NV 2020 LIHTC Rent and Vacancy Survey Available

Taking Stock 2020 finds vacancy rates even lower than 2019.

The worldwide coronavirus pandemic impacted Nevada LIHTC tenants and property managers in myriad ways during 2020 with illness and deaths due to the virus, shutdowns of casinos and other non-essential businesses, social distancing mandates, enormous job losses, extra unemployment benefits, new rental assistance programs, and multiple eviction moratoriums. Yet, in the fall of 2020, Nevada tax credit properties maintained a vacancy rate of 2.6%, almost the same as 2019's rate of 2.7%, giving the appearance of stability. But given Nevada's high rates of unemployment, do the eviction moratoriums hide accummulating unpaid rents? Property managers reported that about 94% of Nevada's Low Income Housing Tax Credit (LIHTC) tenant households had made a full or partial rent payment in October of 2020. However, 19% of property managers said that the rate of payment was less than last year, meaning that for some properties and their tenants unpaid rents may be an issue. Given two additional aid packages that passed since the Taking Stock survey, there is hope these problems may eventually be resolved. 

For more information on rents and vacancy rates in Nevada LIHTC properties including market comparisons, regional detail, and estimates of adaptable and accessible units see the full report: 2020 Taking Stock.