Ventura, CA Multifamily Market Report Q3 2025

Ventura’s multifamily market remained stable in Q3 2025, with vacancy at 5.5% and modest rent growth signaling steady demand amid affordability pressures. Economic conditions supported performance, anchored by a highly educated workforce, a $120,000 median household income, strong employment from the Navy, and major firms like Amgen. Investment activity slowed year-over-year, but cap rates held near 5.0%, reflecting sustained confidence in the market’s fundamentals. Ongoing construction and Amgen’s $600 million R&D expansion highlight continued economic investment despite limited housing supply and muted population growth. Overall, Ventura’s market performance reflects resilience supported by a diversified and stable economic base.

Key Findings

Investment activity slowed over the past year, with total sales reaching $397 million, down from $725 million in 2024. Even with reduced transaction volume, pricing averaged roughly $360,000 per unit and cap rates held near 5.0%.
Average asking rents climbed to $2,628 per unit in Q3, posting a 0.6% annual gain and a 1.1% quarterly uptick. While rent growth trails historical norms, it continues to outpace nearby coastal metros, supported by stable absorption.
The vacancy rate stabilized at 4.8%, reflecting a 1.2-point increase from last year but little change quarter to quarter. Consistent leasing in Class B communities helped balance the impact of more than 1,100 new units slated for 2025 completion.

Ventura Demographics

Source: CoStar Group, Inc.

Unemployment Rate: 4.6%
Current Population: 836,976
Households: 287,061
Median Household Income: $116,740

Ventura Sales

Sales activity in Ventura’s multifamily market slowed notably year-over-year, with $397 million in total volume, down about 45% from 2024’s $725 million. The slowdown, driven by higher borrowing costs and tighter capital markets, continued into mid-2025, when quarterly volume fell roughly 70% from the same period last year before leveling off in Q3. Even with fewer deals, average pricing held near $360,000 per unit, and cap rates remained stable around 5%, underscoring steady investor confidence. Institutional and REIT players continued to dominate acquisitions, while local buyers stayed active in select value-add opportunities. Prominent transactions like Sofi Ventura’s $88 million sale and The Landing at Arroyo’s $95 million deal highlighted sustained demand for well-located, newer assets despite the broader slowdown.

Sales Volume & Price Per Unit

Source: CoStar Group, Inc.

Ventura Construction

Construction activity remained active in Q3 ’25, with 844 units under construction and more than 1,100 new units scheduled to deliver by year-end. Notable developments include the 333-unit Panorama in Oxnard, which opened in Q3 with strong leasing, and Arrive Santa Paula, a 298-unit project that combines market-rate and deed-restricted affordable housing. In Camarillo, Fairfield Residential’s 385-unit Calixa Apartment Homes broke ground with over 10% of units reserved for moderate- and low-income households. Although new completions are expected to nudge vacancy higher through the end of 2025, sustained renter demand should allow properties to stabilize without major market disruption.