The Valley Back in the Game: 11 Major Projects Add More Than 2,500 Units to the Las Vegas Apartment Market
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Las Vegas has never claimed to be one of the big players in the residential construction boom that we’ve seen in recent years all across the US, yet in 2015 the city’s rental market heated up, particularly in the large scale developments sector. Bolstered by employment growth in the hospitality, leisure, and technology industries, the local economy is back in the game – and with it the apartment market.
11 major rental developments with 50+ units have been completed in 2015, boosting Las Vegas’ rental inventory by more than 2,500 apartments. Are you wondering if this is a lot? Well, you could say that, since it’s more than triple the number that entered the market in 2014 – around 760 rental apartments in 50+ unit buildings.
Aside from being a sign of the much-anticipated recovery of the housing sector, this is good news for the city’s renters as well. The growing number of apartment options has much to do with the relative affordability of the market and with what Las Vegas renters shell out on housing every month – around $840 on average, according to data from Yardi Matrix. Meanwhile, the national average rent has hit an impressive $1,181 in March 2016. Vegas rents are expected to increase 4.2% this year, with job growth following closely at 2.7%.
As to what these new apartment projects bring to the table, they come with all the bells and whistles to cater to all tastes, budgets, and demographic groups, including the young renter cohort – the so-called Millennials – that have taken over the City of Lights in recent times. See for yourself! Here we’ve listed the 10 largest developments completed in 2015 in Vegas (the 376-unit Lyric, with its prime location on the south end of the Strip, smoke-free environment, and resort-style amenities is definitely a must-see):
#10. Westcliff Heights Senior: 80 rental units
Completed: 05/13/2015
Address: 2192 South Nellis Avenue, Las Vegas, NV 89142
Rental types: 80 one-bed apartments
Property size: 43,600 sq.ft., 3-story building
Short description: Age restricted community with 50 affordable units out of 80 total units. Green Building – LEED – Proposed. Residents have access to Westcliff Pines pool, spa, fitness center and business center.
Photo credit: Westcliff Heights Senior Website
#9. The Lennox: 100 rental units – Check availability
Completed: 04/01/2015
Address: 430 East Cactus Avenue, Las Vegas, NV 89183
Rental types: 8 one-bed apartments, 86 two-bed apartments, 6 three-bed apartments
Property size: 113,534 sq.ft., 3-story buildings
Short description: Amenity-rich, luxury apartments. Modern interiors complete featuring vaulted ceilings, full-size washers and dryers, and quality finishes. Community spaces are filled with art and colorful, retro-chic décor.
Photo credit: The Lennox Website
#8. The Gramercy: 160 rental units
Completed: 03/27/2015
Address: 9255 West Russell Road, Las Vegas, NV 196112
Rental types: 8 studios, 34 one-bed apartments, 112 two-bed apartments, 6 three-bed apartments
Property size: 196,112 sq.ft., 4 and 9-story building
Short description: The Gramercy is Vegas done right for Vegas residents. Rooftop pool. High-speed internet access. Jaw-dropping interiors, private sky decks, high ceilings, abundant light, luxurious bathrooms/spas, and open, granite-counter kitchens.
Photo credit: The Gramercy Website
#7. Ensemble Senior Living: 182 rental units
Completed: 07/24/2015
Address: 2655 West Agate Avenue, Las Vegas, NV 89123
Rental types: 109 one-bed apartments, 73 two-bedroom apartments
Property size: 132,100 sq.ft., 3-story building
Short description: Age restricted community. Units come with chef-inspired kitchens with ample cabinets, granite countertops, and hard surface flooring. Amenities include a fitness center, a movie room, a clubhouse, and a swimming pool.
Photo credit: Ensemble Senior Living Website
#6. The Rubix: 236 rental units – Check availability
Completed: 09/23/2015
Address: 2655 West Agate Avenue, Las Vegas, NV 89123
Rental types: 236 studios
Property size: 64,585 sq.ft., 4-story building
Short description: Cost-effective studio apartment homes located in the North East area of the Las Vegas valley. 15 minutes away from the famous Las Vegas Strip. All utilities included, fully furnished, free internet and cable TV.
Photo credits: Google Maps
#5. The Wyatt: 308 rental units
Completed: 11/30/2015
Address: 7017 South Buffalo Drive, Las Vegas, NV 89113
Rental types: 110 one-bed apartments, 166 two-bed apartments, 32 three-bed apartments
Property size: 331,174 sq.ft., 2-story buildings
Short description: Luxury apartments. Pet-friendly community. Floor plans with expansive living areas, stylish interiors, and sophisticated amenities. Resort-style pool with cabanas, private theater, fitness center, cafe serving Starbucks coffee, electric vehicle charging station.
Photo credits: The Wyatt Website
#4. SW: 310 rental units
Completed: 05/31/2016
Address: 6355 South Durango Drive, Las Vegas, NV 89113
Rental types: 116 one-bed apartments, 162 two-bed apartments, 32 three-bed apartments
Property size: 333,410 sq.ft., 2-story buildings
Short description: SW offers spacious 1, 2 and 3 bedroom homes with modern amenities. Olympic-size pool and spa, playground, pet wash and dog park, movie theater with stadium seating, electric car charging station, state-of-the-art gym, and high-speed internet access. Located close to shopping, dining, schools and entertainment amenities.
Photo credits: SW Website
#3. Union: 338 rental units
Completed:2015
Address: 4450 South Hualapai Way, Las Vegas, NV 89147
Rental types: 110 one-bed apartments, 196 two-bedroom apartment, 32 three-bedroom
Property size: 367,132 sq.ft., 2 and 3-story building
Short description: Union offers 1-, 2- and 3 – bedroom apartments with luxury amenities at an affordable rate. Located close to public transportation, with quick access to shopping, entertainment and restaurants. Media lounge, cafe serving Starbucks coffee daily, pool side cabanas, electric vehicle charging station.
Photo credits: Union Website
#2. Volare: 360 rental units
Completed:11/13/2015
Address: 10695 Dean Martin Drive, Las Vegas, NV 89141
Rental types: 20 studios, 179 one-bedroom apartments, 131 two-bedroom apartments, 30 three-bed apartments
Property size: 344,804 sq.ft., 2 and 3-story building
Short description: Resort-style community with exceptional amenities and interiors. Beautiful courtyards. Dog park. Luxury clubhouse with full kitchen. Pool and spa. State-of-the-art fitness facility. Stunning cave and TV lounge area for gathering.
Photo credits: Volare Website
#1. Lyric: 376 rental units
Completed:02/25/2015
Address: 304 East Silverado Ranch Blvd, Las Vegas, NV 89183
Rental types: 122 one-bedroom apartments, 222 two-bedroom apartments, 32 three-bed apartments
Property size: 407,462 sq.ft., 2-story building
Short description: Located on the south end of the world famous Las Vegas Strip, Lyric offers luxury rental apartments with modern fixtures and fantastic amenities including a gorgeous pool with retreat cabanas and a movie theater with stadium seating. View of Downtown Las Vegas. Smoke-free living, BBQ, and sun terrace, pet park and pet wash, electric vehicle charging station.
Photo credits: Lyric Website
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Amalia Otet is an online content developer and creative writer for RENTCafé. She loves all things real estate and strives to live beautifully, one green step at a time.
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