A SPECIAL REPORT: APARTMENT MARKET

Space to Spare

The Valley apartment market lags behind the rest of L.A., says a new survey by the Apartment Owners Assn. . . . In the last year, vacancy rates fell citywide to 8.9%, but climbed in the Valley to 10%. Today, the only areas with higher rates than the Valley are Central and East Los Angeles.

Pretty & Vacant

One reason is that many buildings closed for quake repairs have now reopened. All those freshly painted, renovated units have hiked vacancy rates in pockets of Sherman Oaks and Northridge--where the most damage occurred--to as high as 17%, said Shari Rosen of the Valley Apartment Assn. “On the flip side,” vacancies are lowest in Woodland Hills--about 2%, she said.

Rent Slide

Rents are down in the Valley too, even though they’re rising elsewhere. Average rent in the Valley has fallen from $631 per month last year to $619 today, the owners’ group said. In the same period, the citywide average rose to $632 from $626 a year ago.

Risky Business

Foreclosures on apartments continue apace, said Ed Hulac of Surety Property Management in Van Nuys. And speculators have flooded the market. . . . Rosen’s group got 200 new members after the quake. A year later, fewer than half were still in business.

Saving Face

When owners lack cash, upkeep suffers. To combat slumlords, local owners will help the city conduct management classes this fall. Landlords who flout codes will be ordered to attend. . . . In another approach, the Sherman Way/Variel neighborhood recovery project in Canoga Park has organized residents to clean up apartment blocks. Installing lights in dark alleys is one goal, said Samuel Luna of city housing.