Local apartment occupancy improves during third quarter
Apartment occupancy in the Las Vegas Valley improved to 92.7 percent in the third quarter, up from 92 percent in the previous quarter and the highest it's been in three years, business advisory firm Applied Analysis reported.
On a year-over-year basis, occupancy is up 0.8 percentage points, the sixth-straight quarter of year-over-year increases.
Average asking rental rates have pulled back to $752 a month, a 0.8 percent decrease from the previous quarter and 1.1 percent decrease from a year ago. Rents have declined for 12 consecutive quarters, though the percentage decline has remained in the low single-digits over the past year.
The divergence of rising occupancies and lower rents was not enough to improve the overall market performance when analyzing revenue per average unit, Applied Analysis senior manager Jake Joyce said. Compared with the prior year, the decline in rents tugged revenue per unit down 0.2 percent to $697 a month.
The highest rents were found in the southwest valley at $910 a month, while the lowest rents were in the northeast submarket at $622 a month, Applied Analysis found. Occupancy was highest in the southeast (94.5 percent) and lowest in the central-east (90.4 percent).
Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.
