Las Vegas Multifamily Market Insights: Prices push higher as newer properties change hands


  • Operating conditions strengthened in the first quarter of 2022 as absorption levels were ahead of last year’s pace, vacancy tightened, and rents continued to rise. Investors responded to the healthy conditions, causing per-unit prices to spike.
  • Apartment vacancy dipped 20 basis points in the first quarter, falling to 2.8 percent. Year over year, the rate has improved by 160 basis points, reaching the lowest figure since mid-2017.
  • Asking rents rose to $1,459 per month in the first quarter and are up 22.2 percent in the past year. Additional rent increases are anticipated throughout the remainder of 2022.
  • The local investment market started 2022 on a strong footing with several large, newer Class A and Class B properties changing hands. The median price spiked to $301,800 per unit, while cap rates averaged about 3.5 percent.

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