State releases survey results

     Special to Real Estate
      The Housing Division of the Nevada Department of Business and Industry has released the results of its third annual survey of multifamily housing. The survey is representative of 143,163 apartment units in the Greater Las Vegas area.
      Among the key findings are:
      -- The vacancy rate data shows a tightening of supply of available rental units, but remains at near-normal levels for a healthy market.
      -- New multifamily housing construction continues at the same rate of growth for the fourth consecutive year.
      -- Since 1985, new multifamily complexes have maintained an average size of 230-plus units.
      -- Data for the first two quarters of 1999 show that two-bedroom units account for 45.6 percent of all new multifamily construction.
      --Sixty-seven percent of all assisted/independent living units in the Las Vegas Valley were built in 1996 or after. For those units built prior to 1998, there is a 10.5 percent vacancy rate.
      --Active senior apartments built before 1998 show a 4.3 percent vacancy rate compared to the overall market vacancy rate of 4.8 percent.
      --Senior rental housing within public housing complexes have a waiting list.
      -- The overall market rental rates show a decrease in all unit sizes during the past 12 months, except three-bedroom units, where rates increased 1.4 percent.
      --The market has been to the benefit of renters.
      The Las Vegas apartment market shows significant activity by way of construction of new complexes, ownership changes in older properties and movement in the renter population.
      With the area's economic growth comes increased job opportunities. Low- to moderate-wage earners in the hospitality industry have created an increased demand for affordable rental housing that is near employment and public transportation.
      The 55-plus population, many on fixed incomes, show the same desire for affordable housing and convenient locations, but this segment also prefers to reside near shopping, entertainment and medical facilities. The survey shows that the highest concentration for senior multifamily complexes are in the areas near the Strip and downtown.
      Rental rates in the second-quarter survey do not include utility costs.