Las Vegas apartment vacancies slip in February from prior month

The Las Vegas apartment vacancy rate decreased to 9.6 percent in February from 9.9 percent the previous month, CB Richard Ellis reported.

The drop reflects continued migration from single-family homeowners into apartments, said Spence Ballif, apartment specialist for the brokerage firm in Las Vegas.

While the move-up effect has put a burden on Class C apartments, the lower end of the market, and to some respect Class B apartments, all categories seem to be improving, he said.

Class A vacancy was 6.9 percent for 37,633 units reporting, Class B vacancy was 8.8 percent for 41,188 units and Class C vacancy was 14.1 percent for 29,677 units.

“There are still quite a bit of single-family foreclosure in front of us and it will be interesting to see how that affects apartment fundamentals going forward, Ballif said.