Rent Growth Slows in Ventura County: A Decade Low Recorded

Rents in Ventura County have continued to rise, but the past year marked a significant shift, with the smallest increase in apartment rents recorded in over a decade. As of July 2025, the average rent for all apartment units in Ventura County stands at $2,711, according to a comprehensive survey conducted by the real estate firm Dyer Sheehan. This increase of 1.3% from the previous year is half the national inflation rate for that period and represents the slowest growth recorded since 2014.

The slowdown in rent increases is a notable departure from the trends observed during the early years of the COVID-19 pandemic. Between 2020 and 2024, the county saw an average annual rent growth of 7.5%, peaking at 10.9% from 2020 to 2021. Dawn Dyer, president of Dyer Sheehan, attributes this change to two primary factors affecting the rental market: an increase in the supply of rental housing and a decrease in demand.

Supply and Demand Dynamics

The increase in available rental properties is easing rent growth and has even led to declines in some areas. Over the past five years, developers have constructed thousands of new apartment units in Ventura County. In 2024, local governments approved permits for 1,149 new multi-family units, the highest single-year total since 2017, according to data from the U.S. Department of Housing and Urban Development. The trend is expected to continue, with projections indicating an even greater number of permits in 2025.

Dyer commented on the historical context, noting, “I encourage people to take a deep breath and not get too concerned when you see a bunch of apartment construction because we have grossly underbuilt apartments in Ventura County for four or five decades.” She highlighted that significant apartment construction has only occurred sporadically over the last thirty years.

Despite this surge in construction, some developers have paused their projects due to rising costs that outpace projected rental income. Dyer noted, “I know of a number of developers who have put apartment projects on hold, because they no longer pencil out.” This shift has contributed to a rise in the apartment vacancy rate, which, at 4.12%, is the highest in over twenty years. While this rate remains lower than the national average of approximately 7%, it is nearing what Dyer considers a balanced market.

Historically, a 5% vacancy rate indicates equilibrium between supply and demand, allowing adequate choices for renters while ensuring reasonable economics for landlords. For most of the last decade, Ventura County’s vacancy rate hovered around 3%, reaching as low as 1.4% in 2021.

Economic Factors Impacting Renters

While the influx of new housing has played a role in moderating rent increases, Dyer pointed out that the demand for rentals has softened. The county’s unemployment rate hit 5.4% in July, its highest level since 2021. This increase indicates that more residents struggle to afford the rising rents.

“When renters are under economic distress, as we’ve seen in the past year or year and a half, savvy apartment managers are likely to slow down their rent increases or even lower rents,” Dyer explained. Many property management companies utilize algorithms to adjust rents, allowing for rapid responses to market changes.

Additionally, federal immigration enforcement has created barriers for potential renters in communities with significant Latino populations. Dyer reported that apartment managers in areas like Oxnard, Fillmore, and Santa Paula are experiencing higher vacancy rates and less interest from prospective tenants. “Many Hispanic families, whether they’re here legally or not, they’re afraid to go out,” Dyer said, emphasizing that fear of drawing attention discourages individuals from pursuing housing options.

When examining rental prices across Ventura County, Thousand Oaks and Westlake Village emerge as the most expensive markets, with average rents reaching $2,901 in July. In contrast, cities like Santa Paula and Fillmore offer lower rents but have seen the fastest increases. For instance, Fillmore experienced a rent increase of 5.7% from 2024 to 2025, while Santa Paula’s average rent surged by 10.5%. Dyer attributes the rise in Santa Paula to recent renovations and expansions by a single company that acquired multiple complexes.

The only city to report a decrease in rents from 2024 to 2025 was Simi Valley, where rents dropped by 2.7%. Dyer suggested this decline may be a correction following a substantial increase of 8.3% the previous year.

In summary, while Ventura County is witnessing a slowdown in rental price growth, the overall landscape remains complex, influenced by both an increase in housing supply and shifting economic conditions. As the rental market continues to evolve, stakeholders are closely monitoring these trends for their implications on affordability and housing availability.

This article was reported by Tony Biasotti, an investigative and watchdog reporter for the Ventura County Star. For further inquiries, he can be reached at [email protected]. The reporting was made possible through a grant from the Ventura County Community Foundation’s Fund to Support Local Journalism.