Las Vegas Apartment Market Trends 2019’Q3. The Lied Institute for Real Estate Studies at the UNLV Lee Business School has just released the Apartment Market Trends report for 2019, Q3.
The median apartment rent in the Las Vegas metropolitan area for 2019’Q3 was $1,082. This represents a 1.2 percent increase from the previous quarter.
- Median rents range from $781 in Zipcode 89101 to $1,676 in Zipcode 89138.
- The 89141 zip code saw the largest quarterly increase in rents with an 11.8 percent increase.
The 2019’Q3 vacancy rate across the entire Las Vegas area, which consists of 159,084 units, was 5.55 percent. This represents an increase of 0.19 percentage points since 2019’Q3.
- The 2019’Q3 vacancy rate ranged from 0 percent in the 89005 zip code to 19.0 percent in the 89141 zip code.
- The 89141 zip code saw a 17.3 percentage point quarterly increase in the vacancy rate.
There are currently 7 apartment projects currently scheduled to finish by the end of 2019 and will add an additional 1,466 units across the Las Vegas metropolitan area.
Student apartments saw a large 6.2 percent quarterly increase in median rents.
- The median rent for student apartments is $1,041, $42 less than the Las Vegas median rent.
- All other special apartment types saw quarterly increases in rents.
Over 64,000 units have an improvement rating of either an “A” or “A-“. These apartments have a median rent per square foot of $1.29.
- Apartments with a grade of “C-” have the highest median rent per square foot at $1.52.
Las Vegas Apartment Market – Median Rents
Median rents in the Las Vegas metropolitan area ranged from $781 in the 89101 zip code to $1,676 in the 89138 zip code. The lowest rent at a single apartment complex was $363 in the 89102 zip code. The highest rent at a single apartment complex was $2,714 in the 89012 zip code. The west side continues to see the highest median rents. The 89138, 89135, and 89134 zip codes, all on the west side, were the only three zip codes with median rents over $1,600. 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 $1.79. The bottom three zip codes in average rent per square foot all came from the east side. The 89142 had the lowest average rent per square foot at $1.02 per square foot. The two zip codes with the lowest overall rents occurred in North Las Vegas. The 89101 and 89106 had median rents of $781 and $794 respectively.
The 89141 zip code, which saw the fourth-highest median rents, saw the largest increase in median rents since the previous quarter (11.8 percent). The next largest increase in median rents was 6 percent, which occurred in both the 89012 and 89135 zip codes. 43 zip codes saw a quarterly increase in median rents of less than 1 percent. No zip code saw a decrease in median rents from the previous quarter.
The vacancy rate ranged from 0 percent in the 89005 zip code, to 19.0 percent in the 89141 zip code. There were no vacant units in the 89005 zip code, which is Boulder City, but there were only 106 apartments surveyed. The 89138 zip code, on the west side, had the next lowest vacancy rate at 0.7 percent among 276 surveyed units. The 89131 and 89115 zip codes, both in North Las Vegas, had the next highest vacancy rates at 18.4 percent and 16.4 percent, respectively. Four of the top six zip codes in vacancy rates were in North Las Vegas. No other region saw a concentration of high or low vacancy rates. The vacancy rate in Henderson ranged from 3.0 percent (89052) to 6.4 percent (89012). The Eastside saw the lowest range as the vacancy rate ranged from 3.9 percent 89142) to 6.2 percent (89110).
23 zip codes saw a quarterly decrease in the vacancy rate and 30 zip codes saw an increase. The largest quarterly increase in the vacancy rate came from the 89141 zip code where the vacancy rate increased by 17.3 percent. The 89169 zip code saw the largest quarterly decrease in the vacancy rate (4.4 percentage points).
Las Vegas Apartment Market – Student and Age Restricted Apartments
Student apartments had the highest median rent of any special housing type.
- The average rent for student apartments was $41 less than the Las Vegas median.
- Student apartments also saw the largest increase in median rents from the previous quarter as rents increased $61, or 6.2 percent.
Age-restricted apartments were the next cheapest apartment type as rents were $133 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.
- No apartment type saw a quarter to quarter decrease in median rents
The apartment complex with the lowest rent in the entire Las Vegas metropolitan area was an affordable and age-restricted apartment ($363). This represents a $30 decrease from the previous
quarter for this complex.
Age-restricted apartments were the only apartment type with any vacancy rate. 4,560 apartments were classified as age-restricted and 154 were vacant. This represents no change from the previous quarter.
There are currently 7 apartment projects scheduled to finish by the end of 2019. These projects will bring in an additional 1,466 units across the Las Vegas metropolitan area. Projects that
finish in 2019’Q4 represent almost half of all units that are currently under construction.
The 89052, 89119, and 89147 zip codes all 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 construction in 2019’Q3. This project estimates to bring an additional 304 units. There is no expected completion date for this project.
To read the entire report for 2019, Q3, please click on the link: Apartment Market Trends, 2019 Q3
For more information on The Lied Institute for Real Estate Studies at UNLV please click the link: Lied Institute for Real Estate Studies
Thank you for reading our post, “Las Vegas Apartment Market Trends 2019, Q3.” For more Las Vegas real estate market news, rentals, rental market data, information on homes for sale, information on commercial real estate for sale, or general real estate information, please visit our website www.lasvegasrealestate.com or come see us on Facebook.