Houses for Rent in Santa Barbara, CA - 62 Rental Homes | Zumper (2024)

FAQs

Why is Santa Barbara housing so expensive? ›

Home prices in Santa Barbara are up significantly. Because of supply and demand constraints, homes have been put on the market for higher prices since the pandemic. In fact, in 2023, the median sales price seems to be testing new highs on a monthly basis. Prices are expected to rise in the near future at a steady pace.

Landlords can't raise rent more than 10%, or 5% plus the percentage change in the cost of living — whichever is lower — over a 12-month period.

21,767 or 59% of the households in Santa Barbara, CA are renter-occupied while 15,165 or 41% are owner-occupied.

When it comes to answering that question, there's no universal answer other than, “1 or more”. If you haven't purchased your first rental property yet, start at 1. Regardless of your investment experience, the best answer for you is going to come down to your goals.

Limits on Rent Increases

Landlords cannot raise rent more than 10% total or 5% plus the percentage change in the cost of living – whichever is lower – over a 12-month period. If the tenants of a unit move out and new tenants move in, the landlord may establish the initial rent to charge. (Civ. Code § 1947.12.)

Under the law, a landlord or property owner must also offer a tenant a “no-fault” reason for eviction in cases involving renovation, indicating the cause of the eviction filing was not the tenant's actions, and absolving the tenant of wrongdoing while allowing them to assert an affirmative defense in court.

The Tenant Protection Act provides several key protections for tenants in Santa Barbara, including restrictions on evictions, rent increases, and security deposit requirements.

Campanil. With a median home price of $4,303,781 and a median rent of $2,796, Campanil is the most expensive neighborhood on our list. Based on the growth in home prices in Campanil over the last 3 years, it ranks No. 1 among all the neighborhoods in Santa Barbara.

What is the homeless population in Santa Barbara? ›

Santa Barbara, the scenic, oceanside mountain town known as the “American Riviera.” boasts a boatload high-profile residents, such as Rob Lowe and Julia Louis Dreyfus.

The 50 Percent Rule is a shortcut that real estate investors can use to quickly predict the total operating expenses that a rental property investment is likely to generate. To work out a property's monthly operating expenses using the 50 rule, you simply multiply the property 's gross rent income by 50%.

You take the number 72 and divide it by the investment's projected annual return. The result is the number of years, approximately, it'll take for your money to double.

The 1% rule of real estate investing measures the price of an investment property against the gross income it can generate. For a potential investment to pass the 1% rule, its monthly rent must equal at least 1% of the purchase price.

Santa Barbara Housing Market Trends

In June 2024, Santa Barbara home prices were down 2.9% compared to last year, selling for a median price of $1.9M. On average, homes in Santa Barbara sell after 30 days on the market compared to 29 days last year. There were 50 homes sold in June this year, up from 44 last year.

“Though Santa Barbara is among the highest-priced large housing markets in the U.S., buyers in the area have seen similar trends to buyers in other more affordable markets,” Hale said.

Cost of Living

The costs associated with residing in both Santa Barbara and San Diego is typically greater than the national average. Nevertheless, when comparing the two, Santa Barbara is typically more expensive overall.

Add world-class wineries, fine dining, spas, manicured gardens and the beautiful Mediterranean-style architecture of the city, and you'll understand why Santa Barbara is so beloved.