Las Vegas-area apartment rents declined again in the third quarter, a local consulting firm reported Tuesday.
Applied Analysis said its study of the market found the average rent was $752 per month, down from $758 in the second quarter and down from $760 in the third quarter of 2010.
The cost per square foot is also down on a year-to-year basis, from 84 cents to 83 cents.
In a market influenced by local employment changes and the availability of rental homes, apartment rents locally have tumbled from an average that topped $850 during the boom year of 2007.
Still, occupancy levels have remained about 90 percent, even during the recession.
Applied Analysis said in Tuesday’s report that occupancy in the third quarter came in at 92.7 percent.
The company said average rents were highest in the Southwest Las Vegas Valley, at $910 per month, and lowest in the Northeast area, at $622 per month.
With occupancy trending upward and average asking rents declining for the past 12 consecutive quarters, Applied Analysis analysts said the market may be approaching a trough in its cycle, meaning rents may level out or start to increase.
“If occupancies continue to improve, it is likely rents will eventually follow suit,” said Jake Joyce, senior manager at Applied Analysis.