Las Vegas apartment rent continues to slide

Las Vegas apartment rents fell slightly during the second quarter and occupancy levels remained the same, according to research firm Applied Analysis.

The average rent of professionally-managed apartments fell by $2 a month to $758. The rents were $766 a month in the fourth quarter of 2010.

On a year-over-year basis, rents requested by apartments have fallen for 11 consecutive quarters, Applied Analysis reported.

Apartments maintained a 92 percent occupancy level, the same as the first quarter. It was 90.7 percent in the fourth quarter of 2010. The market bottom was 90.1 percent in late 2009.

The highest rents per unit were in the southwest at $914. The lowest rents were in the northeast at $624 per unit.

The southeast had the strongest rent growth at 3.8 percent, while the central/east area saw rents decline by 5.5 percent.

The southeast and southwest valley had the highest occupancy rate at 93.7 percent. The north had the lowest occupancy rate at 90 percent.

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