The San Fernando Valley is expected to be among the markets with the tightest multifamily apartment vacancy rates in the Los Angeles area by year end, according to a report just released by Marcus & Millichap Real Estate Investment Brokerage Co. According to the report, the vacancy rate for apartments throughout the Los Angeles metropolitan area should reach 3 percent by the end of 2006, falling from 4.1 percent vacancy and 2.4 percent vacancy for Class A and Class B and C apartment complexes respectively at the end of the first quarter. Asking rents should increase 5.9 percent at year-end, the report projected. Region-wide, Marcus & Millichap found that the median price of apartment properties rose 6 percent to $152,000 per unit in the first quarter of the year.