Las Vegas Valley Multi-Family Unit Permits up 2054% from July 2007; 110% from One Year Ago **NOT A TYPO!!**

I don't normally include multi-family unit permits in my economic conditions reports but this is VERY interesting!

It is absolutely no surprise to me as I actively work the rental market as a referring Realtor(R), I do not have a property management permit. Inventory has been flying off the shelves like hotcakes. Other Realtors (R) who are actively working the rental market and were around for the resale boom in 2004 are comparing the rental market to that.

There were 1594 multi family units permitted for the month of August 2007. Only 74 were permitted in July 2007 and 760 in August 2006. I find this interesting as the apartment vacancy rate is up 38.4% from a year ago at 7.01% while apartment rental rates are up 2.8% for the year with a 2nd quarter rate of 7.01%.

Economic Conditions for September 2007

Las Vegas Rental Homes: Quite Possibly on Track for Another Record Breaking Month