Ventura County
Ventura County is a geographically diverse multifamily market encompassing coastal communities, suburban employment centers and inland residential areas between Los Angeles and Santa Barbara. Its apartment inventory is distributed across Ventura, Oxnard, Camarillo, Thousand Oaks, Simi Valley and several smaller submarkets. Rental demand is supported by a diversified economy that includes healthcare, education, life sciences, defense, manufacturing, agriculture, tourism and logistics. The market also benefits from Naval Base Ventura County, the Port of Hueneme and Amgen’s presence in Thousand Oaks. Housing development has historically been constrained by entitlement timelines, construction costs and limited available land. A recent wave of new apartments increased vacancy and slowed rent growth, but the declining construction pipeline should give recently completed properties time to stabilize. For investors, Ventura County offers opportunities across workforce housing, suburban communities and newer institutional-quality assets.
MARKET OVERVIEW
Source: CoStar | Ventura Multifamily | 2025
Units Delivered
833
Rent Growth (YoY)
-0.1%
Average Cap Rate
5.2%
Vacancy Rate
5.5%
Average Price Per Unit
$353,474
Average Rent
$2,622
Absorption Rate
0.5%
Total Transactions
32
EMPLOYMENT DRIVERS
Ventura County’s employment base includes healthcare, education, life sciences, defense, manufacturing, agriculture, tourism and logistics. Major anchors include Amgen in Thousand Oaks, Naval Base Ventura County and the Port of Hueneme. The port and military installations support additional aerospace, technology, research, transportation and specialized manufacturing employment throughout the region.
TENANT PROFILE
Ventura County attracts families, working professionals, military personnel and established households seeking a suburban or coastal lifestyle within reach of Los Angeles and Santa Barbara. Renters are drawn to the region’s employment centers, schools, recreational amenities and varied housing options. Demand spans workforce apartments, family-sized units and newer communities serving higher-income households.