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Las Vegas-Paradise, Nev.

Rank: 21
Rent drop: -2.1%
Q4 2008 rent change: -2.6%
Q4 2007 rent change: -0.5%
Effective rent: $866.90

Las Vegas has long had one of the worst real estate markets in the nation. The foreclosure rate is the nation's worst and the recession has hurt the casino and tourism industries. The unemployment rate climbed to 7.9% in November 2008 compared to 5.2% in November 2007. The apartment vacancy rate jumped to 8.6% in the fourth quarter last year from 6.7% in the same period in 2007. Landlords on average are giving 2.9 weeks of rent concessions.

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