Recovery well under way in Vegas

The rental market in the multifamily sector continues to break records, according to Yardi Matrix.

Las Vegas rents rose 2.6 percent on a trailing three-month (T3) basis through October, well above the 1.5 percent national average. Still, despite the hefty rate increase, the average rent clocked in at $1,437, trailing the $1,572 U.S. average. On an annual basis, Las Vegas posted a 23 percent increase, which makes it one of the top three performers in the United States, behind Tampa and Phoenix.

Demand has been robust across segments, with rents rising on a T3 basis through October by 2.7 percent to $1,175 for renter-by-necessity units and by 2.6 percent to $1,649 for lifestyle apartments. This dynamic is mirrored by the occupancy rate in stabilized properties, which marked a 100-basis-point increase in the 12 months ending in September, to 96.8 percent — RBN occupancy increased 110 basis points and the lifestyle rate rose 90 basis points, with both reaching 96.8 perce