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637318LAS VEGAS APARTMENT MARKET DATA
Population: According to the Nevada State Demographer the popoluation in Clark County grew to 1,962,204 in 2010. This reflects a population increase of .05% over the 2009 estimate of 1,952,040. In 2011 we expect the growth to continue by .04% and increase slightly to .05% in 2012. This will bring Clark County's population to 1,970,053 in 2011 and 1,979,903 in 2012. Other predictions for 2011 are that recovering credit and financial markets will soon lead to significant re-employment and housing absorption gains which will in turn begin to increase population figures at an increasing rate.
Supply: According to Clark County Comprehensive Planning, in 2010, the Southern Nevada (Clark County) housing market will consist of 814,868 total housing units including 474,069 single family homes, 19,524 Duplex/3/4 Plexes, 27,764 Mobile Homes, 163,833 Apartments, 39,767 Townhomes and 89,911 Condominiums.
Demand: According to the University of Nevada Las Vegas average vacancy rates for apartments as of the 3rd quarter of 2010 were 10.8% with average rents nearly the same at $765. This appears to be a "worst case senario" as market vacancy appears to have stabilzed as of the second quarter of 2011.
Pricing and Availability: According to "CoStar Comps, Inc," from January 2008 to the present (3/2011) average per unit pricing for 100 unit and above "A" properties (built 2000 and later) was $107,415 with average Cap Rates of 7.61%, "B" properties (built between 1990 and 1999) were $107,914K per unit with average Cap Rates of 5.19% and "C" properties (built between 1980 and 1989) were $31,293 per unit with average Cap Rates of 6.03%. Overall averages for these groups were $106,978 per unit with 6.65% CAP Rates. Availability of feasibly priced apartments remains tightly guarded. (See Sales Statistics Report).
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