Las Vegas apartment rents decline for fifth consecutive month
The average rent decreased month over month in September, paring year-to-date gains
The average rent in the Las Vegas apartment market fell 0.4% month over month at the end of September, representing the fifth straight month of declines. The current trend has pare...
More than 50% of Las Vegas apartments offer concessions for third straight month
Market continues to heal from historically high vacancy rate
More than 55% of Las Vegas apartments were offering renter concessions in August, the third consecutive month the market has been above the 50% threshold. Concessions are playing a...
Provo, Utah, apartment rents fall for second straight month in September
Year-to-date rent losses steepen to 0.8%
Provo apartment rents decreased 0.7% in September, the market’s largest monthly decline since last October. On the heels of two straight months of rent losses, the average rent has...
Salt Lake City apartment rents decline at fastest monthly rate since 2022
September losses wipe out year-to-date gains
The average rent in the Salt Lake City apartment market fell nearly 1% in September, the largest monthly decline since 2022. After back-to-back months of rent losses, year-to-date ...
Salt Lake City Apartment Rents Suffer Sharpest Annual Decline
Rents Fell 0.4% Month Over Month in August, Year-to-Date Gains Stand at 0.7%
The average rent in the Salt Lake apartment market declined 0.4% month over month at the end of August, the largest decrease since August of last year.
Provo, Utah, Apartment Rents Decline for Fourth Month in 2024
Rents Decreased 0.2% From Previous Month, Results in Year-to-Date Rent Losses
The average apartment rent in Provo decreased 0.2% from the previous month at the end of August, the fourth month the market has suffered monthly rent losses. The recent decline ha...
Strong Demand Coincides with More Renter Concessions in Las Vegas
Over Half of Las Vegas Apartments Offered Renter Concessions in July
About 53 percent of Las Vegas apartments offered some form of a concession to renters in July, a considerable rise from 35 percent last July. This was the first time more than 50 p...
Las Vegas Apartment Rents Post Slight Loss for Fourth Straight Month
The Average Rent in Las Vegas Still Up Nearly 1% Year to Date
The average rent in the Las Vegas apartment market declined for a fourth consecutive month in August, mirroring a trend of rent losses from last summer. Despite the recent string o...
Downward Pressure on Las Vegas Apartment Rents Continues in July
Strong Demand Mitigates Effects of Ongoing Supply Wave
Apartment rents in Las Vegas decreased by 0.3% month over month at the end of July, the market’s third consecutive month of rent losses. This follows four straight months of rent g...
Salt Lake City Monthly Apartment Rent Growth Cools Off in Summer
Rents Flatten for Three Consecutive Months Following Early Surge
Salt Lake City apartment rents remained flat for three straight months starting in May after surging higher in the first four months of 2024. The lack of rent growth is not abnorma...
Provo, Utah, Registers Back-to-Back Months of Positive Monthly Apartment Rent Growth
Vacancy Rate Remains Elevated, Construction Pipeline Set To Ease
Apartment rents in Provo, Utah, increased by 0.25% month over month at the end of July, the market’s second consecutive month of positive monthly rent growth. This follows two stra...
Monthly Apartment Rent Growth Stalls in Las Vegas
Rents Remain Flat in Back-to-Back Months After Hot Start to Year
Rents in Las Vegas apartments were flat for a second straight month in June, following a strong start to the year, when rents grew for the first four months. The recent stalling of...
Despite Hotel Closures, The Strip Remains King of Retail
Nearly 20% of Retail Space in Las Vegas is Clustered Within a 3-Mile Radius
The closures of two iconic hotels, the Tropicana and The Mirage, will temporarily decrease retail inventory by tens of thousands of square feet, but these removals represent only d...
Nevada Gambling Revenue Mixed as Las Vegas Hotel Occupancy Rises
Revenue Still Tops $1 Billion for 38th Consecutive Month
Nevada's monthly gaming revenue, driven by the Las Vegas Strip, eclipsed $1.24 billion in April and marked the 38th consecutive month of over $1 billion in gaming revenue for the S...
Record Number of Salt Lake City Apartments Offer Concessions in June
Area Vacancy Rate Hits All-Time High
More than 65% of Salt Lake City apartments were offering renter concessions in June, a record high. The vacancy rate rose slightly from the previous month and continues to hover ne...
Las Vegas To Be Stripped of More Than 4,600 Hotel Rooms in 2024
Limited Impact on Hotel Performance Is Expected Based on Previous Changes
By year-end, the Las Vegas Strip submarket will have 4,600 fewer hotel rooms following the demolition of one major resort and extended closure of another. With more than 115,000 ho...
Many Las Vegas Apartments Offer Renter Concessions Even as Conditions Improve
Green Shoots in Rent Growth Do Little To Change Landlord Strategy
Nearly 40% of Las Vegas apartments offered concessions to renters in May. This marked the 14th consecutive month that more than 30% of apartments offered concessions. In that time,...
Provo, Utah, Apartment Rent Growth Stalls for Second Consecutive Month
Rents Reverse Course after Strong Start to Leasing Season
Apartment rents in Provo, Utah, decreased by 0.3% month-over-month in May, marking a second consecutive month of rent losses. The recent decline comes on the heels of two strong mo...
Provo, Utah, Industrial Construction Concentrated in Southern Half of Market
Spanish Fork and Springville Make Up Half of the Total Pipeline
Industrial development in Provo, Utah, has cooled off from all-time highs, and two pockets of growth compose the bulk of the remaining pipeline. Nearly 1.2 million square feet are ...
Las Vegas Apartment Sales Volume Nears Great Recession Level
Only $50 Million Worth of Properties Trade So Far in 2024
Sales volume in the Las Vegas apartment market has declined to Great Recession levels. Only $50 million of properties has traded through May, and volume is on pace for its weakest ...