Local apartment vacancy slips in May from previous month

Apartment vacancy in Las Vegas fell to 9.23 percent in May from 9.51 percent the previous month, commercial brokerage CB Richard Ellis reported.

Summer months are historically the strongest leasing time for the market, CB Richard Ellis apartment specialist Spencer Ballif said. He expects vacancy to tighten or remain at the current level for the next three months.

By apartment category, Class A vacancy was 6.27 percent for 38,808 units reporting; Class B vacancy was 9.14 percent for 46,188 units; and Class C vacancy was 13.21 percent for 29,877 units.

Las Vegas saw apartment vacancy climb above 10 percent in 2009, peaking at 10.4 percent in February 2010, CB reported.