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Las Vegas Apartment Trends (2019' Q2)

Las Vegas Apartment Trends - The Lied Institute for real estate studies at the UNLV Lee Business School has just published its Las Vegas Apartment Market Trends report for Q2, 2019. The median apartment rent in the Las Vegas metropolitan area for 2019’Q2 was $1,069, or $1.21 per square foot. This represents about a 5 percent increase from the previous quarter. Median rents range from $776 in the 89101 zip code to $1,666 in the 89138 zip code. The 89138 zip code had the highest median rent by the square foot, by a significant margin, with a median rent per square foot of $1.78. The 2019’Q2 vacancy rate across the entire Las Vegas area, which consists of 157,075 units, was 5.36 percent. This represents a decrease of about half a percentage point since 2019’Q1. The 2019’Q2 vacancy rate ranged from 0 percent in the 89005 zip code to 20.2 percent in the 89131 zip code. The median rent for student apartments was 8 percent less than the median rent across the entire Las Vegas metropolitan area. Age-restricted apartments rented for 11.8 percent less and affordable housing units rented for 18.8 percent less. Apartments that were both age-restricted and part of affordable housing rented for 26.6 percent less. The vacancy rate was almost zero for all of these apartment types. Apartments with the highest improvement rating, A+, have a median rent of $2,427. This is almost double that of apartments with a rating of A-. Apartments with the lowest improvement rating, D-, have a median rent of $659. Apartments with a D- improvement rating also have the lowest vacancy rate among all improvement ratings. The vacancy rate is only 2.06%. There are currently 4,063 apartment units under construction. Nine projects totaling 1,473 units have an expected completion date of 2019’Q3. Median Rent (2019' Q2) - Las Vegas Apartment Trends During 2019’Q2, median rents in the Las Vegas metropolitan area ranged from $776 in the 89101 zip code to $1,666 in the 89138 zip code. The lowest rent at a single apartment complex was $393 in the 89102 zip code. The highest rent at a single apartment complex was $2,697 in the 89012 zip code. The west side, particularly Summerlin, had the highest median apartment rents in the Las Vegas metropolitan area. The 89134, 89135, 89138, 89144, and 89113 zip codes had the top 5 highest median rents, as median rents in these zip codes were at least $1,415 a month. The 89138 zip code had the highest median rent by the square foot, by a significant margin, with a median rent per square foot of $1.78. The 89012 zip code in Henderson and the 89141 zip code in Southern Highlands had the next highest median rents with median rents of $1,388 and $1,399 respectively. The center, or strip area, saw the lowest median apartment rents. The 89104 zip code had the lowest median monthly rent with a median rent of $776. However, the 89104 zip code, which had a median rent per square foot of $1.30, did not have the lowest median rent per square foot. The lowest median rent per square foot occurred in the 89169 zip code, which had a median rent per square foot of $1.00. All zip codes on the east side had median rents lower than the median rent of the entire Las Vegas metropolitan area. Rents on the east side ranged from $793 a month in the 89104 zip code to $1,002 in the 89142 zip code. Vacancy Rate (2019' Q2) - Las Vegas Apartment Trends The vacancy rate ranged from 0 percent in the 89005 zip code to 20.2 percent in the 89131 zip code. There were no vacant units in the 89005 zip code, which is Boulder City, but there were only 106 apartments surveyed. Boulder City also saw no vacant units and the same number of apartments surveyed in 2019’Q1. The 89141 zip code, which is Southern Highlands, had the next lowest vacancy rate at 1.7 percent among 955 surveyed units. The 89131 zip code, which had a 20.2 percent vacancy rate in 2019’Q2, had only a 3 percent vacancy rate in 2019Q1. This zip code had only 644 units surveyed. One apartment complex saw a large increase in the vacancy rate, which caused a large increase in the vacancy rate for the entire zip code. The 89169 and 89115 zip codes had vacancy rates of 12.8 percent and 15.4 percent, respectively. These were the only other zip codes with vacancy rates greater than 10 percent. North Las Vegas, which saw a wide range of median rents, also saw a wide range of vacancy rates. Three zip codes in North Las Vegas had vacancy rates lower than 3 percent (89086, 89084, and 89031 zip codes). Four of the top five vacancy rates were also in North Las Vegas (89130, 89030, 89131, and 89115 zip codes). Most other regions did not see a large variation or a high range of vacancy rates across zip codes this quarter. The vacancy rate in Henderson ranged from 2.2 percent (89011) to 5.3 percent (89015). The Eastside saw the lowest range as the vacancy rate ranged from 4.0 percent (89156) to 6.5 percent (89110). Student and Age-restricted Las Vegas Apartment Trends Student apartments had the highest median rent of any special housing type. The average rent for student apartments was $89 less than the Las Vegas average. Age-restricted apartments were the next cheapest apartment type as rents were $126 cheaper than the Las Vegas median. Apartments that were part of affordable housing rented for $201 less than the Las Vegas median. Apartments that were age-restricted and part of affordable housing rented for $285 less than the Las Vegas median. Student apartments saw a large range of rents. Rents for student apartments ranged from $581 to $1,765. The apartment complex with the lowest average rent in the entire Las Vegas metropolitan area was an affordable and age-restricted apartment ($393). Special apartment types were concentrated in the central region. The 89119, 89102, 89104, and 89103 zip codes accounted for more than 50 percent of apartments with a specific housing type. All student apartment complexes surveyed were in the 89119 zip code. Age-restricted apartments were the only apartment type with any vacancy rate. 4,560 apartments were classified as age-restricted and 142 were vacant. New Apartment Construction There are currently 11 apartment projects currently scheduled to finish by the end of 2019. These projects will bring in an additional 1,729 units across the Las Vegas metropolitan area. There are three projects underway in the 89119 zip code, which is located in the center region. The 89147 and 89052 each have two projects underway. No other zip code has multiple projects underway. The average total estimated construction time for an apartment project is just over a year and a half. There was one new apartment permit in 2019’Q1. This project is expected to complete by 2022’Q3. The oldest apartment project, that has not yet completed, began in 2016’Q4. This project is expected to complete by 2019’Q3 and bring in an additional 226 units. For the complete Las Vegas Apartment Trends report from the Lied Institute at UNLV click here: Apartment Market Trends 2019' Q2 report. Thank you for reading our post, “Las Vegas Apartment Trends.”  For more Las Vegas home Buyer tips, information on moving to Las Vegas, Las Vegas real estate market news, information on Las Vegas homes for sale, buying a home in Las Vegas, or general real estate information please visit our website www.lasvegasrealestate.com. Read the full article