After finally showing signs of modest momentum earlier in the year, Las Vegas’ apartment market endured surprisingly sharp revenue losses in 2012’s 4th quarter. Revenues plunged 3.6% quarter-over-quarter, Vegas’ worst performance in four years.
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Your general outlook on the world has to be really rosy to find much to like about current results of the Las Vegas apartment market, where occupancy remains very weak, and there’s no real pricing power.
It’s been a couple quarters or so since we’ve shined the spotlight on the Las Vegas apartment market. Unfortunately, there’s still not much that’s good to say.
In this video edition of Apartment Market Dynamics, you’ll learn why Las Vegas was the nation’s only major market to post a year-over-year drop in pricing at the midpoint of 2011.
The U.S. apartment sector enjoyed such a strong year in 2010 that even the nation’s hardest-hit markets began shifting into recovery mode.
As we begin to delve into year-end 2010 apartment market performances for individual metros across the country, let’s go ahead and get the really painful one out of the way: Las Vegas.
The recovery of the nation’s apartment market continued at full steam in the 3rd quarter of 2010, according to preliminary data from MPF Research.