2021 Taking Stock LIHTC Study Now Available

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