Las Vegas Q2 Multifamily Market Insights: Rapid pace of hiring spurring renter demand

Highlights:

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• Operating conditions were strong during the second quarter as asking rents rose and the vacancy rate remained at a five-year low. The pace of apartment completions accelerated in recent months, a trend that should continue for the remainder of the year.
• Local vacancy tightened at the start of the year and held at a steady rate of 2.8 percent through the second quarter. Year over year, the rate has improved by 100 basis points.
• Asking rents rose 2.9 percent during the second quarter, reaching $1,501 per month. During the past 12 months, rents are up 20.6 percent, one of the fastest rates of increase of any major market in the country.
• The Las Vegas investment market has gained momentum to this point in the year with prices pushing higher and deal volume increasing. The median sales price thus far in 2022 is $241,700 per unit, up 19 percent from the median price in 2021.

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