The Las Vegas apartment market saw an increase in the average asking rent and a slight decrease in the vacancy rate this quarter, according to data from our apartment survey, collected by the Center for Business and Economic Research(CBER). The average asking rent increased 2.2 percent from last quarter and is now $850. Asking rents are up 12.1 percent on a year over year basis. Still, average asking rents in Las Vegas remain 3 percent lower than their peak in 2007($876). The vacancy rate decreased for the second consecutive quarter. The vacancy rate decreased 0.1 percentage points this quarter and is now 7.9 percent. The vacancy rate is down 1.3 percentage points on a year over year basis and is the lowest it has been since 2007.
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