REIS Reports for Las Vegas, Nevada (January 2015 | Metro Analysis)

Published Friday, February 20, 2015
by REIS Reports

Market Overview

A comprehensive examination of the Las Vegas apartment market shows that the major concentrations of competitive apartment space are located in the Henderson/Southeast submarket, amounting to 26,001 units and 18.9% of the metropolitan inventory, followed by North, with a 16.4% share, and West (15.7%). Since the beginning of Q1 2005, the fastest growing area has been the North submarket, adding 6,304 units over that period, or 37.8% of total metropolitan apartment completions.

Asking And Effective Rent

After registering positive movement during all three months of the fourth quarter, for a total increase of 0.6%, average asking rents in the metro continued to advance by 0.3% in January to $881. Mean unit prices in the metro are as follows: studios $609, one bedrooms $776, two bedrooms $931, and three bedrooms $1,112. The market has now experienced ten consecutive monthly gains in asking rent, for a cumulative total of 2.6%. Since the beginning of Q1 2005, the metro as a whole has recorded an annual average increase of 1.5%. Effective rents, which exclude the value of concessions offered to prospective tenants, also advanced by 0.3% during January. The identical rates of change reveal that landlords have succeeded in raising rents while maintaining a stable relationship between asking and effective rent values. Positive movement in asking rent was recorded in all eight of the metro's submarkets.

Competitive Inventory, Household Formations, Absorption

Net new fourth quarter household formations in the Las Vegas metropolitan area were 4,230. Typically, changes in the total number of households are at least partially reflected in the average occupancy levels of market rate apartment units; therefore, it is useful to consider longer-term economic and demographic performance as a factor affecting current absorption rates. Since the beginning of Q1 2005, household formations in Las Vegas have averaged 2.0% per year, representing the average annual addition of 14,100 households. During January, net absorption totaled 218 units, while there was no new development; the net effect of absorption and construction dynamics caused the vacancy rate to drift downward by 10 basis points to 4.9%. Over the last 12 months, market absorption totaled 1,558 units, sharply higher than the average annual absorption rate of 307 units recorded since the beginning of Q1 2005. In a long-term context, January vacancy rate is 2.0 percentage points lower than the 6.9% average recorded since the beginning of Q1 2005.



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Latest News

Published Friday, January 6, 2017
Is your website keeping up with changing
Published Tuesday, September 1, 2015

Exciting Times for NVSAA! 
Introducing Our New Billing Structure


This is a very exciting time for us! We are offering more opportunities for our members than ever in key areas: Education, Legislative, Networking.

We are also creating ways to do business better. This allows us to build upon our foundation, and facilitate future growth.

The Nevada State Apartment Association is pleased to announce a streamlined billing structure for our membership. We are moving to a calendar year membership cycle where all members will pay their dues in January and enjoy membership benefits through December of that year.

The goal is to shift our entire membership to this more efficient billing cycle by January 1, 2017.

As such, it’s important to begin the process now. Handling membership in this manner is in line with many other Associations across the country and is design designed to minimize confusion on expiration dates and make the budgeting process easier.

Our goal is to make the transition as easy as possible:

If your membership renewal falls due between September 1, 2015 and December 31, 2015. You will receive an invoice that includes the remaining months of 2015 and all of 2016. Conveniently, your membership will be paid through the end of 2016. The remaining association members expiring in 2016 will receive prorated invoices to finish out next year’s membership. This process puts us on track to begin annual billing for the association, as a whole, in 2017.

Thank you for your cooperation as we make these changes! YOU are what makes the NVSAA the premier multi-family housing association in the region. Let’s keep going and growing!

If you have questions, you can reach me at 702.862.0165

My best to you,

Shelly A. Cochran

Executive Director


Published Friday, April 17, 2015

Record-setting tourism and the strongest convention attendance in several years are driving employment growth and creating apartment demand Las Vegas. Job growth is well above the national average, spurring developers to complete projects that were mothballed since the recession. In addition, multifamily permitting is trending more than 60 percent higher as builders rush to keep up with demand for rental space. While more than 1,400 apartments have been completed during the past year, vacancy fell sharply and concession activity nearly halted on well-located properties near employment hubs. The leisure and hospitality sector is providing the biggest job gains in the economy, although more corporations are relocating to the metro due to its position as a travel destination and the lack of a state income tax. The new workers hired by these companies are choosing to rent in prime areas to the southwest of the city, close to shopping centers, freeways and the Strip. Single-family housing costs in these areas are above the metro average, spurring strong rental growth and pushing vacancy down. Tightening operations will lift rents up 3.4 percent this year, more than 100 basis points above inflation.

Published Wednesday, February 25, 2015

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