As median rents continue to rise in the Las Vegas Valley, UNLV has unveiled a new Apartment Market Trends Report as a resource for community members who are searching for their next place to call home.
The median apartment rent in the Las Vegas metropolitan area for the second quarter of 2019 was $1,069 – a 5% increase from the previous quarter, the report finds.
The report, published on Wednesday by UNLV’s Lied Institute for Real Estate Studies, provides timely apartment market data to local residents, real estate professionals, and to those who are looking to move to Southern Nevada.
The report includes data from more than 600 apartment complexes and more than 150,000 units across Southern Nevada, including Henderson, Las Vegas, North Las Vegas, and Boulder City. The report, which will now be published quarterly, also tracks market trends across specialized apartment types including student, affordable, and age-restricted housing. Units under construction are also reported.
“The data provides a comprehensive view of what is happening with the apartment rentals across Southern Nevada,” said Vivek Sah, director of the Lied Institute for Real Estate Studies. “This information is an important piece when evaluating what is happening in the local real estate market.”
Among the report’s key findings:
- The number of vacant units decreased by 8.3% in the second quarter, from 9,184 vacant units in first quarter of 2019 to 8,422.
- There are currently 4,063 apartment units under construction. Nine projects totaling 1,473 units are expected to be completed in the third quarter of 2019.
- While the average rent for student apartments was $89 less than the Las Vegas average, student apartments had the highest median rent of any special housing type.
The quarterly report pulls data provided by Nevada State Apartment Association.
About the Lied Institute for Real Estate Studies
The Lied Institute for Real Estate Studies in UNLV’s Lee Business School was established in 1991 to deliver real estate education, research and advance real estate knowledge in Nevada. The institute produces relevant and timely real estate research, supports educational programs in real estate for students and professionals, and provides community outreach. Learn more by visiting the institute's website.
