Las Vegas apartment rents are climbing faster than the national average, but the valley’s low vacancy rate also is inching up, a new report shows.
Southern Nevada apartment tenants are paying an average of $989 per month this quarter, up 5.4 percent from a year earlier, according to figures released Wednesday by New York research firm Reis Inc.
Nationally, monthly rents climbed 3.9 percent in that time, to $1,318.
Rental amounts do not include landlord concessions.
Las Vegas’ vacancy rate, 3.2 percent, is tied for sixth-lowest among the 79 metro areas listed in the report and well below the national average of 4.7 percent.
The local rate was up from 3.1 percent a year ago, while the U.S. rate was up from 4.3 percent.