Over the past two years the average Effective Rental Rates in Las Vegas
has dropped over $120 per unit. Occupancy levels have been trending
downward since late 2006. At some point the local industry should
figure out how to operate at lower occupancy and rental levels yet the
Las Vegas market does not seem to have this figured out. Rental Rates
took a nosedive late last year and occupancy responded with a very
slight uptick. Since that time, occupancy levels have been up a little
bit, but Effective Rents continue to decline. At the end of June, the
overall Occupancy Rate stood at 90.0%, up 0.5% over the past year.
Effective Rents were down to $720 per month ($0.82 per square foot).
These figures reflect a 9.4% drop over the past year. Nearly
three-quarters of the properties are offering concessions -- averaging
roughly one month free on a 12-month lease -- and nothing hints at any
recovery anytime soon.
ALN Apartment Data was founded in 1991 to provide Apartment Locator Handbooks and computer software for virtually every Apartment Locator throughout the Dallas-Fort Worth Metroplex. Since that time, ALN has built a database of highly detailed apartment information which is updated monthly. With the expansion of the internet, ALN created the first ever web-based Apartment Locator Program and soon moved all the Locator traffic to this site. Starting in 1997, ALN expanded our services into Austin, San Antonio and Houston.
In early 1993, ALN introduced a program (which eventually became what is now called ALN OnLine) for brokers, appraisers, management companies and others to allow fast access to Market Data and Statistical Analysis of any apartment in our database. Detailed listings of current rents, specials, occupancy rates and more on any property, as well as statistical informaiton of other properties in any area are also available in a quick, easy to use package.
In late 2003, ALN started its expansion outside the Texas markets. Florida and Arizona were natural areas for us to target since so many of our OnLine clients also service those markets. Atlanta and Las Vegas were added in 2004 and we are now collecting the initial data for many other markets throughout the country.
