Las Vegas Apartment Market Bounces Back

  in   Insights

Las Vegas has recovered some lost ground in recent months. Among the nation’s 50 largest apartment markets, Las Vegas saw the biggest jump in effective asking rents during the month of August, with an increase of 1.7%. While annual rent growth of 1.1% was still well behind the market’s five-year-average, Las Vegas is still performing well ahead of the nation overall, where annual cuts of 1.4% were the deepest in over a decade. Las Vegas’ rent growth performance was linked to improved occupancy, as the market was a top-five performer for occupancy growth on both a monthly and annual basis. Occupancy tightened 60 basis points in August and 30 basis points year-over-year, with both those performances ranking #4 among the nation’s 50 largest markets. As of August, occupancy in Las Vegas reached 96.4%, the tightest reading the market has seen since 2005.