The vacancy rate in Clark County, Nevada has seen a significant increase in recent times, rising from 2% to 3.1%. Washoe County has also experienced a similar trend, with its vacancy rate increasing from 2.7% to 3.9%. Of particular note is the 6.8% vacancy rate for 2-star “1% 26” properties with lower prices, as no new units are being built in this category. On the other hand, the 5-star “4 &” category has a 7.8% vacancy rate, with 7,015 units currently under construction.
In total, 8,600 units are being constructed, mostly in Summerlin and Henderson. According to Lee, who spoke to KTNV News: “Residents have plenty of options when it comes to great multi-family properties, which are essential for any community.” The average rent is the preferred method for analyzing rental rates in the middle of the income distribution. The rise in vacancy rates can be attributed to renters seeking lower rents, moving with family or friends, relocating to more affordable markets, and being evicted in Las Vegas. Below you'll find information on vacant housing rates in Clark County, Clark County rents expressed as a percentage of median income, and the fraction of renters in Clark County. Unfortunately, there were at least 58,500 evictions in Clark County last year - representing approximately 160 percent of the average recorded in the years before the pandemic. The current situation in Clark County is indicative of a larger trend across Nevada and other parts of the US. With more people looking for affordable housing options and fewer new units being built, vacancy rates are likely to remain high for some time.
This could lead to an increase in rental prices as landlords try to make up for lost revenue. It is important for renters to be aware of their rights and responsibilities when it comes to renting a property. They should also be aware of their local laws and regulations regarding rental agreements and evictions. Additionally, renters should take advantage of any available resources that can help them find an affordable place to live. Overall, the vacancy rate in Clark County is indicative of a larger trend across Nevada and other parts of the US. This could lead to an increase in rental prices as landlords try to make up for lost revenue.