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89143
89087
89085
89165
89131
89166
Vacancy Q1 2014
89086
89084
No Data
89149
89081
89031
89130
0.01 - 6.00
89115
89129
89032
89134
89138
89128
89156
10.01 - 12.00
89106
89144
89145
8.001 - 10.00
89030
89108
89107
89110
89101
89104
89117
89146 89102
89147
89103
89135
89161
89118
89148
89109
89169
14.01 - 20.0
89142
89122
89119
89120
89014
89004
89139
12.01 - 14.00
89121
89113
89011
89015
89074
89123
89012
89178
89183
89179
6.01 - 8.00
89141
89005
89044
89002
89052
Page 2
The average rental rate, meanwhile, went up by 7 dollars to $765 per month since last quarter. The most
notable growth occurred in communities near high-end master plan communities. There were increases in
northern zip codes 89149, 89084 and 89130. Moreover, apartments in the Henderson zip code 89074
raised rents high enough for them to enter the second largest average rent tier ($950-1049) in Las Vegas.
Around Downtown, where communities held more vacant units, apartment complexes kept their rental
rates low, below $749 per month. Slightly offsetting growth were changes in South West Las Vegas.
Apartments in zip codes 89147, 89148, and 89113 reduced their average rates from the $950-1049 tier in
2013 Q4 to the $850-949 tier in 2014 Q1.
Figure 2: Apartment Rental Rates in Las Vegas*
89143
89087
89085
89165
89131
89166
Rent Q1 2014
89086
89084
No Data
89149
89081
89031
89130
1 - 649
89115
89129
89032
89134
89138
89128
89156
850 - 949
89106
89144
89145
750 - 849
89030
89108
89107
89110
89101
89104
89117
89146 89102
89147
89103
89135
89161
89118
89148
89109
89169
89142
89122
89119
89120
89014
89004
89139
950 - 1049
89121
89113
89011
89015
89074
89123
89012
89178
89183
89179
650 - 749
89141
89002
89052
89005
89044
For the most part, this quarters average rent increase in the Las Vegas Valley represents the fourth
consecutive quarterly increase. This is an encouraging trend for landlords after the 15.7 percent rent
depreciation from the markets peak (2007 Q4) to valley (2012 Q1) that came in the aftermath of the
Great Recession. Preferable market conditions would involve coupling rent appreciation with waning
vacancies, which are wavering occupancy currently. At least, rent appreciation is being realized by all
apartment types surveyed here.
Page 3
Among them, furnished studio units enjoyed the highest quarterly increase (4.8 percent) followed by
furnished one bedroom units (2.5 percent) and furnished two bedroom units with two baths (1.9
percent). Although units that have more bedrooms and bathrooms own premiums over smaller units,
they tend to sustain complementary movements. In other words, if the average rent for three bedroom
units increased, it is likely that the average rent also appreciated for smaller units. By the end of the first
quarter 2014, among unfurnished units, three bedroom units held the highest average asking rent ($959)
above two bedroom units with two baths ($815) and one bedroom units ($670).
Figure 3
Figure 4
Average Rent
720 740 760 780 800 820 840 860 880
1,000
$876,2007Q4
959
Average Rent
400
600 800
815
670
524
200
$765,2014Q1
15.68%Drop
2006
2007
2014
Studio
Two Bed, One Bath
Three Bed
2015
Figure 5
Figure 6
10.96%,2009 Q3
Rental Frequency
1500
2000
2500
3000
12.0
2010
2011
2012
2013
Date (August 2008 March 2014)
All Homes
SingleFamiliy Homes
9.7%,2014 Q1
4.53%,2006 Q1
2014
4.0
2009
One Bed
Two Bed, Two Bath
All Types
1000
765
689
2006
2007
2014
2015
Apartment complexes, to a certain extent, compete with individually owned units, which mostly consist
of single family homes and condominiums. MLS rental leases, a proxy for this competition, spiked this
quarter reaching a three month moving average of 3,094 leases in March 2014. This, in part, explains the
increase in vacancies when assuming that some portion of those MLS leases were signed by potential
apartment tenants. Nevertheless, economic conditions, more than anything will influence the apartment
market, especially as residents find better jobs, earn higher income, and recover financially.
Luis A. Lopez, Data Analyst
Page 4
ZIP CODE
89002
89005
89011
89012
89014
89015
89027
89029
89030
89031
89032
89052
89074
89081
89084
89086
89101
89102
89103
89104
89105
89106
89107
89108
89109
89110
89113
89115
89117
89118
89119
89120
89121
89122
89123
89128
89129
89130
89131
89135
89139
89141
89142
89144
89145
89146
89147
89148
89149
89156
89166
89169
89178
89183
METRO LV
UNIT RATES
Studio
F
U
.
.
.
.
.
.
.
.
.
595
.
.
379
.
.
.
.
557
.
.
.
607
.
.
.
.
.
.
.
.
.
.
536 476
480 516
.
564
395 497
.
.
659 425
.
516
.
496
499 549
.
.
.
.
515 437
.
.
.
563
556 523
.
629
.
528
636 463
.
551
.
.
.
687
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
360
.
.
.
.
.
.
.
.
.
.
663 486
.
.
.
.
578 524
1 Bed
F
U
.
695
.
650
.
778
.
758
.
693
.
617
.
548
.
432
.
564
.
.
.
686
.
822
.
814
.
679
.
793
.
696
611
521
495
560
.
636
450
533
.
494
759
527
.
560
.
657
625
639
.
551
.
815
699
554
.
776
.
713
631
626
.
639
837
589
676
664
.
791
.
701
.
697
.
631
.
700
.
934
.
881
.
1047
.
580
.
915
.
852
.
664
.
792
.
848
.
780
.
601
.
787
762
541
.
905
.
814
691
670
2 Bed/1 Bath
F
U
.
760
.
.
.
902
.
810
.
775
.
676
.
512
.
466
.
580
.
.
.
.
.
1009
.
.
.
.
.
920
.
795
.
595
.
639
.
694
.
617
.
.
.
556
.
593
.
630
.
568
.
614
.
.
.
589
.
900
.
722
725
616
.
688
.
640
956
861
.
1160
.
.
.
925
.
.
.
.
.
.
.
910
.
948
.
575
.
.
.
810
.
604
.
850
.
.
.
775
.
.
.
892
.
613
.
955
.
835
867
689
AVERAGE RATES
2 Bed/2 Bath
F
U
.
915
.
750
.
968
.
937
.
821
.
736
.
738
.
475
.
686
.
751
.
814
.
979
.
987
.
860
.
1026
.
868
810
643
.
724
.
767
.
644
.
593
.
636
.
691
.
770
.
842
.
674
.
940
.
652
.
901
.
880
.
771
.
757
.
711
.
806
.
955
.
804
825
826
.
747
.
827
.
1181
.
1017
.
1228
.
678
.
1080
.
1066
.
785
.
916
.
971
.
979
.
693
.
971
895
677
.
1110
.
930
840
815
3 Bed
F
U
. 1078
.
.
. 1030
. 1110
.
991
.
857
.
.
.
584
.
784
.
837
.
855
. 1177
. 1150
. 1007
. 1128
. 1022
.
713
.
818
.
877
.
737
.
.
.
783
.
875
.
896
.
750
.
802
. 1251
.
786
. 1050
. 1003
.
887
.
935
.
804
.
939
. 1107
.
980
. 1048
.
945
. 1028
. 1340
. 1203
. 1409
.
764
. 1262
. 1220
.
955
. 1023
. 1038
. 1202
.
940
. 1143
.
906
.
.
. 1050
.
959
Rent
804
700
915
907
811
715
562
490
662
794
766
970
951
857
977
825
561
646
713
592
544
624
654
739
701
660
925
652
888
802
695
746
674
761
898
831
812
774
852
1133
1018
1217
658
1122
1037
787
902
944
958
683
922
648
997
913
765
Vacancy
7.7%
17.6%
10.4%
9.8%
9.0%
11.9%
19.3%
8.3%
13.0%
9.1%
11.4%
9.5%
9.3%
13.6%
9.8%
10.5%
11.1%
8.7%
8.5%
10.0%
2.5%
10.6%
8.4%
10.1%
11.4%
12.4%
5.1%
9.8%
8.4%
8.1%
10.3%
9.4%
10.3%
9.6%
9.2%
9.1%
8.5%
7.1%
9.2%
7.0%
9.1%
7.9%
11.2%
7.5%
8.8%
9.7%
8.4%
10.2%
9.6%
11.9%
9.0%
9.6%
7.2%
9.3%
9.7%
UNITS
Total Units
785
282
1061
2421
5789
2480
312
2202
2197
321
2644
2686
2689
1573
1008
1095
6492
7958
8906
5532
80
2749
2537
7949
2484
3597
585
5526
7796
1815
22081
2123
6393
4050
4684
2582
2548
1040
348
1459
1386
340
1454
732
614
3337
3216
1788
1306
728
1484
7575
539
4170
169528
Vacant Units
61
50
110
238
523
296
60
183
286
29
302
254
250
214
99
115
719
695
757
555
2
292
214
806
282
447
30
543
655
147
2283
200
659
389
429
236
216
74
32
102
126
27
162
55
54
323
269
183
125
87
134
726
39
386
16417
" . " Number of observations insufficient for statistical purposes. "F" stands for Furnished and "U" stands for Unfurnished. Source: CBER Apartment Survey
Ap
partment M
Market Tren
nds
P
Page 5
Ab
bout the Insstitute
Th
he Lied Insstitute for Real Estatee Studies was
w
esttablished in
n 1989 by th
he Lee Busiiness Schoo
ol at
thee Universitty of Nevaada, Las Veegas to fosster
exccellence in real estatee education and research.
Th
hrough paartnerships with business
b
and
com
mmunity leeaders, the Lied Instittute strivess to
im
mprove real estate business and efffective pub
blic
policy practices in South
hern Nevadaa. The instittute
pro
oduces releevant and timely real eestate research,
sup
pports edu
ucational programs
p
in
i real esttate
and
eco
onomics and
a
finan
nce for students
s
pro
ofessionals,, and proviides commu
unity outreeach
and continuin
ng education
n.
Apartm
ment Ma
arket Trrends
The Lied In
nstitute for Real Estate Studies
Lee Businesss School
C
Contact Info
ormation
Luis A. L
Lopez
Data An
nalyst
(702) 895
53223
L
Luis.Lopez@
@unlv.edu
www.L
LiedInsttitute.co
om