CB Richard Ellis brokerage in Las Vegas reported apartment vacancy rose to 11.28 percent in November, up from 11.19 percent in October.
Class C, or low-end apartments, showed 14.14 percent vacancy for 28,070 units; Class B was 12.08 percent vacancy for 43,000 units; and Class A vacancy was 7.97 percent for 34,703 units.
Average asking rent for an apartment in Las Vegas is $840 a month, according to a third-quarter report from Applied Analysis. That’s down from $857 the previous quarter and $890 a year ago.
With rents at a level not seen since first quarter 2006 and unemployment at a record-high 13 percent, apartment properties continue to see a downward trend in rental income, the report said.
The highest average rents were found in the southwest valley at $994 a month, with the lowest rents in the northeast at $708 a month. Occupancy was highest in the southeast (92.4 percent) and lowest in the northwest (89 percent), Applied Analysis reported.
Contact reporter Hubble Smith at firstname.lastname@example.org or 702-383-0491.