Rental Market Update – February 2023

Published On: February 15, 2023214 words1.1 min read

A recent search of the MLS revealed only 152 available rentals in the Conejo Valley: 21 of which were listed for less than $3,000/month and 41 were listed for more than $7,000/month. Demand for rentals remains strong and the inventory remains low which continues to put upward pressure on Local rents. With so much demand we have had our choice of high-quality tenants, but the selection process remains critical. Landlords should remain vigilant as applications from imposters (people using someone’s else’s identity) using fraudulent pay-stubs / bank statements and alike continues to surface.

Summit Property Management’s screening process involves a credit report with a 10 year history, past resident history, public record search (bankruptcy, foreclosure, and alike) in addition to a fraud search (Lexis-Nexis). We insure all the addresses found on bank statements and alike agree with those shown on the credit report, and we review bank statements for income information that agrees with paystubs. If a landlord is relying upon a quick score from an inexpensive service they risk leasing to the wrong tenant, which is an expensive proposition in California. A fraudulent application does not guarantee a speedy eviction, in-fact the process remains unchanged. Eviction in Ventura County is possible, but it’s a lengthy process and LA County extended their eviction moratorium again

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