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Analysts expect the apartment market may not be close to recovery

March 31, 2010 - Las Vegas residents who are planning on renting an apartment may not have to worry about costs rising anytime soon, as experts predict that the market is on a slow path to recovery.

The Las Vegas Business Press reports that after a year marked by declining rents, rising vacancies and very few sales, the apartment sector could take as long as ten years to reach a pre-recession state.

Between 2004 and 2007, the city's soaring population inspired a great deal of new apartment complexes. However, the economic downturn left many empty units in these developments, and even fewer were purchased.

As a result, many landlords are offering incentives to bring new renters into their buildings. Some are offering one to three months' free rent, while others are giving lessees move-in bonuses. Furthermore, many developments are giving renters the option to become homeowners by allowing them to apply their monthly payments toward a mortgage.

The average rent for a Las Vegas-based apartment is currently $770 per month, which is $111 less than it was a year ago, according to the news source.

ExpertClick reports that overall real estate prices within the city have fallen by 70 percent over the past year.

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