Page 2 - 2016 Las Vegas Residential Real Estate Report

SNAPSHOT
• Clark County population is on an established growth trend
• A record 42.9 Million people visited Las Vegas in 2016
• The employment level is back above the pre-recession peak
• Nevada is one of the top 10 states for inbound movers
• Several major infrastructure projects are underway
• Five of the nation’s top 50 selling masterplans are in Southern Nevada
• Housing supply is at historically low levels
• The rental market continued to show gains in rental rates and low marketing times
• Las Vegas is now home to a professional sports team, the Vegas Golden Knights
KEY TERMS
MONTHS-OF-SUPPLY:
The time it would take to liquidate the current inventory at the recent pace of sales – we use a three-month trailing average of sales.
CAPITALIZATION RATE:
A measure of return, the cap rate is the annual net operating income divided by the price of the asset.
REIT – REAL ESTATE INVESTMENT TRUST:
A company that owns or nances income producing real estate. REITs usually pay out a majority of their taxable incomes as dividends to shareholders. Many are traded on stock exchanges.
INSTITUTIONALLY OWNED:
For our purposes, we de ne it as a REIT, or a group backed by private equity, a pension or hedge fund as well as certain sophisticated investors.