Apartment Vacancy Rate Dips to 11.1% in Valley

The apartment vacancy rate in the San Fernando Valley edged down to 11.1% in late May from 11.3% last year, according to initial data from a survey conducted by the Apartment Owners Assn. of Southern California.

The recent Valley vacancy rate compares with a 12% rate of empty apartments reported for the Greater Los Angeles area. The average rent in the Valley was $646 a month in late May, compared with a high of $683 in West Los Angeles and $631 for the entire Los Angeles area, the association said.

Final results of the survey will be available in about a month, the association said.