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1 Lied Institute Report on featuring data from the Center for Business Economic Research Volume 15, 3 rd Quarter, 2016 in 3 rd Quarter 2016 The Las Vegas apartment market saw an increase in the average asking rent a slight increasee the vacancy rate this quarter, according to data from our apartment survey, collected by thee Center for Businesss Economic Research(CBER). This was the seventh consecutive quarter where the average asking rent increased. This quarter saw a 2.3 percent increase in the averagee asking rent the average asking rent is now $900. Asking rents are up 5.9 percent sincee 2015Q3( ($850). The Las Vegas average asking rentt is now 2.7 percent higher than it s peak inn 2007($876). The average asking rent is also 21.4 percent higher than it s low in 2013($741) ). After three consecutive quarters with a decrease in the vacancy rate, the vacancy rate increasedd slightly this quarter. The 2016Q3 vacancy rate is 7..7 percent. This represents a 0.3 percentagee point increase on a quarter to quarter basis a decrease of 0.2 percentage points on a year over year basis.. The vacancy rate is now 3.2 percentage points lower than it s peak inn 2009Q3( (10.96%), but 3.2 percentage points higher than it s low in 2006Q1 (4.5%). Figure 1 Figure 2 Average Rent Las Vegas Metro Apartment Rental Rates 15.68% Drop $876 (2007 Q4) $900(2016Q3) $741 (2013Q1) Date (Quarter 1, Quarter 3, 2016) Average Vacancy Rate (%) Las Vegas Metro Apartment Vacancy Rates 10.96% (2009 Q3) 4.53% (2006 Q1) 7.66 % (2016 Q3) Date (Quarter 1, Quarter 3, 2016)
2 Page 2 Figure 1: Apartment Rental Rates in Las Vegas* Rent Q No Data Greater than *Figure based on CBER Apartment Survey 41 zip codes saw an increase in average asking rents while eleven zip codes saw a decrease in average asking rents this quarter. The western region continues to see the largest changes in asking rents on a quarter to quarter basis. The zip code in the western region saw one of the largest increases in asking rents this quarter (7.8 percent). Directly west of the zip code, the zip code saw the largest decrease in asking rents this quarter(4.9 percent). No other zip code saw a decrease in average asking rents greater than 2 percent this quarter. All zip codes in the southern region saw increases in average asking rents this quarter. The zip code saw the largest increase in asking rents of any zip code in the Las Vegas metropolitan area (11.7 percent). The center southerwestern regions saw minimal changes in asking rents this quarter. The eastern region saw some of the largest increases in asking rents this quarter. Asking rents increased 6.8 percent in the zip code increased 9.4 percent in the zip code. The zip codes are the only zip codes in the Las Vegas metropolitan area where asking rents are down on a year over year basis.
3 Page 3 Figure 2: Apartment Vacancy Rates in Las Vegas* Vacancy Q No Data *Figure based on CBER Apartment Survey 17 zip codes saw a decrease in the vacancy rate while 35 zip codes saw an increase in the vacancy rate this quarter. The center region saw the most significant decreases in the vacancy rate this quarter. The vacancy rate decreased 4.3 percentage points in the zip code the largest decrease of any zip code this quarter. Also in the center region, the zip code saw a 1 percentage point decrease in the vacancy rate. However, the zip code saw a 1.4 percentage point increase in the vacancy rate. The western region saw some of the largest increases in the vacancy rate this quarter. The 89128, 89117, all saw increases in the vacancy rate of more than 1 percentage point. The zip code, which is in the southwestern region, saw the largest increase in the vacancy rate this quarter(4.1 percentage points). All other zip codes in the southwestern region saw minimal changes in the vacancy rate this quarter. The south eastern regions also saw minimal changes in the vacancy rate this quarter. The center region saw the most significant decreases in the vacancy rate on a year over year basis. The 89104, 89118, 89106, zip codes all saw decreases in the vacancy rate of more than 1 percentage point on a year over year basis. The zip codes, which are in the southern region, also saw similar decreases.
4 Page 4 All apartment types saw increases in asking rents from the previous quarter. studio apartments saw the most robust growth with a quarterly increase of 5.7 percent($37). Unfurnished studio aparments only saw average asking rents increase by 1.3 percent($8). Both unfurnished two bedroom one bath two bedroom two bath saw increases of about 2.7 percent ($23). Three bedroom apartments also saw quarterly increases in the average asking rent of 2.0 percent ($22). one bedrooms saw increases in asking rents of 1.1 percent($9) while unfurnished one bedrooms saw increases in asking rents of 2.0 percent($16). two bedroom two bathroom apartments saw the smallest increase with an increase of less than 1.0 percent($8). two bedroom two bathroom apartments make up a very small share of the total apartments in the Las Vegas metro area. Only three apartment complexes surveyed offered furnishing for two bedroom two bathroom apartments. Studios also saw the largest year over year increase in average asking rent of any apartment type with an increase of 19.2 percent ($109). However, unfurnished studios saw the largest year over year decrease in average asking rents with a decrease of 4.8 percent ($31). two bedroom two bathroom apartments were the only other apartment type to see a year over year decrease in asking rents as they saw a decrease of 4.4 percent ($40). All other apartment types saw year over year increases in asking rent of at least 4 percent. Average Rent Average Rent 1,200 1, $681 Studio $605 Studio Average Rent By Apartment Type (2016Q3) $778 $791 $806 One Bed One Bed 2 Bed 1 Figure 4 Las Vegas Metro Rents by Apartment Type Date (Quarter 1, Quarter 3, 2016) All Type Studio One Bed Two Bed, One Two Bed, Two Three Bed Figure 5 $996 2 Bed 1 $869 2 Bed 2 $966 2 Bed 2 $1,113 $900 Three Bed All Types
5 Page 5 Figure 5 Figure 6 Rental Frequency Las Vegas MLS Leased Homes Date (2009Q1-2016Q3) All Homes Source: Greater Las Vegas Association of Realtors MLS 7,883 (2015 Q3) 7,582 (2016 Q3) Single-Family Homes Median Rent Rent Per Square Foot of MLS Leased Homes Date (2009Q1-2016Q3) Multifamily Homes Source: Greater Las Vegas Association of Realtors MLS $0.82 (2015 Q3) $0.74 (2015 Q3) Single-Family Homes $0.86 (2016 Q3) $0.78 (2016 Q3) Apartment complexes, to a certain extent, compete with individually owned units, which mostly consist of single family homes, townhomes, condominiums. MLS rental leases proxy this competition. There were 7,582 rental leases in 2016Q3 1,264 more than 2016Q2(6,318) 301 less than 2015Q3 (7,883). Median price per square footing on MLS rental leases increased by less than 1 percent this quarter. This was the fourth consecutive quarter where price per square footing increased for both multifamily single family homes. However, the growth rate has been declining each quarter. Single Family homes rented for $0.78 a square foot multifamily homes rented for $0.82 a square foot in 2016Q2. These both represent a $0.04 year over year increase in median rent per square foot. Peter Counts, Data Analyst
6 Page 6 Table 1: Apartment Rental Vacancy Rates by Zip Code Area ZIP CODE UNIT RATES AVERAGE RATES UNITS Studio 1 Bed 2 Bed/1 2 Bed/2 3 Bed F U F U F U F U F U Rent Vacancy Total Units Vacant Units % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % METRO LV % ". " Number of observations insufficient for statistical purposes. "F" sts for "U" sts for Unfurnished. Cummulative sum of vacant units might not equal the reported Metro LV vacant units because of rounding issues.
7 Page 7 About the Institute The Lied Institute for Real Estate Studies was established in 1989 by the Lee Business School at the University of Nevada, Las Vegas to foster excellence in real estatee education research. Through partnerships with business community leaders, the Lied Institute strivess to improve real estate business effective public produces relevant timely real estate research, supports educational programs in real estate economics finance for students professionals, provides community outreach continuing education. policy practices in Southern Nevada. The institute The Lied Institute for Real Estate Studies Lee Businesss School Contact Information Edward Coulson Director (702) Ed.Coulson@ unlv.edu Betty Campbell Program Coordinator (702) Betty.campbell@unlv.edu Peter Counts Data Analyst (702) S. Maryl Parkway, Box Las Vegas, NV institute
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