After Nearly a Decade, Vegas Apartment Rents Fall
Tuesday, February 10, 2009
Source: GlobeSt
GlobeSt reports: Demand for professionally-managed multifamily communities in Las Vegas slid to its lowest level in five years, forcing the average asking rent into its first negative growth rate in nearly a decade, according to a new report by Applied Analysis.
On the investment front, according to the Real Capital Analytics transaction database, only two apartment property changing since October 1, 2008. “Tight capital markets, softening effective rents and a handful of projects that remain under water all have the potential to place downward pressure on pricing for investors,” Applied Analysis principal Brian Gordon says. “While it is difficult to quantify current values as little to no sales transactions have taken place in the past several months, market average prices have likely peaked out and a return to values that align with net operating incomes will prevail.”
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Posted by: Nina Turner