Nevada Housing Division releases apartment study

The Nevada Housing Division recently released the results of its second-quarter 2002 multifamily housing survey encompassing Greater Las Vegas.

Among the key findings: "the ... rental market showed a 40 percent increase in vacancy rate over the 2001 period, while the overall average rental rate marked an increase of approximately 2 percent."

At the end of the second quarter, the overall vacancy rate was 6.9 percent. The greatest change in rental rates occurred in studio units, which showed a rate increase of 6.1 percent.

The survey is in its sixth year, and identified 836 apartment complexes representing 160,083 units. The response rate was 96 percent.

The housing division is a self-funded agency that does not receive any taxpayer dollars. Its mission is to assist and encourage the private sector and other governmental entities in the creation and maintenance of affordable housing in Nevada.

"One of the division's primary goals is to serve those populations most in need," Charles Horsey, division administrator, said. "For the past several years, a great deal of our multifamily financing has been for providing affordable senior housing, housing for special-needs populations, and housing for the low- to moderate-income individual and families.

"Through the ... survey, we are able to evaluate our effectiveness in serving these populations."

Free copies of the report can be obtained by calling Jean Norton at 486-7220, ext. 224. Or, it can be accessed on the Internet by logging on to www.nvhousing.state.nv.us and clicking on "publications."

Real Estate home