Las Vegas Nevada Real Estate Blog

Multi-family vacancy rates increased this year, partially due to an increased number of single family homes available for rent.  This was caused by a decline in the housing market, fueled by the mortgage problems and substantial inventory of homes for sale.  Many investors bought single family homes in 2000-2003, before the “boom” of accelerated appreciation.  There is an over-supply of homes and condos for rent, which has affected apartment vacancies.  Rental rates have increased, however, to an average rate of $.93 per square foot.  Considering the large commercial projects, resorts, population and employment growth forecasted for the next 5 years, demand for rental properties will exceed supply.  So, this market has a great potential.  The supply shortage, due to fewer apartments being built, will result in strong growth in multi-family market.

Several large apartment buildings have been sold during the past year, resulting in higher rents after renovations have been completed.  All indicators point to a growth in occupancy and rental rates in this market segment.  Call Las Vegas Properties for more details at 1-888-876-8383!