Multi-Family Housing Survey For Las Vegas Results
Nevada Department of Business & Industry Housing Division released its second-quarter 2005 multifamily housing survey. The survey covered Greater Las Vegas Valley, the Greater Reno/Sparks Area, and rural Nevada, released the following observations:1. The rental market showed a 3.4 percent vacancy rate. This is down 1.9 percent from the same period a year ago.
2. Around 8 percent of the Las Vegas Valley's apartment complexs and multi family housing has been converted to condominiums.
3. The greatest rental rate change since 2004 occurred in one- and two-bedroom units, with more than a 5 percent increase in rates.
4. The Las Vegas valley has the highest rental rates of all residential rental housing thoughout the State.
5. The two-bedroom units remain the most popular unit type comprising 48 percent of the survey's identified multifamily housing units.
The survey is in its ninth year, and identified 869 apartment complexes representing 166,815 residential rental units. The response rate was 98 percent. The survey information is invaluable in the division's decision-making process to make affordable housing availbale to special groups like seniors, and low income families with children. The information is also useful in the planning and financing of apartment complexes throughout the state. And, it can be helpful to developers, finance companies, and apartment management companies in their understanding of our state's multifamily development.
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