Rents Skyrocketing as Economy Booms

Rents for apartments in Thousand Oaks have skyrocketed, thanks to a vacancy rate of only about 1%, officials said.

Rent for a typical two-bedroom apartment has now surpassed the $1,000 mark, while rents overall have climbed 10% or more in recent years, industry representatives said.

“Something that was $1,400 is now around $1,550,” said Melinda Zeledon of Century 21 in Westlake Village.

The problem is primarily a consequence of the city’s booming economy, with growth that generally outstrips the financial health of nearby communities, said Olav Hassel, the city’s acting manager of housing and redevelopment.

“Really, it’s just a function of supply and demand,” said Hassel, who noted that an ordinary vacancy rate is about 5%.

“The economy has improved, there are more people employed, which means more jobs and more people moving into town,” Hassel said.

Such a circumstance creates a domino effect for lower-income residents, particularly those who receive housing assistance from the local and federal government. For instance, those receiving Section 8 housing vouchers from the federal Housing and Urban Development department can only use them for apartments under a certain rent threshold.

But with rental prices increasing, those benefiting from the program are having difficulty finding apartments that qualify.