The struggling rental market is sometimes forgotten in all the housing market hoopla, but that’s exactly what NAI Capital’s mid-year report explores. The Los Angeles-based firm said downward pressure in the single-family residence market has created a small boom in the rental market, effectively stalling the rise in vacancies.
“Although we have seen little change in vacancy rates they remain extremely low in … Ventura Count[y],” with an average rental vacancy rate below 5 percent. NAI said Ventura’s average stacked up favorably against the Inland Empire’s 7 or 8 percent rates.
The report also notes that there is an estimated 1.29 million square feet of rentable retail space in Ventura County, whose retail vacancy slipped to 5.8 percent in the first quarter from 4 percent a year earlier. Notable Ventura County retail deal: The Pierpont Inn in Ventura, sold for $11.5 million.