Occupancy rates for the San Fernando Valley, already tight, are inching up higher still and rents are continuing to escalate as a result, according to data just released by RealFacts, a Novato, Calif., apartment research service. The highest occupancy rates in the Valley for the second quarter of 2005 were found in Burbank, Canoga Park and Woodland Hills, all with occupancy rates above 97 percent. But other communities were close behind, with Van Nuys, Reseda, Northridge and North Hollywood all registering occupancy rates at or near 96 percent. Studio City and Sherman Oaks, which both registered the lowest occupancy rates, were at 90.2 percent and 94.1 percent respectively, according to RealFacts. Apartment rents climbed an average of 4 percent in the Valley, with rents for two-bedroom, one-bath units rising by the highest percentage, 5.5 percent to $1,419 per month in the second quarter of this year versus the year-ago comparison. Burbank saw the largest increases with average rents climbing 7.4 percent to $1,463. Northridge rents rose an average of 6.8 percent to $1,299 per month compared to year ago figures. Reseda registered the smallest rent rate change, with rents climbing 0.6 percent to an average of $1,020 per month. Glendale and Studio City are commanding the highest average rents in the region, at $1,677 per month and $1,657 per month respectively.
