Las Vegas is Opened Up and On the Rebound
- Vacancy increased slightly in the first quarter of 2021
- New completions totaled 1,155 units
- Asking rates increased to $1,170 per unit
According to statistics provided by AXIOMetrics, multifamily vacancy in Southern Nevada increased to 4.4 percent in the first quarter of 2021. Vacancy was 0.8 points higher than one quarter ago and 0.7 points lower than one year ago. Net absorption turned negative, with negative 648 units absorbed. New completions totaled 1,155 units this quarter. Asking rental rates increased to $1,170 per unit in the first quarter, an 11.2% increase from one year ago.
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