Apartment vacancy rate continues to rise

CB Richard Ellis brokerage in Las Vegas reported apartment vacancy rose to 11.28 percent in November, up from 11.19 percent in October.

Class C, or low-end apartments, showed 14.14 percent vacancy for 28,070 units; Class B was 12.08 percent vacancy for 43,000 units; and Class A vacancy was 7.97 percent for 34,703 units.

Average asking rent for an apartment in Las Vegas is $840 a month, according to a third-quarter report from Applied Analysis. That's down from $857 the previous quarter and $890 a year ago.

With rents at a level not seen since first quarter 2006 and unemployment at a record-high 13 percent, apartment properties continue to see a downward trend in rental income, the report said.

The highest average rents were found in the southwest valley at $994 a month, with the lowest rents in the northeast at $708 a month. Occupancy was highest in the southeast (92.4 percent) and lowest in the northwest (89 percent), Applied Analysis reported.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.