- The Las Vegas economy is gaining momentum, which has carried over to the local apartment market. Vacancies improved in the second quarter, while rents rose. The strengthening property fundamentals fueled a spike in investment activity during the second quarter; transaction volume in the first half of this year outpaced the total activity in 2020.
- The Las Vegas multifamily vacancy rate tightened during the second quarter. The rate fell to 3.8 percent, 60 basis points lower than one year ago and the lowest figure in the market since 2018.
- Area asking rents have advanced 7.2 percent year over year through the second quarter, reaching $1,245 per month. The bulk of the gains have been recorded in recent quarters, and additional increases are likely in the second half.
- Investment activity surged during the second quarter, with sales velocity spiking and prices on an upswing. The median price in transactions closed to this point in 2021 is approximately $199,700 per unit, while cap rates have averaged 4.4 percent.