Location: Oxnard-Thousand Oaks-Ventura, CA | Metro: Oxnard-Thousand Oaks-Ventura, CA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,510 |
| 1 Bedroom | $1,700 |
| 2 Bedrooms | $2,030 |
| 3 Bedrooms | $2,750 |
| 4 Bedrooms | $3,190 |
| 5 Bedrooms | $3,700 |
| 6 Bedrooms | $4,144 |
| 7 Bedrooms | $4,476 |
| 8 Bedrooms | $4,700 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,030 | $464,020 | 0.44% | F |
U.S. Census Bureau data (2024)
The ZIP code 93040, located in Piru, California, presents a dynamic rental market that is currently in flux. The Fair Market Rent (FMR) for the area, set at $2190 for fiscal year 2024, exceeds the current market rent of $1,690 according to the Census ACS data. This discrepancy suggests that there may be upward pressure on rents, indicating a potential scenario where demand could be catching up with supply.
A median home value of $579,450 places the ZIP code in a moderate to high-value bracket, which can influence the rental market by making homeownership less accessible to some residents. The fact that the percentage of price-cut share and days on market (DOM) are not available makes it challenging to assess the exact supply-demand balance, but the higher FMR compared to market rent implies a market that might be moving towards equilibrium or experiencing increasing demand.
The significant 36.1% renter share in ZIP 93040 signals long-term housing pressure. A substantial portion of the population renting rather than owning homes indicates ongoing challenges for prospective buyers, possibly due to affordability issues. For landlords and small-portfolio investors, this suggests a steady demand for rental properties, which can provide a stable income stream. However, it also means competition among renters could drive up prices over time, leading to potential increases in market rents.
In summary, ZIP 93040 exhibits characteristics of a market where demand is likely growing, driven by both the higher FMR and the notable renter share. While specific supply metrics are unavailable, the dynamics point towards an environment favorable for those looking to invest in rental properties, with the potential for rising rents as demand continues to increase.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.