Local apartment vacancy rates drop in January, company says

Apartment vacancy rate in Las Vegas fell to 9.91 percent in January from 10.51 percent the previous month, CB Richard Ellis commercial brokerage reported.

Class A apartments, or the highest class, had a 7.23 percent vacancy rate for 37,203 units reporting; Class B vacancy was 9.65 percent for 46,188 units; and Class C was 13.71 percent for 29,521 units.

The month-to-month drop in vacancy is substantial and hopefully the decline will hold in the coming months, said Spencer Ballif, senior vice president for CB Richard Ellis.

"There seems to have been a surge in the number of single-family foreclosures, which has likely placed many previous home owners into apartments," he said.