LAS VEGAS APARTMENT AND HOUSING DATA
Phone: (702) 889-4200 – Fax: (702) 889-4201
Las Vegas Apartment Data
Apartment Market Trends: According to the latest report from the UNLV CBER-LIED Report on Apartment Market Trends, (2nd Quarter 2019) The median apartment rent in the Las Vegas metropolitan area for 2019’Q2 was $1,069, or $1.21 per square foot. This represents about a 5 percent increase from the previous quarter. Median rents range from $776 in the 89101 zip code, to $1,666 in the 89138 zip code. The 89138 zip code had the highest median rent by square foot, by a significant margin, with a median rent per square foot of $1.78.
The 2019’Q2 vacancy rate across the entire Las Vegas area, which consists of 157,075 units, was 5.36 percent. This represents a decrease of about half a percentage point since 2019’Q1. The 2019’Q2 vacancy rate ranged from 0 percent in the 89005 zip code, to 20.2 percent in the 89131 zip code.
The median rent for student apartments was 8 percent less than the median rent across the entire Las Vegas metropolitan area. Age restricted apartments rented for 11.8 percent less and affordable housing units rented for 18.8 percent less. Apartments that were both age restricted and part of affordable housing, rented for 26.6 percent less. The vacancy rate was almost zero for all of these apartment types.
Apartments with the highest improvement rating, A+, have a median rent of $2,427. This is almost double that of apartments with a rating of A-. Apartments with the lowest improvement rating, D-, have a median rent of $659. Apartments with a D- improvement rating also have the lowest vacancy rate among all improvement ratings, as the vacancy rate is only 2.06%. There are currently 4,063 apartment units under construction. Nine projects totaling 1,473 units have an expected completion date of 2019’Q3.
According to the latest report from the Nevada State Demographer the population in Clark County grew to 3,139,658 in Q2 2020.
Other Housing Market Conditions:
For a overall housing market overview see the CBER-LIED Report on Housing Market Update.