Rental Market Update – October 2023

Published On: October 19, 2023183 words0.9 min read

Rents continue to rise locally as demand exceeds supply, good news for landlords, not so good for tenants. I found only 155 units available locally, 32 of which were offered for less than $3,000/month. I searched for a single-family home with 3 bedrooms and 2 bathrooms for less than $4,000/month and found only 13. In fact, 85 of the 155 listed for rent were offered for more than $4,000/month, both condos and single-family homes. Despite the unusually high permit fee, the City of Thousand Oaks reports issuing more than 100 ADU (Accessory Dwelling Unit) permits this year which is up more than 5x from last year, but a drop in the bucket considering our population. ADU’s come in many forms but are generally less than 700 square feet, and we’ve been leasing them for $2,000/month to $2,300/month depending upon location and amenities. We have several ADU’s in our property management portfolio which includes partitioned space (a divided space within a single-family home), converted garages, converted out-buildings, and they rent rapidly. Interested in local real estate but don’t want to be a landlord, no worries, we do it all.

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