Apartment rents throughout Las Vegas are expected to increase 5 percent this year to average of $834 a month.

The Las Vegas apartment market will benefit from low housing affordability, strong job growth and condominium conversions, a report from Marcus & Millichap brokerage said.

Las Vegas moved up one spot to No. 3 in the firm's National Apartment Index, a snapshot analysis that ranks 42 apartment markets based on a series of 12-month forward-looking supply and demand indicators such as rental and vacancy rates.

Asking rents are forecast to rise by 5 percent this year to an average of $834 a month, while effective rents, which account for concessions such as a month's free rent, increased 7.4 percent to $817 a month, Marcus & Millichap reported. Vacancy is projected to drop by 40 basis points to 3.3 percent.

Read more about apartment rents in Las Vegas at http://www.casinocitytimes.com.