Rental Market Update – August 2022

Published On: August 15, 2022182 words0.9 min read

Demand continues to exceed supply for local rentals and lease rates continue to climb. In my search on 7/31/22 I found only 96 homes/condos for lease in the Conejo; 26 of which were listed for less than $4,000/month and 22 were listed for more than $7,000/month. Marketing times remain incredibly short. Our property management team recently listed a 1,300 ft. single-family home in an older section of Thousand Oaks for $3,400/month and received more than 200 inquires in less than 72 hours in addition to multiple showing from real estate professionals. If you’re a landlord/investor, you’re feeling pretty good with your choice of tenant and rising rents. That said the cost of maintenance, appliances and building materials has risen sharply over the last 18 months as well. When will rents come back down? I researched rental statistics from the most recent recession in 2008 – 2009 and found that local rents (excluding luxury) were largely unaffected. Are you looking for steady, predictable returns from your 401k, IRA while avoiding the stock market? We can help you invest in Local Real Estate using your 401K / IRA funds… Let’s talk.

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