The valley’s apartment market saw slight dips in asking rents and occupancy in the fourth quarter following the momentum seen in the last six quarters, reports Las Vegas business advisory firm Applied Analysis. Local occupancy slipped to 91.1% in the fourth quarter, which is 1.6% less than the third quarter. Asking rents also declined 1.2% to $743 per month, or 82 cents per square foot. “The latest quarter indicates that the apartment market remains on weak ground,” said Applied Analysis senior manager Jake Joyce. “Consistent and sustainable gains will be required before housing conditions demonstrate a path to recovery.”Apartment Sector Dips in Fourth Quarter
The valley’s apartment market saw slight dips in asking rents and occupancy in the fourth quarter following the momentum seen in the last six quarters, reports Las Vegas business advisory firm Applied Analysis. Local occupancy slipped to 91.1% in the fourth quarter, which is 1.6% less than the third quarter. Asking rents also declined 1.2% to $743 per month, or 82 cents per square foot. “The latest quarter indicates that the apartment market remains on weak ground,” said Applied Analysis senior manager Jake Joyce. “Consistent and sustainable gains will be required before housing conditions demonstrate a path to recovery.”
