Most millennials say they’d rather rent than buy a home — a decision that could cost them more than $700,000 over the course of their lives.
U.S. homeownership fell to a 20-year low in the fourth quarter, but a sharp rebound in the rate at which Americans are setting up home is expected to help drive a pick-up in housing.
One sign that the recovery from the Great Recession may finally have some meat to it is that the national apartment market enjoyed its strongest year out of this decade. And with the national strength, it obviously follows that several markets would also have their strongest post-recession year.
Strong demand for apartments helped keep the percentage of vacant apartments low, even though developers finished many new apartments in 2014.
As 2014 came to a close, the southern Nevada housing market demonstrated continued resiliency as median home prices finished approximately 10 percent higher than where they started the year. While there have been month-to-month variances, the overall market can best be characterized as more stable than the roller coaster ride over the past decade. Availability within the resale market has also remained at respectable levels, and foreclosure volumes are at post-recession lows heading into 2015.
With over 2.6 million apartment units updated each month, ALN Apartment Data is one of the most complete and accurate data provider available anywhere in the country. The Las Vegas Apartment Market Overview for December 2014 is now available to view.
We all know that job growth drives demand for apartments, and we all know that 2014 was an exceptional year for the apartment market. So, one might ask what kind of job gains would be necessary to maintain the supply/demand ration found this year.
The U.S. apartment market is ending 2014 with the strongest fourth-quarter annual effective rent growth in nine years, according to early release apartment data from Axiometrics, the leader in apartment research and data.
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
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.
You can be THE FIRST to know what's happening in the Las Vegas housing market each and every month. FastFacts is the e-newsletter that tells you exactly what's going on in both the new and existing home market in terms of volume, prices, and trends.