Podcast
2023 Q4 Market Update in Ventura County, CA
Understand the Ventura County, CA rental market with the 2023 Q4 market update. Adapt to market shifts and maximize income in 2024.
This article is transcribed from Episode 43 of The Accidental Landlord. Listen to the full episode here.
Today we are going to do something a little different. There are a lot of changes in the rental market, and it's causing people a little bit of stress and concern about how to get their property rented. What I wanted to do today is to talk about the high level changes that we are seeing. And, two, provide you with some tricks and strategies into how to get your property rented in a time where we are seeing more available houses than we used to.
Historically, November, December and January aren’t the best times to rent your property out. However, the COVID-19-related issues that have been going on in the last couple of years have turned upside down all of the typical rental market behavior we used to see before the pandemic. During the pandemic there was a boom in rentals, so with this people got used to renting their properties that easy. However, if you have been in the market for a long time, you know that sometimes it takes months to rent a property out, sometimes potential tenants negotiate, sometimes they don’t. So let’s get into that…
For starters, COVID-19 obviously messed with a lot of the things we were used to, which is okay because a good real estate investor needs to adapt and overcome any new situation. Well, when it comes to renting your property up there are many people that manage their property on their own. They are not using a professional management company, and that's okay. It’s easy when there's a limited number of inventory and a huge demand for rental properties. However, when something changes things get so different. Right now we have some big macroeconomic topics that are making huge changes in the real estate market, probably the biggest one is interest rates. Interest rates are higher than what they were during the pandemic. Now, they’ve doubled what they were before. With this, the rental estate sales market is cooling off which is making an impact on the rental real estate market.
Before, we were selling houses as fast as we were. A lot of investors and landlords were taking advantage of the sales market so they started selling their properties.
If you want to learn more about this topic, listen to the complete episode here.