|
LAS VEGAS APARTMENT MARKET DATA
Population: According to population estimates made by Clark County Comprehensive Planning by July 2007 the population of Clark County grew to 1,996,542 and predictions for 2008 exceeded 2,000,000. For the first time in recorded history, by July 2008 the population of Clark County actually decreased by approximately 10,000 residents to 1,986,146. The decline came after 10 straight years of population increases of more than 60,000 residents per year. In 2009 predictions are that recovering credit and financial markets will soon lead to significant re-employment and housing absorption gains. Other predictions for the near term are mixed but the numbers should begin to rebound significantly by the end of 2009 with the opening of such mega-resorts as Encore (Wynn) and City Center (MGM/Dubai) on the strip providing many thousands of new employment opportunities and residents.
Supply: Also according to Clark County Comprehensive Planning, as of July 2008, the Southern Nevada (Clark County) housing market consisted of 784.688 total housing units including 463,812 single family homes, 19,229 Duplex/3/4 Plexes, 29,463 Mobile Homes, 155,200 Apartments, 37.496 Townhomes and 79,488 Condominiums.
Demand: According to the "University of Nevada Las Vegas'" Clark County Economic Data average vacancy rates for apartments as of the 4th quarter 2008 were 9.8% up from 7.7% one year before with average rents nearly the same at $874 compared to $876 for the same period. This appears to be a "worst case senario" and speaks highly to the long term viability of the Las Vegas apartment market.
Pricing and Availability: According to "CoStarComps, Inc," from January 2007 to the present (3/2009) average pricing for "A" properties (built 1995 and later) was $137,502K per unit with average Cap Rates of 5.2%, "B" properties (built between 1985 and 1995) were $101,942K per unit with average Cap Rates of 5.9% and "C" properties (built between 1975 and 1985) were $78,578 per unit with average Cap Rates of 6.2%. Overall averages were $101,801 per unit with 5.7% CAP Rates. Availability of feasibly priced apartments remains tightly guarded. (See Sales Statistics Report).
|