Las Vegas Multifamily Market Report: Vacancy Remaining in Tight Range, Rents Rising
Highlights:
- The Las Vegas economy is beginning to recover, and the multifamily market is posting healthy operating performance. Vacancy has remained low and has not moved outside of a tight range. Rents have been on the rise, and the pace of rent growth should accelerate as the economy strengthens.
- Travel to Las Vegas has already begun to heat up. Visitor volume in March topped 2.2 million, the highest total in more than a year.
- Vacancy in Las Vegas inched up 10 basis points during the first quarter, reaching 4.4 percent. The rate is identical to the figure from one year ago.
- Local rents have continued to trend higher. Asking rents ended the first quarter at $1,194 per month, up 2.8 percent year over year.
- The investment market slowed at the start of 2021, with fewer properties changing hands. In the deals that did transact, the median price was approximately $135,200 per unit, and cap rates averaged 5 percent. In Class A and Class B properties, cap rates were lower, averaging 4.6 percent.
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