The Las Vegas apartment market saw an increase in both asking rents and the vacancy rate this quarter, according to data from our apartment survey, collected by the Center for Business and Economic Research(CBER). Asking rents increased by two percent this quarter and the average asking rent is now $815. Asking rents are up 7 percent on a year over year basis. Still, average asking rents in Las Vegas remain 7 percent lower than their peak in 2007($876). After seeing a large decrease in the vacancy rate in 2014Q4, the vacancy rate increased back to 9.2 percent this quarter. The vacancy rate is down 0.5 percentage points on a year over year basis, but remains 4.7 percentage points higher than it’s bottom in 2006Q1.
