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Report says Las Vegas apartment vacancy among smallest in US

Las Vegas’ apartment vacancy rate rose in recent months but still is among the lowest in the country, a new report shows.

The Las Vegas-area’s apartment market has a 3.1 percent vacancy rate, according to preliminary third-quarter findings released Tuesday by research firm Reis Inc.

That was up from 2.8 percent in the second quarter but still ninth-lowest among the 79 metro areas listed in the report. Nationally, the vacancy rate is 4.5 percent, up from 4.4 percent in the second quarter.

Still, rental rates are cheaper locally than in other cities.

Tenants pay an average of $956 per month in the Las Vegas area, up 0.7 percent from the second quarter.

That’s compared to the U.S. average rent of $1,295, up 0.9 percent, Reis reported.

Southern Nevada’s apartment market has heated up in recent years with increased construction, bigger rents, shrunken vacancies and landlords’ rising purchase prices.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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