According to Marcus & Millichap, a national real estate investment brokerage company, the Las Vegas apartment market is still gaining momentum. According to the brokers the local market moved from fourth to third place in the nation.

Apartment vacancy rates fell by 40 basis points in 2005, ending at 3.3 percent.

New apartment construction created 1,740 units in 2005, down from 5,250 units in 2004 due to the focus by developers on building condos.

Average asking rents in the western part of the valley were the most expensive at $915 per month by year's end.

Dollar volume over the first three quarters of 2005 exceeded that of 2004 and the median price has climbed 32 percent to $74,000 per unit.

You can register on the Marcus & Millichap website to receive a free apartment research report.