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New study predicts massive apartment rent hikes on the way for Ventura County

Photo by Aaron Sousa/Unsplash
A new USC study is predicting triple digit rent increases for Ventura County during the next two years.

Triple digit increases expected by 2023.

A new study paints a grim picture for renters in Ventura, and Los Angeles counties, with triple-digit rent hikes predicted.

The University of Southern California Casden Economics Forecast says that by the third quarter of 2023, Ventura County rents will be $310 higher a month. It’s expected the average monthly rent in Ventura County will go from $2,300 to $2,600 monthly in the next two years.

It predicts L.A. County will be $252 a month higher.

The USC researchers say the pandemic caused people to move from central areas to suburbs. They cite Oxnard as an example of a place which now has a historically low vacancy rate of less than two percent. They say it will drive triple digit rent increases in Oxnard during the next two years.