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Market Report

Ventura Multifamily Market Report

Ventura Metro Area, Third Quarter 2017

Pent-up demand swells, compressing vacancy during a span of lagging rental development. Supported by an influx of health- and education-related positions, Ventura County is coming off its strongest 12-month period for job growth since 2000, reducing area unemployment to an 11-year low rate.

Rent Growth Boosts Apartment Values, Regional Buyer Interest

Pent-up demand swells, compressing vacancy during a span of lagging rental development. Supported by an influx of health- and education-related positions, Ventura County is coming off its strongest 12-month period for job growth since 2000, reducing area unemployment to an 11-year low rate. Payroll gains by Ventura County Medical Center, which recently opened a new hospital tower, and the county’s collection of colleges have attracted new households to the area and allowed more individuals to establish their own residences. For most, the area’s median home price of more than $550,000 places homeownership out of reach, leaving rental living as the lone housing option. Expansion of the metro’s renter pool bodes well for the city of Ventura, which welcomes two projects each exceeding 150 units this year. Oxnard and Camarillo, locales that lack 2017 deliveries, are primed to maintain sub-2 percent vacancy during the second half, with double-digit rent gains in these submarkets supporting another year of robust overall rate growth.

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