Ventura County Multifamily Market Report H1 2026
Ventura County’s multifamily market is finding its footing after a five-year construction peak. New supply has slowed considerably, with just 502 units currently under construction — only 1.3% of existing inventory, well below the national pipeline of 2.7%. Demand is catching up quickly: the county absorbed 575 units in H1 2026 against just 306 net deliveries, helping stabilize vacancy at 4.2%. Below, Matthews™ breaks down the rent, vacancy, construction, and sales trends shaping the Ventura County multifamily market in Q2 2026, along with a submarket-by-submarket comparison for investors and operators.
Ventura County Multifamily Market At a Glance (H1 2026)
- Sales volume: $199 million
- Cap rate: 5.37% average
- Price per unit: $306,000 average
- Vacancy rate: 4.2%
- Rent growth: 1.20% year-over-year
- Asking rent per unit: $2,487 average
- Units under construction: 502 (1.3% of existing inventory)
- Units delivered: 306 (H1 2026)
- Units absorbed: 575 (H1 2026)
Ventura County Apartment Rents Grow 1.2% Despite Recent Supply Wave
Ventura County asking rents grew 1.2% year-over-year, even after absorbing a significant wave of new apartment deliveries completed in 2024 and 2025. Ventura continues to outperform many markets over the longer term, with rents up more than 15% over the past five years. Average rents by unit type stand at $2,208 for a one-bedroom, $2,713 for a two-bedroom, and $2,996 for a three-bedroom. Operators — particularly within newly delivered Class A communities — are leaning more heavily on concessions to sustain occupancy, and the gross rent multiplier (GRM) averaged 11.44 across the market.
Vacancy Stabilizes at 4.2%, Below National Levels
Ventura County’s vacancy rate stands at 4.2%, a 60-basis-point decrease year-over-year and below the national average. Over the trailing 12 months, approximately 878 units were absorbed against 1,431 units delivered, reflecting improving leasing activity following the past few years’ construction surge. Demand has remained strongest in established submarkets with stable employment access and relatively affordable housing options. With development slowing significantly in 2026, vacancy is expected to remain stable through the remainder of the year.
Construction Pipeline Shrinks to Just 1.3% of Inventory
Development activity has moderated considerably after Ventura recorded its highest level of apartment completions in five years during 2025. Approximately 502 units are currently under construction, representing just 1.3% of existing inventory — well below the national pipeline average of 2.7%. Long entitlement timelines, regulatory hurdles, and elevated construction costs continue to constrain new supply across the county, insulating Ventura from the overbuilding seen in many Sun Belt markets and supporting favorable long-term fundamentals.
Ventura County Multifamily Sales: $199 Million in H1 2026
Eleven multifamily properties traded across Ventura County in H1 2026, with market-wide sales volume totaling approximately $199 million. Average pricing held near $306,000 per unit, with cap rates averaging approximately 5.37%. Institutional and REIT buyers have represented roughly 30% of acquisition volume over the past five years — a signal of continued confidence in this high-barrier-to-entry market.
Local transaction activity slowed in the second quarter, with approximately $9.9 million of smaller multifamily assets trading at an average of roughly $270,000 per unit, compared with stronger institutional-quality sales earlier in the year. Investor demand continues to concentrate on well-located value-add opportunities, particularly within Oxnard, Camarillo, and Ventura.
Ventura County Submarket Comparison
| Submarket | Asking Price/Unit | Rent Growth (YoY) | Vacancy Rate |
|---|---|---|---|
| Thousand Oaks | $2,965 | -0.1% | 4.4% |
| Oak Park | $2,941 | 0.5% | 2.1% |
| Moorpark | $2,794 | -2.6% | 8.7% |
| Camarillo | $2,781 | -1.7% | 7.4% |
| Ventura | $2,659 | 1.0% | 3.9% |
| Simi Valley | $2,639 | -0.8% | 3.9% |
| Oxnard | $2,602 | 0.1% | 4.9% |
| Newbury Park | $2,197 | — | 3.3% |
| Port Hueneme | $2,075 | 1.3% | 2.4% |
Economic Fundamentals Supporting Long-Term Demand
Ventura County’s economy benefits from a diverse employment base anchored by healthcare, education, manufacturing, aerospace, and government. The Port of Hueneme and Naval Base Ventura County remain major economic drivers, supporting more than 20,000 regional jobs. Although population growth has softened due to housing affordability challenges, household incomes continue to rise — median household income now stands at $118,992 — and the market maintains relatively healthy apartment fundamentals.
Ventura County’s current population is 828,641 across 282,376 households, with unemployment at 5.1%. The recent slowdown in construction activity should allow demand to catch up with the significant wave of new supply delivered over the past year, supporting a more balanced operating environment heading into 2027.
Recent Matthews™ Multifamily Closings
- 1917 Colonia Pl, Camarillo, CA — $1,455,000 sale price, 4 units, $363,750 per unit
- 7392 Freeman Pl, Goleta, CA — $1,400,000 sale price, 2 units, $700,000 per unit
Frequently Asked Questions: Ventura County Multifamily Market
What is the current vacancy rate for Ventura County multifamily properties?
As of H1 2026, the Ventura County multifamily vacancy rate is 4.2%, down 60 basis points year-over-year and below the national average.
How much are asking rents in Ventura County?
Average asking rent across Ventura County is $2,487 per unit. By unit type, one-bedrooms average $2,208, two-bedrooms $2,713, and three-bedrooms $2,996.
What is the average price per unit for multifamily sales in Ventura County?
Average pricing in H1 2026 was approximately $306,000 per unit, with cap rates averaging 5.37%.
Is new multifamily construction expected to increase in Ventura County?
No. Just 502 units are currently under construction — 1.3% of existing inventory, well below the national pipeline of 2.7% — due to long entitlement timelines, regulatory hurdles, and elevated construction costs.
