National vacancy rates rise; Vegas drops
Las Vegas rental vacancy rates are higher than national rates, but the national rate grew in the past quarter while it declined in Southern Nevada.
According to U.S. Department of Commerce's Census Bureau data, the national vacancy rate for the quarter ending in September was 7.3 percent, up from 6.8 percent the previous quarter and from the 7.1 percent reported in March. The high was 11.1 percent in September, 2009 — as the nation was beginning to pull out of recessions.
In Las Vegas, the vacancy rate dropped .1 percent point to 7.9 percent, according to the Lied Institute for Real Estate Studies at UNLV, and it's down 1.3 percentage points year over year. Accordingly, the cost of renting an apartment or house has been growing. (See rental rates rising sharply in Las Vegas Valley and Apartment Market Trends in 3rd Quarter 2015.
So people looking to rent an apartment in Las Vegas may find slimmer pickings and higher costs.
Data is curated by FindTheHome.comand sourced from the U.S. Census Bureau & U.S. Department of Housing and Urban Development.
