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No. 3: Las Vegas-Paradise, Nev.
Average monthly rent: $766
Annual drop: -12.4%
Q4 2009 drop: -3.6%
The jobless situation in Las Vegas got worse in 2009. Unemployment soared to 13.1% in December, from 8.7% a year ago, according to BLS figures. As tourism traffic decreased and daily room rates dropped, the leisure and hospitality industry, the area’s major employer, shed 36,000 jobs since December 2007. Accordingly, the apartment vacancy rate here increased to 9.9% last year. In addition to the rental market, the recession also slammed the purchase market. Foreclosure tracker RealtyTrac figures show the home foreclosure rate rose to 12.04% in 2009, the highest level among all U.S. metros.
