Apartment Market Trends:  According to the  latest report from the UNLV CBER-LIED Report on Apartment Market Trends, (1st Quarter 2014) the Las Vegas Apartment Market saw  increases in both vacancies and asking rents in the previous quarter. Many of the new vacant units were in areas surrounding the older Downtown and the Sam Boyd Stadium. Vacancy increases in those areas were enough to offset occupany improvements in newer areas  however he overall vacancy rate dropped slightly from 2013 levels. The good news is that the trend continues to be downward sloping.

Population:    According to the latest report from the Nevada State Demographer the population in Clark County grew to 2.062,253 in 2013.  These estimates leave Clark County as the nation’s 15th most populous county followed by Washoe County at 433,731 and Carson City with 54,080.
Supply:    As of the 3rd Quarter 2012 the Greater Las Vegas Area of Southern Nevada housing market consisted of 771,009 total housing units including 477,387 single family homes, 84,453 Condominiums, 39, 838 Townhomes and 169,331 Apartments.

Demand:   Also according to the  UNLV CBER-LIED Report on Apartment Market Trends report, average vacancy rates for apartments as of the 3rd quarter of 2013 were 9.7% with average rents of $765.00. By the end of the first quarter 2014, about 1,600 more units were left vacant, with an overall vacancy rate of 9.7%.

Other Housing Market Conditions: For a overall housing market overview see the CBER-LIED Report on Housing Market Conditions.

Abel Commercial Real Estate Services, Inc. 2980 South Rainbow Blvd., Suite 110N Las Vegas, NV  89146 Office (702) 889-4200 FAX (702) 889-4201