by Teryn Bonime www.teryndowntheroad.com
Because I work with so many investors and need to know the rental market, I keep an eye on the rental prices and inventory in the local areas. It’s never been easy finding a rental in this area but here is a very general article that may shed some light.
In my experience, there are three ways to find rentals in our area:
- The Multiple Listing Service. This database also contains information on homes for sale. (I can send you listing from this database so you get notified the moment a new for sale or for rent property comes on-line.) The Santa Barbara MLS allows rentals properties in their database as well. Ojai MLS does but for whatever reason, is hardly utilized. While the MLS is the most effective way to get the most exposure on a rental property, not all landlords choose to advertise this way.
- Craigslist. If not done property, advertising here opens landlords up to spam but it is still used quite a bit. (Realtor ethics codes require that a property advertised by a realtor be disclosed as such.)
- Drive-bys. Landlords who don’t want to bother with craiglist or the MLS, will just put up a sign in the yard and/or window. This is most effective in neighborhoods near downtown and near the college.
The City of Ventura has a few main categories of neighborhoods:
- Eastside (off the Avenue)
- Close-in (close to downtown)
- View property (on the hillside)
- Mid-town (south of the Mall)
- Beach (including the Keys)
- Near the College
- Eastside
- 55+ mobile home parks
Generally speaking…
… a Hillside rental with a view starts at around $2600-2800 and usually no higher than $3600. A typical hillside home will be a 3/2 (three bedrooms and two bathrooms). Lately however, I’m seeing higher starting prices.
… a 3/2 Downtown property starts around $2200 – $2600. A 2 bedroom runs about $2200, and a 1/1 can be as low as $1400. This area usually has smaller homes and a one-bath home is typical. Closer to the Mall you will find more 4/2 and 3/2 homes that start around $2200-$2500. In the College area, a 4/3 home starts anywhere around $2300 to $3000 and a 3/2 usually starts around $2300.
… a 3/2 Beach property starts around $3400-$3700 and goes up based on the size and location of the home. A 2/2 starts anywhere from $2200-$2600 and even a 2/1 starts around $2800. Lane homes and properties located in the Keys are usually priced higher. There are also more duplexes in these two areas. Many homes are short-term (vacation) rentals and the rates go way up in the summer.
… off the Avenue (Ventura Avenue) you will find 2/1 houses starting at $1400. Further out, you will find larger homes starting at $2000-$2300.
…East Ventura (the 93004 zip code) is more suburban and the further East you go, the fewer shopping areas (grocery, shops, cafes, etc.). There are a few large parks in the area and the homes are on larger lots. For a very large 4 bedroom home, it will start around $2800. For a typical sized house, prices start around $1900. A 3/2 usually starts around $1700 to $2000.
Most rentals are year long leases. Talk to your landlord before you sign the dotted line as to what would it take to break the lease. You’d be responsible for the entire term of the lease but in most cases if the landlord can find another tenant, you’d be off the hook.
If you, or someone you know, is thinking of buying or selling, please give me a call! The door to your dreams hinges on me.
Ventura has incredible investment opportunities so call me if you are interested in purchasing a rental property. (Have a tenant pay your mortgage and once it’s paid off, that’s pure income. Why grow old on a fixed income? Or sell the rental to pay for your child’s college education!)
Photo courtesy of Dillon Scheps
