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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.

Lance Orozco has been News Director of KCLU since 2001, providing award-winning coverage of some of the biggest news events in the region, including the Thomas and Woolsey brush fires, the deadly Montecito debris flow, the Borderline Bar and Grill attack, and Ronald Reagan's funeral.