Nevada has been presented with a series of opportunities not seen since the onset of the Great Recession. New projects on the north end of the Strip in Las Vegas, industrial projects in Reno and tech startups and relocations statewide have shown Nevada’s economy is more resilient and adaptable than some observers thought.
The national vacancy rate remained unchanged at 4.1% during the second quarter, a potentially worrisome result for those who fret about the near-term future of the apartment sector. However, this is not unexpected, and a moderation in the brisk pace of improvement in fundamentals has been built into our forecasts for some time.
If it seems as if we're repeating ourselves, we are. The U.S. apartment market continued its amazingly strong 2014 in July, as effective rent growth increased once again, occupancy remained steady, and fewer concessions were offered.
“Sir, I need to ask you to take the conversation outside...” The audience applauds...and...End scene. That was the end of a show that I didn’t realize I had purchased tickets for when I picked the restaurant. While eating dinner recently, a businessman who had been on the phone for a while suddenly got louder and louder. Over the course of a minute or so, he berated the person on the other end of the call until the restaurant manager finally interrupted him. This was met by applause from the other diners.
“How many of you feel like you are under information overload?”
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 June 2014 is now available to view.
The Q2 2014 Northern Nevada Commercial Investment Real Estate Report for Reno and surrounding areas is now available.
Those tennis shoes hanging from nearby telephone wires or electrical lines probably aren’t because a few kids are fooling around after school. Dangling sneakers knotted together by their shoelaces are a sign that a serious problem may exist on your property.
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.
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