Are Apartments Out?
With local condos and homes on the rise, the Las Vegas apartment scene is starting to dwindle according to Michael Belnick.
According to Belnick, who is an apartment specialist with Realty ONE Group Commercial Real Estate, says that there is a record low 3.29% vacancy rate for apartments, which is down from the valley’s standard 5%.
Belnick contributes the decrease in vacancies is because Las Vegas investors are buying up complexes to convert them into
condo units or condo-hotels. This is driving down the amount of apartment’s available and driving renter’s costs up.
