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Las Vegas Multi Family Housing News
Multi-Family Housing Building Permits Up 330% in September 2007 compared to the same month a year earlier. Residential building permit valuations in Sept 2007 totaled $779 million, up over 160% from the same month last year. "Multi-family housing building permits shoot up 330%" Las Vegas Business Press. 5 November 2007: P21.
Investors Targeting Local Apartment Properties. The rate of foreclosures may be increasing rental demand in Las Vegas. Housing prices for multi-family properties has increased 13.6 percent over the last 12 months. The Spring Valley area has the lowest vacancy rates at 3.4 percent, according to a representative at Picerne Development Corp, while the North area of town has the highest, although that may soon change. "Investors Targeting Local Apartment Properties" Las Vegas Business Press. 5 November 2007: P2.
Apartment Vacancy for more than 85,000 apartment units surveyed in January was 4.64 percent, down from 4.97 percent in December. Las Vegas Review Journal 13 March 2006: 2D.
Conversions Keep LV Apartment Market Tight Condominiums and townhomes now comprise more than half the multifamily housing starts nationally, a trend that's going to drive apartment rents and occupancy rates in hot markets such as Las Vegas, a research analyst said Wednesday. Occupancy will remain tight in Las Vega as condo conversions shrink the existing apartment inventory, which dropped from more than 160,000 in early 2004 to about 154,000 at the end of 2005 according to Yieldstar. Smith, Hubble. "Conversions Keep LV Apartment Market Tight." Las Vegas Review Journal 25 Februaru 2006: 1D+.
Apartment Rents Skyrocket Rental rates have increased 5% from $750 in the first quarter of 2004, the largest jump in nearly a decade. Per sq ft, costs have increased from $0.83 to $0.88. Now, that's not as much as say, the commercial prices around the Curve (Durango and 215), but's significant. I've had several renters tell me lately that there are just no openings at apartments in the areas they want, need, or could find. 6/3/2005
Conversions of Apartments to Condominiums Will Lead to Rent Hikes in the Valley According to Ms Shubinski's article, vacancies have been falling and rents have been increasing. An average rent of $768 per month at the end of 2003 has risen to $805 at the end of 2004. 3/13/2005
Investors Help Increase Apartment Sales to Record Level Las Vegas apartment sales soared 163 percent in dollar volume last year with record-breaking gains reaching all segments of the market, according to Michael Belnick of RE/MAX Central Commercial Real Estate. 1/29/2005
Apartments Becoming Hot New Property in Las Vegas As many developers and entrepreneurs consider apartment-to-condo conversions the newest way to make a buck in Las Vegas, the market has been saturated with people looking for properties to buy. And buy they have, taking many apartment properties off the market in record numbers. 12/17/2004
Investors Heating Up Apartment Market "The prices for those properties, from $43,000 to $60,000 a door, is a steal when compared with California's prices" 11/5/2004
Las Vegas Apartment Sales Soar The skyrocketing apartment sales can be attributed to roughly 8,000 units being converted to condominiums creating a negative inventory, plus an under-appreciated real estate market, Belnick says. And despite rising rents, vacancy rates continue to drop. "We think there is going to be a 6 percent increase in apartment rents by the end of this year," says Spenser Ballif, an apartment specialist with CB Richard Ellis. "We are seeing interest rates are going up while new supply is actually going down. It will mean reduced concessions with all of these free rent and move in specials going away." 5/10/2004
Condo Conversions Help Drive Apartment Prices Up Demand and desirability for multifamily investment are increasing in conjunction with the dramatic rise in development here, David Baird, senior adviser for Sperry Van Ness in Las Vegas, said Friday. Robust population and job growth that pushed single-family home appreciation rates to 15 percent in Las Vegas over the past several years has made the condominium market more attractive, said William Lindsay, founding partner of Pacific Coast Capital Partners in El Segundo, Calif. 6/8/2004
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This page may contain information about local builder's completed developments and/or those be completed.
This information has been gathered using articles in the Las Vegas Review Journal, information from the builder's web site, their representatives and the Las Vegas MLS.
This information is reliable, but not guaranteed. A licensed Nevada Broker has posted this information and is NOT affiliated with the builder, although general assistance is complementary.
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Attention Getting Yourself Qualified Is As Important as Ever Are You Shopping in the Right Price Range? |
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