Las Vegas Q2 Multifamily Market Report: Transaction Activity Spikes, Particularly in Larger Sales
Highlights:
- The Las Vegas multifamily market fared well in the first half of the year. Vacancy was flat and rents rose at a steady pace. New construction was limited after a very active past two years.
- Vacancy in Las Vegas was flat from the first quarter to the second quarter, holding steady at 4.2 percent. The rate is 70 basis points higher than one year ago.
- Asking rents have gained 6.9 percent year over year, reaching $1,124 per month.
- Multifamily property sales accelerated during the second quarter, with activity gaining momentum in larger assets. The median price in the first half of this year was $153,200 per unit, while cap rates have averaged approximately 5 percent.
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