- The Las Vegas multifamily market steadied during the first quarter, with vacancy leveling off and deliveries slowing. Population growth remained strong, fueling employment expansion, and supporting renter demand for units.
- Vacancy in Las Vegas was flat in the first quarter, holding at 4.2 percent. The rate is 100 basis points higher than one year ago.
- Rent growth has been strong in recent quarters, although the pace slowed modestly during the first quarter. Asking rents reached $1,112 per month, up 8.4 percent year over year.
- Newer properties accounted for approximately half of the transaction activity during the first quarter, resulting in higher prices in closed deals. The median price reached $174,500 per unit, while the average cap rate compressed to 4.9 percent.