Apartment Vacancies Very Low

The apartment occupancy rate in the greater San Fernando Valley remained relatively stable at 93.1 percent in the first quarter of 2007, compared to 93.5 percent in the fourth quarter of last year, according to just released data from RealFacts, a Novato, Calif.-based tracking service. Occupancy in the local area has loosened by more than 3 percent from the comparable year ago period when the rate stood at 96.1 percent, the RealFacts data found. The dip has not been sufficient, however, to affect rental rates, which have continued to rise significantly. Overall, average rents in the Valley rose to $1,581 per month in the first quarter, up 7.7 percent from the year ago period when rents averaged $1,498. Occupancy rates were lowest in North Hollywood, where the rates actually declined 13.5 percent from the year ago period. North Hollywood’s first quarter occupancy rate, 84.1 percent, likely reflects the large number of new units, well in excess of 1,000 apartments, that have come online in that submarket in the past year. The submarket saw a corresponding increase in average asking rents, however, reflecting the much higher rates on newly constructed properties. As a result of the new construction, asking rents jumped 19.5 percent from the year ago period to an average of $1,373 in the submarket. Studio City and Northridge both showed the highest occupancy rates, 98 percent for the first quarter, with Canoga Park, Sherman Oaks, Reseda and Thousand Oaks all showing occupancy rates in the high 90 percent range. Behind North Hollywood, the submarket that saw the largest year-over-year average rent increase was Simi Valley, where average rents rose 12.3 percent to $1,627 per month. Average rents were highest in Thousand Oaks at $1,737 per month, 5.4 percent higher than the year ago period. _________________________________________________________ Laing’s Rattazzi Heads to Parent Unit in India <!– Rattazzi –> Rattazzi Bill Rattazzi, who had led the Los Angeles and Ventura county territories for John Laing Homes, will relocate to India where he will head Laing’s parent company office there. Rattazzi, who had been president of the Los Angeles/Ventura division, will become CEO of Emaar MGF Land Private Limited, a $4 billion real estate company based in New Delhi. Rattazzi has been president of Laing’s L.A. operation, in Van Nuys for the past six years. Laing, which was acquired by Emaar Properties in Dubai in the United Arab Emirate in June, 2006, said that Rattazzi’s move is the most “high-level” sharing of executives between the two companies to date. Laing’s current Valley-area projects include Roxford Glen, a development of equestrian homes in Sylmar. John Laing Homes, a 150-year-old company, was acquired by Emaar last year for $1.05 billion in cash. –Shelly Garcia