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Apartment Market Slows, Steadies

LAS VEGAS-Vacancy continues to rise and fewer properties are changing hands, but average rents are up slightly and per-unit sales prices are up for larger assets.

By Brian K. Miller | Updated on November 26, 2007

(Read more on the multifamily market.)

LAS VEGAS-Vacancies continued to tick up in the Vegas Valley apartment market, according to Applied Analysis, a locally based business research and advisory firm. Occupancy hit 93.5% during the third quarter, down 20 basis points from 93.7% at the end of June and down 230 basis points from 95.8% this time last year.

The average increase in vacancy was partially offset by the average per-sf rental rate, according to the report. The average rent was $0.99 at the end of the third quarter, up $0.01 from the end of June up $0.03 since this time last year.

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