Nevada Housing Division's 2021 Taking Stock released

2021 Taking Stock  is now available on the Nevada Housing Division's Low Income Housing Database webpages. Some findings are below:

• At 2.5%, NV LIHTC vacancies were the lowest recorded since 2013 when the Taking Stock series began.
• Washoe’s LIHTC vacancy rate decreased from 3.3% to 2.7% while Clark’s decreased from 2.2% to 2.0% as compared with 2020 Taking Stock.
• Senior properties’ vacancy rate dropped to 1.9% while family properties stayed at the 2.9% vacancy rate recorded in the 2020 Taking Stock. 
• Average 2021 Nevada LIHTC monthly rent was $955, close to $60 more than the average of $897 found in 2020 Taking Stock.
• The wedge between market rate rents and LIHTC rents increased. LIHTC rents averaged from 34% to 40% lower than market rate rents for one, two- and three-bedroom units.
• Rent collections for Nevada LIHTC properties were down an average of 12% as compared to levels before the pandemic. In senior properties collections were down 7% while for family properties the average was 15%.
• Fifty-three percent of Nevada LIHTC properties had received government issued Coronavirus emergency rental assistance or had tenants who received it. More family properties (71%) had received the emergency rental assistance than had senior properties (34%).

For more on all of these topics see 2021 Taking Stock.