Taking Stock 2021 Preview

Preview of Taking Stock 2021's Vacancy Rates

Preliminary results from Taking Stock 2021 show overall vacancy rate in the 4th quarter of 2021 for Nevada's tax credit properties was 2.5%, down slightly from last year’s rate of 2.6%. Half of all responding properties had a 1.2% vacancy rate or lower and ninety-seven properties, or 39% of the responding properties, reported that all units were full (0% vacancy rate). 

As for the last several years, the highest tax credit vacancy rates were in mining counties. However, at 6.0% overall they were up somewhat from 2020's rate which was 5.6%. Clark County had a lower vacancy rate (2.0%) than last year (2.2%) and continued to have a lower rate than Washoe County. Washoe County's rate was 2.7%, down from 3.3% vacancy rate in 4th quarter 2020. 

In all regions except Washoe County, one bedroom units had the lowest average vacancy rates. In Washoe County vacancies were lowest for two-bedroom units. 

The figure to the right charts the changes in vacancy rate for each of the four regions from 2013 to 2021. (Seperate results were not available for mining and other rural counties in the 2013 Taking Stock.) Only the mining region started out with a lower vacancy rate in 2014. The vacancy rate for the three other regions has shown an overall downward trend. Most of the mining counties, Elko, Eureka, Humboldt, Lander, Nye, Pershing and White Pine, are not close to the urban centers of population in the state and are subject to different economic forces. The largest drop in vacancy rates, from 7.8% in 2013 to 2.0% in 2021, occurred in Clark County, which experienced the largest impact from the Great Recession, but has again been growing rapidly, with a 14% population growth since 2013, even more rapid than Washoe County’s (12% since 2013).