Employment: In 2014, Las Vegas payrolls will rise 3.4 percent, or by 29,500 jobs, led by gains in the metro’s outsized leisure and hospitality sector. During 2013, the local economy generated 24,500 jobs.
Construction: Developers will deliver 550 units to the Las Vegas metro during 2014. The total includes 221 senior apartments and 320 market-rate units. In 2013, approximately 675 units were completed metrowide.
Vacancy: Accelerating job growth and restrained development will contribute to an 80 basis-point reduction in vacancy in 2014, pushing the average to 6.6 percent by year end. In 2013, metrowide vacancy declined 170 basis points.
Rents: Tightening conditions will encourage owners to pare concessions through 2014. For the year, effective rents in the metro will rise 2.8 percent to $761 per month, which is on par with growth recorded in 2013. http://www.marcusmillichap.com/research/researchreports/reports/2014/06/30/las-vegas-apartment-research-report
David Cooper Family Homes has been Buying, Selling, Flipping, Property Management in the Las Vegas Real Estate Market since 1994. Can be reached at Twitter @lasvegaswinner Subscribe to newsletterwww.lasvegaswinner.org