Las Vegas-Paradise, Nevada

COMPREHENSIVE HOUSING MARKET ANALYSIS Las Vegas-Paradise, Nevada

U.S. Department of Housing and Urban Development Office of Policy Development and Research As of March 1, 2009

Summary

Economy Rental Market Housing Market Area Reduced population growth and Rental housing market conditions are the effect of the national recession soft, with an overall rental vacancy rate resulted in the loss of 19,000 nonfarm of 9.6 percent as of the current date. jobs in the Las Vegas-Paradise HMA Increased competition from single- during the 12-month period ending family rentals and the expected arrival February 2009. Nonfarm employment of 3,000 new apartments in 2009 sug- Lincoln Utah declined by 2.1 percent compared with gest the apartment rental vacancy rate Nye Nevada employment levels during the previous will increase well into 2010. Due to a

Clark 12 months to a total of 909,000. Labor recovering labor market, the number Inyo market recovery is expected to begin of households will increase, resulting

C Mohave in early 2010 and, by March 2012, in the demand for 10,000 market-rate al iforn ia nonfarm employment is forecast to rental units during the forecast period; San Bernardino Arizona increase by approximately 50,000 to the 6,000 apartments currently under 958,500 jobs. construction and a portion of the The Las Vegas-Paradise, Nevada 49,400 other vacant units will partially Housing Market Area (HMA) consists Sales Market meet the forecast demand (see Table 1). of Clark County, which is located in The sales housing market in the HMA southern Nevada, bordering California. is soft due to a contracting economy Table 1. Housing Demand in the Las Vegas-Paradise HMA, Las Vegas, the most populous city and an overproduction of owner- in the county and the county seat, is 3-Year Forecast, March 1, occupied housing units. Price declines 2009 to March 1, 2012 known as the “Entertainment Capital contributed to a 41-percent increase of the World” and the “City That Las Vegas-Paradise in the sale of new and existing homes HMA Never Sleeps.” The HMA is one of the during the past 12 months, indicating leading tourist attractions for family Sales Rental that a recovery is under way. Demand Units Units and gambling entertainment in the is estimated for 17,600 new homes Total Demand 17,600 10,000 world and one of the nation’s most during the forecast period. Currently, active convention venues. Under 525 homes are under construction Construction 525 6,000 (see Table 1). In addition, the number Notes: Total demand represents estimated production necessary to achieve a balanced of other vacant units is estimated to market at the end of the forecast period. Units under construction as of March 1, 2009. have increased by more than 32,400 A portion of the 49,400 other vacant units in Market Details since 2000. A portion of these units the HMA will likely satisfy some of the forecast demand. Economic Conditions...... 2 will likely come back on the market Source: Estimates by analyst and also satisfy some of the estimated Population and Households...... 4 demand for sales units. Housing Market Trends...... 5 Data Profile...... 9 Las Vegas-Paradise , N V • COMPREHENSIVE HOUSING MARKET ANALYSIS 2 Source: U.S.Bureau ofLaborStatistics Note: Currentis basedon12-monthaveragesthrough February2009. Figure 1. Source: U.S.BureauofLaborStatistics Figure 2. 0 Labor Force & Resident Employment 1,050,000 350,000 450,000 550,000 650,000 750,000 850,000 950,000

SectorGrowthintheLasVegas-ParadiseHMA,PercentageChange,1990toCurrent Trends inLaborForce,ResidentEmployment,andUnemploymentRatetheLasVegas-Paradise HMA, 1990to2009 Economic Conditions

1990

50 1991

1992

1993 Labor Force

1994 100 1995 1990s, whenemploymentgainsin trends from1990to2009).Unlikethe decade (seeFigure1forlabormarket with 5.5percentduringtheprevious 5.1 percentsince2000compared the unemploymentratehasaveraged growth inrelationtojobcreation, the 1990s.Duetoreducedlaborforce compared with6.3percentduring nual percentage increase of 3.5 percent 25,000 jobsayear,foranaveragean- has increasedby223,500jobs,or S 1996 in theLasVegas-ParadiseHMA ince 2000,nonfarmemployment 1997 Resident Employment 1998 150

1999

2000

2001

200 2002

2003 Unemployment Rate casinos ontheLasVegasStripand development ofseveralnewhotel- from 1990tothecurrentdate).The Figure 2fornonfarmsectorgrowth of 5and6percent,respectively(see which grewatannualaveragerates and educationhealthservices, been professional and business services job growthsectorssince2000have nongambling industries.Theleading growth since2000hasoccurredin in nonfarmemployment,mostjob counted for25percentoftheincrease the gamblingandhotelindustriesac

2004

Total NonfarmEmployment 2005 Service Providing Goods Producing Education &HealthServices Professional &BusinessServices Financial Activities Transportation &Utilities Wholesale &RetailTrade Manufacturing Government Other Services Leisure &Hospitality Mining, Logging,&Construction Information

2006

2007

2008 10.0 0.0 2.0 4.0 6.0 8.0

Unemployment Rate -

Las Vegas-Paradise , N V • COMPREHENSIVE HOUSING MARKET ANALYSIS 3 Sources: Clark County, Nevada;Economy.com Table 2. Source: U.S.BureauofLaborStatistics may notaddtototalsbecauseof rounding. Notes: Basedon12-monthaverages throughFebruary2008and2009.Numbers Table 3. 12-Month Average Employment in the Las Vegas-Paradise HMA, Total NonfarmEmployment Venetian CasinoResorts,LLC Rio Properties, Inc. GNS FinanceCorporation Desert Palace,Inc. Wynn LasVegas Clark County, NV Boyd GamingCorporation Nellis AirForce Base Station Casinos MGM Mirage Service Providing Goods Producing Government Other Services Leisure &Hospitality Education &HealthServices Professional &BusinessServices Financial Activities Information Manufacturing Transportation &Utilities Wholesale &RetailTrade Mining, Logging,&Construction Economic Conditions

Major EmployersintheLasVegas-Paradise HMA by Sector Employer Name of Figure 3. Source: U.S.Bureau ofLabor Statistics Note: Basedon12-monthaverages through February 2009. 29.5% Hospitality Leisure & Continued 2.9% Other Services 7.3% Health Services Education &

Government 11.2% Government Paradise HMA,bySector Current Employmentinthe LasVegas- Leisure &Hospitality Leisure &Hospitality Financial Activities Leisure &Hospitality Leisure &Hospitality Government Leisure &Hospitality Government Leisure &Hospitality Leisure &Hospitality Employment Sector 12 Months 273,400 115,700 124,700 799,700 102,000 128,600 928,300 February Ending 98,300 25,800 63,900 49,600 11,200 37,200 26,600 2008 Business Services12.2% Professional & Construction 10.1% Mining, Logging,& 12 Months February 267,800 111,000 101,900 123,100 791,900 116,800 908,500 5.2% Financial Activities Ending 26,000 66,700 47,000 10,900 37,500 25,200 92,000 Manufacturing 2.8% 2009 Information 1.2% Utilities 4.1% Transportation & Trade 13.5% Wholesale &Retail Employees Number of 10,500 11,175 12,000 14,900 38,000 57,000 4,750 5,250 5,750 8,750 Change Percent – 2.0 – 4.1 – 5.2 – 2.7 – 5.3 – 9.8 – 1.3 – 1.0 – 9.2 – 2.1 0.8 4.4 0.8 3.7 a yearearlier(seeTable3).Reduced 0.6 percent,duringthesame period pared withagainof5,500jobs, or or 2.1percent,to909,000jobs com- in the HMA decreased by 19,000 jobs, February 2009,nonfarmemployment During the12-monthperiodending another 3,000roomsand5,400jobs. completion in 2010, is expected to add Resort andCasino,whichisslatedfor 21,450 newjobs.TheCosmopolitan expected toresultinapproximately space and11,475hotelroomsthatare 823,000 squarefeetofconvention scheduled tobecompleted,adding 8 additionalhotel-casinoprojectsare forecast period.Bytheendof2009, sector willbestrongduringthe growth intheleisureandhospitality during 2009suggestsemployment entertainment and convention facilities current date,thedevelopmentof 2 percent,between2000andthe ment fellbyatotalof2,900jobs,or and gamblingestablishmentemploy (see Table2).Althoughhotel-casino Casinos, and Boyd Gaming Corporation including theMGMMirage,Station HMA, 6arehotel-casinooperations, Of the10leadingemployersin for employment distribution by sector). ending February2009(seeFigure3 jobs in the HMA during the 12 months accounting for18percentofnonfarm the dominantemploymentindustries, Hotel-casinos andgamblingremain 6 percentayear. and foodservices,up29,500jobs,or up 15,000jobs,or7percentayear; 5 percentayear;retailmerchandise, trade construction,up20,900jobs,or following occupations:specialty which hasbeengreatestinthe has resultedinjobgrowthsince2000, retail shoppingmallsinthesuburbs

Las Vegas-Paradise , N V • COMPREHENSIVE HOUSING MARKET ANALYSIS 4 Economic Conditions Population andHouseholds Figure 4. forecast—estimates byanalyst Sources: 1990and 2000—1990Censusand2000Census; currentand Average Annual Change 10,000 20,000 30,000 40,000 50,000 60,000 0

Components ofPopulationChangeintheLas Vegas-Paradise HMA,1990toForecast 1990 to2000 Continued Net NaturalChange 60 percent of population growth cent ofpopulationgrowth.Nearly current date,accountingfor77per- people ayearbetween2000andthe averaged alittlemorethan50,000 As showninFigure4,netmigration thisreport). Table DP-1attheendof Census countof1.38million(see 66,650, or 4.1 percent, from the 2000 cating anaverageannualincreaseof date isestimatedat1.97million,indi T averaged 7.4percentcomparedwith the unemploymentrateinHMA the 12monthsendingFebruary2009, June andDecember2008.During casinos fellby8,500jobsbetween In addition,employmentathotel- in theleisureandhospitalitysector. sector; and5,000jobs,or2percent, the professionalandbusinessservices sector; 5,000jobs,or4.1percent,in the mining,logging,andconstruction loss of10,000jobs,or10percent,in the nationalrecessionresultedin housing market,andtheimpactof population growth,aslowsales 2000 toCurrent Paradise HMA as of the current he populationoftheLasVegas- Net Migration Current toForecast

from thehotel-casinoprojects. expected tobeledbyhiringresulting the firsthalfofforecastperiodis during the next 3 years. Growth during rate of17,000jobs,or1.8percent, is forecast to grow at an average annual Nonfarm wageandsalaryemployment hospitals, clinics,andprivateschools. up 4.4percent,becauseofhiringat services sectortotaled3,000jobs, growth intheeducationandhealth the recent12months,employment overall employmentdeclinesduring previous 12-monthperiod.Despite an averageof4.8percentduringthe before 2007increased opportunities attractive lendingtermsthatprevailed The relativelylowhouseprices and 61 percentasofthecurrentdate. of ownerhouseholdsfrom59 to were owners,raisingthepercentage since 2000,142,600,or68percent, 211,000 newhouseholdsformed 1990 totheforecastperiod).Of lation andhouseholdgrowthfrom date (seeFigure5fortrendsinpopu- in 2000to723,000asofthecurrent increased from approximately 512,250 as thetotalnumberofhouseholds aged 23,650ayear,or3.9percent, Household growthintheHMAaver national recession. year, primarilyduetotheeffectof rate of1.5percent,or29,950peoplea forecast toslowanaverageannual the next3years,populationgrowthis attractive lifestylequalities.During of anexpandingjobmarketand who migratedtotheHMAbecause occurred among25-to-44-year-olds, -

Las Vegas-Paradise , N V • COMPREHENSIVE HOUSING MARKET ANALYSIS 5 Population andHouseholds Housing Market Trends Continued Sales Market recently begunto improve. Asof however, market conditionshave substantial declineinhomeprices, the population growth. Becauseof a slowing economy andreduced Vegas-Paradise HMAissoftdueto The saleshousingmarketinthe Las Figure 5.PopulationandHouseholdGrowth intheLas 1990 tothecurrentdate.Thenumber number ofhouseholdsbytenurefrom first-time buyers.Figure6showsthe for homeownership,especially Sources: 1990and2000—1990Census2000Census;current Figure 6. forecast—estimates byanalyst Sources: 1990and2000—1990Census2000Census;current—estimates by analyst 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000

50,000 Average Annual Change 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 0 0 NumberofHouseholdsbyTenureintheLas Vegas-Paradise HMA,1990toCurrent Vegas-Paradise HMA,1990toForecast 1990 to2000 1990 Population Renter 2000 toCurrent

2000 Owner during thenext3years. by 10,450ayear,or1.4percent, of householdsisforecasttoincrease Letter, publishedby Home Builders from the a balancedmarket.According todata more vacant homesthanistypicalfor at 3.8percent,orapproximately 4,000 for single-family homes was estimated March 2009,thesalesvacancy rate Households Current toForecast Las Vegas HousingMarket Current Las Vegas-Paradise , N V • COMPREHENSIVE HOUSING MARKET ANALYSIS 6 Source: U.S. CensusBureau, BuildingPermits Survey Notes: Includesonly single-familyunits.Includes datathroughFebruary2009. Figure 7. 10,000 15,000 20,000 25,000 30,000 35,000 5,000 Sales MarketContinued Housing Market Trends 0

Single-Family BuildingPermitsIssuedintheLasVegas- 1990 Paradise HMA,1990to2009

1991

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1995

1996

1997

1998

1999 the inventory of existing single-family the inventory of under $300,000.At22,100homes, $250,000 and80percentwere priced during themonthwere pricedunder existing homessold that 65percentof the GreaterLasVegas MLSshow a year ago. 2009datafrom February comparedwith40percent properties multiple listingsalesarebank-owned (MLS),80percentof Listing Service to theGreaterLasVegas Multiple the next several months. According expected tobelistedforsaleover bank-owned thatare properties of 2009 duetotheconsiderablesupply will likely continue todeclinein onthemarket.Salesprices properties foreclosed has beenthevolume of home prices during the past 12 months contributing tothedeclineinexisting 2008.Themajorfactor February during the12-monthperiodending 28 percentfromthepricerecorded 2009wasFebruary $189,000,down home duringthe12monthsending anexisting The mediansalespriceof and peakedat64,200in2004. 45,500 ayear between 2000and2008 existing homesaveraged Sales of 2008. 12 monthsendingFebruary after falling43percentduringthe 41-percent increasefromayear ago, homes roseto34,200,indicatinga ending February 2009, sales existing of Research, Inc., duringthe12months

2000

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2002

2003

2004

2005

2006

2007

2008

2009

price of acondominium soldwas price of Las Vegas MLS data show the average 2009,theGreater ending February 2008.Foring February the12-months sold duringthe12-monthperiodend increase comparedwiththenumber totaled 28,500, indicating an 87-percent new andexisting condominium sales 2009, the 12monthsendingFebruary condominiumsales.spurred During family homes, fallingpriceshave In tandemwithsalesforexisting single- and 5,000squarefeet. square feetandlotsbetween 3,000 home sizesbetween 1,400and1,750 prices under$162,000,withaverage 2009,hadaverage sales of quarter homessoldduring thefirst number of top 10subdivisions, basedonthe Wood the MarketIntelligence, 4of fewer amenities. According toHanley tosmallerhomeswith construction cent to$256,000asbuildersshifted 2009fellby40per- ending February homes soldduringthe12months new to 2009).Themedianpriceof trendsfrom1990 for buildingpermit 12-month total since 1982 (see Figure 7 ayear agoandthelowestconstructed homes 55 percentfromthenumber of to fall5,500homes, adecreaseof buildingthe number permits issued,of activity,construction asmeasuredby slowing salescausedsingle-family 12-month periodendingMarch2009, in2006.Duringthe which occurred below thepeak12-monthtotal, period ayear agoand73percent salesduringthesame number of 10,200, down 47percentfromthe 2009equaled period endingFebruary New homesalesforthe12-month supply recordedayear ago. supply comparedwiththe16-month 8.5monthsof 2009 andrepresents the 12-monthperiodendingFebruary homes forsalehasbeensteady during

Las Vegas-Paradise , N V • COMPREHENSIVE HOUSING MARKET ANALYSIS 7 Sources: 1990and 2000—1990Censusand2000Census; current—estimatesbyanalyst Figure 8. Housing Market Trends Sales MarketContinued Source: Estimatesbyanalyst is estimated for 200 mobile homes, which are not included in the above distribution. some oftheforecastsalesdemand.Inaddition,duringnext3years,demand Notes: A portionofthe49,400othervacantunitsinHMA willlikelysatisfy Table 4. 10.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 750,000 650,000 600,000 550,000 400,000 350,000 300,000 275,000 250,000 225,000 200,000 175,000 150,000

From 1990 toCurrent Rental Vacancy RatesintheLasVegas-Paradise HMA,

Estimated DemandforNewMarket-RateSalesHousing March 1,2012 in theLasVegas-ParadiseHMA,March1,2009to Price Range($) 1990 9.8 and higher 749,999 649,999 599,999 549,999 399,999 349,999 299,999 274,999 249,999 224,999 199,999 174,999 To of condominiumsforsalewas 5,900 of 2009,theinventory February As of same 12-monthperiodayear ago. average pricerecordedduringthe $155,700, down 36percentfromthe estimated thatapproximately 3,200 market in recent years. MPF Research miniums thatshiftedtotherental single-family homesand condo of activity andthesignificant number construction increase inapartment March2009,mainly duetoan as of The rentalhousingmarketwas soft Rental Market 2000 9.7 Demand Units of 1,400 1,750 2,100 4,350 2,250 1,400 650 350 525 525 700 700 700 Current 9.6 Percent of Total 10.1 12.1 25.0 12.9 3.7 2.0 3.0 3.0 4.0 4.0 8.0 8.0 4.0 - range isillustratedinTable 4. market-rate saleshousingbyprice estimated demand.Demandfornew the sales marketandsatisfysomeof tothe theseunitswilllikely return of 32,400 unitssince2000.Aportion rently intheHMA,anincreaseof 49,400 othervacant units the HMA.Inaddition,anestimated in 525 homesareunderconstruction miniums andtownhomes. Currently, demand isexpected tobeforcondo thenew home mately 25percentof the 3-year forecastperiod.Approxi mated for17,600new homesduring growth intheHMA,demandisesti- Based onprojectedjobandhousehold 19 projectswere underconstruction. database, 5,750 condominium units in McGraw-Hill Pipeline Construction 2009,accordingtothe February of the inventory recordedayear ago. As units, whichis6percenthigherthan quarter of 2007 through the fourth 2007throughthefourth of quarter types fell1percentfromthefourth that theaverage rentforallapartment The CBRichardEllissurvey found date.and thecurrent the rental vacancy rate for 1990, 2000, 2009.Figure8shows February as of from 7.7percentin2008to10 vacancythe apartment rateincreased 101,400rentalunits, recent survey of According toCBRichardEllis’most 2009, isestimatedat9.6percent. March1, all rentalvacancy rateas of in 2007and3,5002006.Theover- 2008 comparedwith550conversions converted in torentalapartments imately 500condominiumswere in 2007.AccordingReis, Inc., approx- 2008 comparedwith2,300completed unitswereapartment completedin are cur- - -

Las Vegas-Paradise , N V • COMPREHENSIVE HOUSING MARKET ANALYSIS 8 Figure 9. Source: U.S.Census Bureau,BuildingPermitsSurvey data throughFebruary 2009. Notes: Includesallmultifamilyunits instructureswithtwoormoreunits.Includes 10,000 12,000 14,000 2,000 4,000 6,000 8,000 Rental Market Housing Market Trends 0

1990

Paradise HMA,1990to2009 Multifamily BuildingPermitsIssuedintheLasVegas- 1991

1992 Continued

1993

1994

1995

1996

1997

1998

1999 new multi- Approximately one-third of trendsfrom1990to2009). permit year earlier(seeFigure9forbuilding duringthesameperioda permitted 2009 comparedwiththe10,700units 12-month periodendingFebruary totaled5,775unitsforthe permitted, multifamily units by thenumber of Multifamily construction, as measured construction. unitswere6,000 apartment under 2009,approximately February of Richard Ellis’ 4,500 builtin2007.AccordingtoCB wereapartments builtcomparedwith estimates thatapproximately 4,200 During 2008,CBRichardEllis move-in costs. rent, rentreductions, andreduced surveyed were offering1month’s free properties 2008,92percentof end of the 2007.Asof of quarter fourth surveyedthe properties duringthe lease were available at78percentof 1 month’s freerentwitha12-month $1,130. Concessionoffersaveraging wasfor athree-bedroomapartment wasbedroom apartment $930,and wasapartment $730,foratwo- the average rentforaone-bedroom 2008, of quarter thefourth As of 2008,from$932to$925. of quarter

2000

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2003 , as Development Report

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2009

rent level. bedroomsand housing bynumber of demand fornew market-raterental estimated demand.Table 5illustrates the rental marketandsatisfysomeof tothe theseunitswilllikely return of 32,400 unitssince2000.Aportion rently intheHMA,anincreaseof 49,400 othervacant units until 2011.Inaddition,anestimated unitswillbeneeded constructed currently under construction, no newly with approximately 6,000 apartments 2012.Therefore,through February 3,300 unitsayear fromMarch2009 result, rental demand is forecast at just observed sofarinthisdecade. Asa pacewiththerate units willnotkeep suggests thatthedemandforrental Slower economicgrowth, however, units a year were absorbed in the HMA. 7,000rental Since 2000,anaverage of bedroom, two-bathroom apartment. and$1,400foratwo- apartment; for atwo-bedroom, one-bathroom $1,150 for aone-bedroomapartment; Approximate scheduled rents are $1,000 to becompletedinDecember2009. inLasVegas,properties areexpected These two projects, located on adjacent Palacio complexes totaling739units. whicharetheLoretoand largest of the underconstruction, apartments all projects accountfor25percentof oper Fairfield Residential, LLC’s with 2,650unitsayear ago. Devel- compared are underconstruction current date, approximately 6,000 units the for buildingnew projects. Asof leading developers toabandon plans in thecondominiumsalesmarket, largely duetoongoingweakness in multifamily activity permit was 2004 and 2005. The 46-percent decline in 2006and200780percent developments compared with 50 percent family construction was condominium are cur-

Las Vegas-Paradise , N V • COMPREHENSIVE HOUSING MARKET ANALYSIS 9 Rental Market Housing Market Trends Data Profile Sources: Estimatesbyanalyst;U.S.CensusBureau;Department ofHousingandUrbanDevelopment 2000, andthe12monthsthroughFebruary2009. Notes: Medianfamilyincomedataarefor1989,1999,and2009. Employmentdatarepresentannualaveragesfor1990, Table 5. Source: Estimatesbyanalyst A portionofthe49,400othervacantunitsinHMA willlikelysatisfysomeoftheforecastrentaldemand. Notes: Distributionaboveisnoncumulative.Demandshownatanyrentrepresentsdemandthatlevelandhigher. Table DP-1.LasVegas-ParadiseHMADataProfile,1990toCurrent Total ResidentEmployment Unemployment Rate(%) Nonfarm Employment Total Population Total Households Owner Households Percent Owner(%) Renter Households Percent Renter(%) Total HousingUnits Owner Vacancy Rate(%) Rental Vacancy Rate(%) Median FamilyIncome Monthly Gross and higher Rent ($) 1,450 1,350 1,250 1,150 1,050 1,000 Zero Bedrooms Continued 950 900 850 800 750

Estimated DemandforNewMarket-RateRentalHousingintheLasVegas-ParadiseHMA, March 1,2009to2012

Demand Units of 300 350 375 425 500 100 125 125 200 225 225 Monthly Gross and higher Rent ($) 1,125 1,075 1,025 1,625 1,525 1,425 1,325 1,225 1,175 387,881 373,600 741,450 287,025 149,007 138,018 317,188 $35,172 One Bedroom 975 925 1990 51.9 48.1 4.9 2.5 9.8 Demand Units of 1,150 1,425 1,700 2,025 2,325 2,575 2,800 3,150 575 725 900 1,375,765 681,692 685,100 512,253 302,834 209,419 559,799 $50,485 2000 59.1 40.9 4.4 2.6 9.7 Monthly Gross and higher Rent ($) 1,500 1,400 1,350 1,300 1,250 1,200 1,150 1,100 1,800 1,700 1,600 Two Bedrooms 1,970,500 Current 921,600 908,600 723,000 444,200 278,800 819,600 $65,400 61.4 38.6 7.4 3.8 9.6 Demand Units of 1,825 2,250 2,675 3,150 3,625 4,050 4,425 5,350 1,175 1,825

800 1990 to2000 Average AnnualChange(%) 5.8 6.3 6.4 6.0 7.3 4.3 5.8 3.7 Monthly Gross Three orMore Bedrooms

and higher Rent ($) 1,800 1,700 1,650 1,600 1,550 1,500 1,450 1,400 2,100 2,000 1,900 2000 toCurrent 3.8 3.5 4.1 3.9 4.4 3.3 4.4 2.6 Demand Units of 1,000

325 450 500 575 700 800 900 150 175 250 Las Vegas-Paradise , N V • COMPREHENSIVE HOUSING MARKET ANALYSIS 10 ParadiseNV_09.pdf publications/pdf/CMARtables_LasVegas- market forthisHMA,goto For tothehousing additionaldatapertaining the development pipeline. orunitsin for unitscurrently underconstruction excess vacancies. Theestimatesdonotaccount theanalysis, growth, losses, and dateof the as-of the3-year forecastperiodgiven conditionson of needed toachieve abalancedmarketattheend thetotalhousing production the estimatesof buildingactivity.are notaforecastof Theyare Demand: Thedemandestimatesintheanalysis estimates Forecast period:3/1/2009–3/1/2012—Analyst’s date:3/1/2009—Analyst’sCurrent estimates 2000: 4/1/2000—U.S. DecennialCensus 1990: 4/1/1990—U.S. DecennialCensus Data DefinitionsandSources www.huduser.org/publications/econdev/mkt_analysis.html For on othermarketareas, additionalreports pleasego to . www.huduser.org/ conditions. onlocaleconomicandhousing market and information state andlocalgovernment officials whoprovided data sources and expresses itsappreciation tothoseindustry may bemodifiedbysubsequentdevelopments. HUD national sources. Assuch,findingsorconclusions datefromlocaland availableinformation ontheas-of aspossiblebased on are asthoroughandcurrent and MarketAnalysis Division. Theanalysis andfindings guidelines andmethodsdeveloped byHUD’s Economic The factualframework forthisanalysis follows the may beunderconsiderationbytheDepartment. insuranceproposalsthat anymortgage of acceptability regardingthe tomakedeterminations does notpurport local housingmarketconditionsandtrends. Theanalysis ful tobuilders, mortgagees, with andothers concerned findings,information, andconclusionsmay alsobeuse Development (HUD)initsoperations. Thefactual theU.S. HousingandUrban guidance of of Department This analysis fortheassistanceand hasbeenprepared [email protected] 971–222–2606 Portland HUDFieldOffice Tom Aston,Economist Contact Information . -