“Vacant apartments in the Valley are scarce, rents are heading toward all-time highs, and observers expect little change for the next three years.”-LA Times 8/24/1969
Most of the new apartments will be large, luxury, high-rent operations because land is so expensive.
Landlords are choosey and many refuse to rent to tenants who have pets or children. Only 25% will allow pets or kids.
In North Hollywood, only 3.8% are vacant, in Van Nuys, 2.5% and in Northridge, 2.7%.
Ten and 12-unit buildings were once common, but now land costs and materials are pushing builders to put up 40, 60 or even 80-unit structures.
The average tenant in the San Fernando Valley, incidentally, is 27-years-old and cannot afford the high rents.
And some of the rents that are being asked are quite shocking.
Furnished and unfurnished bachelor apartments are going for $85-$95 a month ($90=$657 in 2018); one bedrooms are averaging around $115 ($115=$796.42 in 2018); and two bedrooms for $175 ($175=$1,211 in 2018).
Walt Taylor of Van Nuys, who is the new president of Valley Apartment House Owners’ Association, fears that if the trend continues only large corporations will become landlords, or even worse, the government.