Much like local real estate sales prices, local rental rates have skyrocketed over the last 24 months. I could find only 57 active lease listings on the MLS today, 18 of which were listed for less than $4,000/month. 57 rental units for a population of 130,000+ are just not enough but there is little help in sight. Renters moving north to escape big city homelessness, crime, traffic and LA County schools continue to put pressure on rents. In addition, the work from home phenomena continues to bring an entirely new renter to our community… and yes, they think our rents are affordable. In the event you were wondering, 16 of the 57 active renal listing are priced above $8,000/month. The City of Los Angeles and Los Angeles County have once again extended the eviction moratorium which has spurred sales of rental homes and condos across LA City/LA County. Unfortunately for renters the sale of these homes removes available rental housing units as a vast majority of these homes are being purchased by Owner-Occupants. However well intentioned; efforts to control rents and other challenges to private property rights (such as the eviction moratorium) have historically led to reduced availability of rental units, which inevitably leads to higher rents. Wondering if you’re getting market rent, call me for a free rent survey.
Guest units, converted garages and ADU’s
Guest units, converted garages and ADU’s continue to be built in small numbers throughout the Conejo Valley and they are fetching big rents. A fully self-contained 350ft. studio or converted garage can go for $1,800/mo. to $2,300/mo. or more depending upon amenities and location. We’ve constructed and now manage several guest units locally and the performance has been fantastic. If you’d like explore adding a guest unit to your home or existing rental give me a call.