and Simi Valley areas there are 156 homes and condos available for rent with an avg. asking price of $2822 per month. Simi Valley has the lowest avg asking price, $2495 and Westlake Village is the highest in the area, at $3433. Renters should expect to pay about 1.5 times the monthly rent as a security deposit. Landlords did not give many concessions, security deposits we close to original quoted amount. All in all things haven't changed too much since our last report. We continue to see quality properties going quickly. We are seeing fewer former homeowners seeking out rental housing, but I suspect that will  end once the foreclosure mess gets straigtened out. There is still a huge backlog of properties in foreclosure limbo. Once these properties are foreclosed on, we will have a new batch of tenants. This should help demand and we will be looking for price increases when this happens. Owners be ready.

The West Ventura County has 189 properties for lease with an avg. asking price of $2149. Camarillo continues to see price increases, the avg asking price was $2681, down from $2701 last month, but up substantially from this time last year. However the data changes drastically when you look at recently leased properties, the avg price in Camarillo was $2291 or $1.35 psqft and it took only 30 days to execute an agreement. It will be interesting to see if these numbers change much in the next six weeks.

All in all the rental market is fairly healthy. We are still seeing plenty of quality applicants. I am starting to wonder why more of these people aren't considering buying.  According to my calculations it may make more financial sense. And I am fairly conservative. If we take the countywide avg lease rate of $2289 and compare that to a house payment, a loan of $400,000 would give you close to the same payment, before taxes and insurance, but this is more than offset by the tax and principal payment benefits.

If it were me, I'd be looking to buy if I were a renter and if I were an investor, I'd be looking to buy. One of our clients just purchased a property for $145 psqft. Please contact our office at 805-499-7300  if you have questions about buying, selling, or renting a property. If you are looking for property management we can help you there to.

View this post on our website for additional charts and graphs.

Comments

By Rob Randall,  Thu Jul 28 2011, 20:05
Yes, the equation is slowly changing. Rents are going up and home prices have been going down.

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