Las Vegas has never claimed to be one of the big players in the residential construction boom that we’ve seen in recent years all across the US, yet in 2015 the city’s rental market heated up, particularly in the large scale developments sector. Bolstered by employment growth in the hospitality, leisure, and technology industries, the local economy is back in the game – and with it the apartment market.
RentCafe has documented 11 major rental developments with 50+ units that have been completed in 2015, boosting Las Vegas’ rental inventory by more than 2,500 apartments. Are you wondering if this is a lot? Well, you could say that, since it’s more than triple the number that entered the market in 2014 – around 760 rental apartments in 50+ unit buildings.
Aside from being a sign of the much-anticipated recovery of the housing sector, this is good news for the city’s renters as well. The growing number of apartment options has much to do with the relative affordability of the market and with what Las Vegas renters shell out on housing every month – around $840 on average, according to data from Yardi Matrix. Meanwhile, the national average rent has hit an impressive $1,181 in March 2016. Vegas rents are expected to increase 4.2% this year, with job growth following closely at 2.7%.
As to what these new apartment projects bring to the table, they come with all the bells and whistles to cater to all tastes, budgets, and demographic groups, including the young renter cohort – the so-called Millennials – that have taken over the City of Lights in recent times. Here we’ve listed the 10 largest developments completed in 2015 in Vegas (the 376-unit Lyric, with its prime location on the south end of the Strip, smoke-free environment, and resort-style amenities is definitely a must-see.
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