Tight Apartment Market
It’s crunch time for renters looking for an apartment. Condominium conversions, investor activity and tear downs have created a supply drought in the Las Vegas Valley. According to Michael Belnick, an apartment specialist, the vacancy rate is at 3.29 percent, down from the valley’s standard 5 percent.
With more and more apartment-to-condo conversions expected — approx. 4,450 rental units will be converted this year alone, the market is expected to get even tighter. Rents, as a result, averaged $882 per month in the first quarter, a 2 percent increase from the previous quarter. They are projected to climb another 6 to 8 percent before year’s end. Landlords are also offering fewer rent concessions and offering shorter leases due to their ability to raise rates.