Multifamily Vacancy Continues to Increase
- Multifamily inventory increased by 332 units in the first quarter of 2020
- Demand continued to decrease, with negative 726 units of net absorption
- Vacancy increased to 5.1 percent, the second straight quarter of increased vacancy
According to statistics provided by AXIOMetrics, multifamily vacancy in Southern Nevada increased to 5.1 percent in the first quarter of 2020. Vacancy was 0.5 points higher than one quarter ago, and 0.2 points higher than one year ago. Net absorption has been negative for the past two quarters, while inventory expansions have been relatively low. Asking rental rates continued to increase in the first quarter, reaching $1,114 per unit.
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