Apartment Vacancies

Apartment vacancy rates have dropped and rents have risen throughout Los Angeles and Orange counties as landlords benefit from the area’s growing economy, population and personal incomes, according to real estate investment firm Marcus & Millichap.

Change in Third-Quarter Vacancy Rates*

*--*

Area 1996 1997 Westside 6.5% 5.9% Hollywood 8.5 6.0 South Bay 6.0 5.0 San Fernando Valley 7.1 6.8 San Gabriel Valley 7.5 6.5 Los Angeles County 8.7 8.2 Orange County 4.2 5.0

*--*

Change in Third-Quarter Average Rents*

*--*

Area 1996 1997 Westside $785 $800 Hollywood 610 650 South Bay 640 700 San Fernando Valley 630 650 San Gabriel Valley 675 730 Los Angeles County 635 653 Orange County 800 850

*--*

* Represents apartment properties with five or more units.

Source: Marcus & Millichap