Housing

Vacant Housing Units

Vacant and abandoned housing is an indicator of neighborhood distress, serving to depress local property values, encourage the spread of crime, and strain municipal budgets by imposing higher service costs while reducing property tax revenues. Vacancy status also provides insight into the stability and quality of housing of a particular area.

Source: American Community Survey (ACS), Single-year estimates; Confidence level: 90 percent

12%

Vacant housing units
 in Clark County in 2019

11.1%

Vacant housing units
in Nevada in 2019

12.1%

Vacant housing units
in the U.S. in 2019

Vacant housing units in Southern Nevada reach decade low

In the wake of the Great Recession, housing vacancies surged in Southern Nevada, peaking in 2011 (at nearly 18 percent). However, vacancy rates have stabilized in the region in recent years, dropping to 11.5 percent in 2018, its lowest rate in 15 years. Southern Nevada's declining rate has resulted in 22,600 less vacant units in the region from 2012 to 2019, despite the total number of housing units in the region increasing by more than 75,000 during the same period (from 850,000 to 925,000).

Southern Nevada's vacant housing rate moved slightly below the national average for the first time this decade in 2018 and stayed below it in 2019, albeit by less than 1 percentage point in both years. While the country's vacant housing rate has remained relatively constant since 2012, Southern Nevada's rate has fallen 23.5 percent. Nevada's rate has seen a similar improvement, and at 11.1 percent, also remains 3 below the national rate in 2019.

During the Great Recession, both homeowner and rental vacancy rates spiked in Southern Nevada, though both have fully recovered, dropping below pre-recession levels at 1.9 percent and 8.8 percent respectively in 2019 (see chart above). A healthy rental vacancy rate typically hovers around 7 to 8 percent, while a healthy homeowner vacancy rate is pegged much lower, at around 2 percent.

Source: American Community Survey (ACS), Single-year estimates; Confidence level: 90 percent