Las Vegas a city in Clark County, Nevada

This city is served by the Southern Nevada Regional Housing Authority

Market Overview

Las Vegas is a city in Clark County, Nevada. The population of Las Vegas, according to the 2010 Census, is 583,756. The total number of households in the city is 211,689. The average household size for Las Vegas is 2.52. The total number of renter households in the city is 92,139 which means that 43.5% of households are renter households.

Las Vegas’s Federally assisted affordable rental housing stock includes properties financed through the following programs:

ProgramPropertiesUnits
Section 8 15 1,254
LIHTC 63 9,539
Section 202 8 506
Section 811 9 201
Public Housing 18 752
Total 86 11,432
Note: The total does not necessarily equal the sum of each program as some properties may participate in multiple funding programs.

The average number of units per property for affordable rentals in Las Vegas is 132.90. The largest Federally assisted affordable rental community in the city is Pinewood Apartments at 755 units and the smallest is Caminar Group Home at 12 unit(s). 25 apartment properties provide housing for seniors containing 2,306 units. Of the 11,432 units, 1,928 units include some form of rental assistance (like Section 8) to make rent more affordable for very low income families.

Federally Assisted Units By Property

Name Total Units
Pinewood Apartments 755
Arville/greenville Apartments 566
Sundance Village 528
Somerset Commons 360
Lake Tonopah 356
City Center Las Vegas 300
Apache Pines 274
Parkway At Silverado Ranch 272
Rancho Mesa 272
South Valley Apartments 270
Sedona Hills Apartments 256
Sunrise Gardens Apartments 249
Casa Sorrento Apartments 236
Silver Creek 224
Cheyenne Point Apartments 204
Silver Pines Apartments 198
Shepherd Hills 195
Los Pecos 192
Parkview Pt 191
Vintage Desert Rose Senior Apartments 184
Arbor Pointe Apartments 180
Joshua Villas 176
Autumn Ridge Apartments 168
Bonanza Gardens 168
Baltimore Gardens Lp 165
Pecos Pointe Apartments 160
Sierra Vista Housing Associates Ltd. 160
Cedar Village Apartments 154
Running Springs 144
Rps Affordable Housing L.l.c. 138
Casa Tiempo 138
Gray Plunkett Jydstrup Senior Living 134
Pecos Terrace I 128
Desert View Apartments 128
Sen Richard Bryan II 120
Arthur Mccants Manor 115
Stella Fleming Towers 115
Rochelle Pines 115
Stewart Villas 113
Walker House Apartments 112
Hilltop Villas 111
Mcknight Senior Village 110
Maryland Villas 108
11th Street Apartments 100
Louise Shell/harmony Park Apartments 100
David Hoggard Family Community 100
Sunrise Senior Village 90
Sierra Pines Apartments 90
Silver Sky Assisted Living Residence 90
Sarann Knight Apartments 82
Msgr C T Challow Senior Apartments 80
Desert Oasis 75
Bonanza View 75
Help Genesis Apartments 75
Stewart Pines Senior Living 72
St. Vincent H.e.l.p. II 66
Bonanza Pines III Senior Apartments 62
Escondido Apartments 62
Otto Merida Desert Villas 60
Tropical Pines Senior Living 60
Rayson Manor 57
Sunset Palms Formerly Las Vegas Family 56
St. Vincent H.e.l.p. I 54
Juan Garcia 52
L 51
Help Owens 2 50
Mcfarland Apartments 48
Sunset Park 48
Cleveland Gardens 36
Desert Pines I 36
Tonapah Lamb Senior Housing Inc. 33
Ruby Duncan Manor 30
Tammany Hall Apartments 26
Sandy Robinson Apartments 25
John Chambers Apartment 25
Ray Rawson Villa 24
Shelbourne Supportive Housing Inc. 24
Carol Haynes Apartments 24
Bledsoe Lane Supportive Housing Inc 23
Park Apartments 23
Bob Hogan Apartments 20
Harrison Pines III Senior Apartments 20
Lindell Harbor 19
Dina Titus Estates 19
Granada Apartments 16
Casa De Esperanza 12
† This Property is Federally Assisted though Unit Counts are not available from HUD.

Rental Assistance for Tenants in Las Vegas

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties.

In Las Vegas, there are 26 affordable housing properties providing rental assistance to 1,928 very low income households. In addition, Southern Nevada Regional Housing Authority provides 10,154 Section 8 rental vouchers in Las Vegas and the surrounding area.

To qualify for most rental assistance programs a renter must earn no more than 50% of the Area Median Income (AMI). In some cases, rental assistance is reserved for renters earning 30% or less of the AMI. In Las Vegas, to qualify for Section 8 assistance, a renter household containing four persons must earn $30,750 or less. For some targeted rental assistance programs, a renter household of four can’t earn more than $18,450.

It’s important to remember that in many rental assistance programs there are minimum rent regulations requiring assistance recipients to make a minimum payment of between $25 and $50 per month no matter how low their income.

HUD Assistance Income Limits

Persons
1234
$21,550$24,600$27,700$30,750
Persons
1234
$12,950$14,800$16,650$18,450

Income Limits

All affordable housing programs provided by or through the government have maximum income limits to qualify for assistance. These income limits are typically derived from the Area Median Income (AMI), the theoretical family income of the average household in a given geography.

The AMI is updated each year for each geographical area taking into consideration numerous economic indicators. The geographical areas used for establishing the AMI are either Metropolitan Statistical Areas (MSA’s) or counties.

Las Vegas is in the Las Vegas-Henderson-Paradise, NV MSA. The 2014 Area Median Income for a family of four in Las Vegas is $56,800.

The income limits used for Section 8, public housing, Low Income Housing Tax Credits. the HOME program and other Federal programs all are derived from the HUD defined AMI.

Low Income Housing Tax Credit Income Limits

Persons
1234
$25,860$29,520$33,240$36,900
Persons
1234
$21,550$24,600$27,700$30,750
Persons
1234
$17,240$19,680$22,160$24,600
Persons
1234
$12,930$14,760$16,620$18,450

Rent Limits For Affordable Rental Housing

All apartment units that receive Federal assistance whether that assistance is used to subsidize rents or the cost of construction and development, have dollar limits on the amount of rent a landlord may charge each month. These rent limits are based on the incomes of the renters the property is meant to serve.

As we explained in the income limits section, the maximum income a renter can earn to qualify is based on the Area Median income for the market where the apartment community is located. Likewise, the maximum rent is usually determined by multiplying the annual income limit by 30% (the National housing affordability standard) and dividing by 12 months.

In Las Vegas, a family of four that qualifies for a three bedroom apartment under the Low Income Housing Tax Credit program will not pay more than $960. Rent limits can range greatly within the same apartment community. If the same apartment property in this example also targets persons earning less than 30% of AMI, our four person family’s 68 year old neighbor who earns less than $12,930 will never pay more than $346.

Low Income Housing Tax Credit Rent Limits

Bedrooms
01234
$647$692$831$960$1,071
Bedrooms
01234
$539$577$693$800$893
Bedrooms
01234
$431$461$554$640$714
Bedrooms
01234
$323$346$416$480$536

Fair Market Rents (FMR)

HUD establishes a Fair Market Rent each year for each Metropolitan Statistical Area in the country. This rent standard is used to establish payment limits for Section 8 Housing Choice Vouchers, maximum rents in HOME financed rental projects and initial or renewal rents for Section 8 project based assistance. HUD establishes FMR’s for 530 MSA’s and 2,045 counties nationwide each fiscal year.

The FMR is largely a statistical derivative of the US Census Bureau's American Community Survey (ACS) 5 year estimates for 2 bedroom median rent. For the most part, in Las Vegas, a landlord with a two bedroom apartment to rent, could not receive more than $785. Likewise, a renter in need of a 3 bedroom apartment with a Section 8 voucher would have to find a rental in Las Vegas that rented for less than $1,157.

2014 Fair Market Rents

Bedrooms
01234
$473 $662 $785 $1,157 $1,390

Fair Market Rent Year Over Year Change

The affordable housing industry has long used the FMR as barometer for local rents. Though the geographic areas FMR’s are based on are broad and there are often wide variations in neighborhood rents throughout an MSA, in general, the FMR is one of the best quick tools one can use to judge housing costs in a place.

We took a look at historic FMR’s in Las Vegas and found that they have risen an average of 2.19% year over year. The first year in our sample is 1985 when the two bedroom FMR was $446. That same 2 bedroom apartment rent had increased to $756 by 2013. In 1995 the two bedroom FMR in Las Vegas saw it’s largest single year increase going up by 20.92%.

It’s also interesting to look at the FMR compared to the Consumer Price Index’s housing index to understand how Las Vegas rents have fluctuated in comparison to the rest of the Nation. The consumer price index grew an average of 2.68% year over year. The two bedroom FMR in Las Vegas has remained in step with National housing inflation costs.

The largest single year of 2 bedroom FMR growth was in 1995 at 20.92% while the smallest year of growth was 1994 with a 23.5% decrease.

583,756

Population

2.52

Average Household Size

249,370

Total Renters

92,139

Renter Households

Renter
(78th percentile)

Renters or Owners

43.5%

% of Renter Households

11,432

Federally Assisted Units

86

Federally Assisted Projects

63/9,539

Tax Credit Projects/Units

15/1,254

Section 8 Projects/Units

8/506

Section 202 Projects/Units

9/201

Section 811 Projects/Units

25/2,306

Senior Projects/Units

1,928

Units with Project Based Rent Subsidy

132.9

Average Units Per Property

$1,009

Median Rent

$60,637

Median Family Income

50.9%

Renters Overburdened

$1,196,032,800/year

Gross Rent Paid By All Renters

18.2%

Renters with No Vehicle

10.1%

Renters Below Poverty Level

7.9%

Renters Who Taxi, Bike, or Walk to Work

1.8%

Renters Who Use Public Transit to Work

38.5%

Renters With Children

13,554

Vacant Units For Rent

12.8%

Vacancy Rate

5.9%

Units With Utilities Included In Rent

Clark County

County

Nevada

State