Las Vegas Q4 Multifamily Market Report: Transactions slow, nearly all activity in Class B properties


  • The Las Vegas multifamily market cooled slightly in recent months, but property fundamentals remain strong going into 2022. The vacancy rate finished 2022 below 3 percent, despite inching higher during the fourth quarter.
  • Local vacancy rose 10 basis points in the last three months, reaching 2.7 percent. The rate declined 30 basis points in 2022, the third annual decline in the past four years. Vacancy is expected to push higher in 2023.
  • After posting rapid gains in the past two years, rent growth continued to taper off during the final months of 2022; asking rents ended the year at $1,519 per month. In 2022, asking rents increased by 6.1 percent, with slower growth likely going forward.
  • Fewer apartment properties changed hands in Las Vegas late in the year, but prices remained elevated. The median sales price in 2022 reached $248,400 per unit, up 22 percent from the median price in 2021.

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