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Class-C and class-D apartment product in Las Vegas is driving rent growth. A new report from Atalyst Financial Group shows that class-C and class-D apartments—called one and two star apartment product in the report—is leading the rent growth with 7.9% annual rent growth. The Las Vegas market overall has seen 5.3% annual rent growth, according to the report. While lower quality product is leading rent growth, the fundamentals driving rent growth are the same across the board.

“The two primary factors behind the rental growth are strong job growth and a growing population in the area,” John Gilchrist, founder of Atalyst Financial Group, tells GlobeSt.com. “Nevada has been one of the fastest growing states, if not the fastest growing state for many decades, and Las Vegas and Clark County anchors the state as the biggest metropolitan area. In conjunction with this population growth, the job market is strong and has recovered since the recession that took place a little over a decade ago. Unemployment is just under 4% currently, which is in line with the national average, sitting right around 4%. I expect this to stay steady for the foreseeable future.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance writer and editor living in Los Angeles whose work has appeared in such publications as Travel + Leisure, Angeleno and Los Angeles Magazine.

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