Rent vs Buy in 93063>Question Details

Cs31415, Home Buyer in Simi Valley, CA

Rental market in Simi

Asked by Cs31415, Simi Valley, CA Mon May 21, 2012

What is the rental market like in Simi for single-family homes? Why would someone want to rent rather than buy in a place like Simi that isn't really as central as say, Los Angeles?

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The rental market in Simi Valley is good. We have a lot of people who choose to live here for a variety of reasons of course, like anywhere else. The general answers to the rent vs buy questions are answered in the first two responses fairly well.

A lot of people choose where they live for the lifestyle. Simi is a quiet bedroom community, a suburb. Families like to be here. Crime occurs but is fairly low. LA is such a diverse choice to compare to Simi, like apples and oranges. There are some areas of LA that have great schools and there are some that where people are afraid to send their kids to schools because of the gang related activities.

If you can be more specific, in say, what area of LA you are comparing it to, maybe what you are deciding between, I would be happy to provide a more specific opinion.
0 votes Thank Flag Link Mon May 21, 2012
The rental market has been fairly stable for the last few years in Simi Valley. We track all MLS listed rentals and the stats have not changed very much. Quality properties rent fairly qucikly. We are at a critical point where some home prices have fallen below what it costs to rent. Hence with all things being equal, it makes sense to buy. This may impact rental demand somewhat. Of course there may be personal reasons to rent vs buying but from a financial standpoint in the 300-400K price range it makes sense to buy. The rental pool (tenants) has also been impacted by the large number of people who have lost (Foreclosure) or who have short soldl their home. Based on current Fannie Mae and Freddie Mac loan underwriting guidelines these people can't buy for at least two to four years. Thus forcing them to rent.

It's not like Simi Valley is in the middle of nowhere. It is a 30-40 minute drive to Downtown LA. The crime rates are lopw relative to other large cities and the school system generally scores high. There is sufficient demand to live in Ventura County and rentals do very well. I hope this helps. If you need any additional data please contact us directly at
0 votes Thank Flag Link Mon May 21, 2012
There are a lot of reasons to rent, rather than buy. In many cases today, the amount of money a renter spends on rent can be about the same as or less than the amount a homeowner spends on a mortgage. With the tax benefit for homeowners, the savings can be significant. If you plan to relocate in a year or 2-3 years from now, Buying may not be the best choice. As a renter, your monthly payment already goes towards:
Property Taxes and Special Assessments
Home/Hazard Insurance
Home Owner Association (HOA) Fee: Doesn't apply to all purchases. It pays for items such as trash & maintenance of common grounds if applicable...
I hope this helps! Contact me through my profile if you'd like a free 1st Time HomeBuyer book....
0 votes Thank Flag Link Mon May 21, 2012
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