Research 5/ 20/ 2019

Las Vegas Q1 Multifamily Market Report: Vacancy Likely to Dip as Fewer Units Are Delivered

Q1 Las Vegas Multifamily Market Report indicators

Highlights:

  • 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.

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