Research 1/ 2/ 2020

Las Vegas Q3 Market Report: Prices Rose and Cap Rates Compressed in 2019

Highlights:

Las Vegas Q3 2019 market snapshot
  • The Las Vegas multifamily market had a steady year in 2019, with a strong year of hiring supporting renter demand for apartments.
  • Vacancy is up 30 basis points year over year, reaching 4.4 percent. The rate is lower in Class B and Class C units but has crept higher in Class A properties.
  • Asking rents are up 5.2 percent in the past 12 months, reaching $1,138 per month. Annual rent growth has exceeded 5 percent in each of the past nine quarters.
  • The investment market strengthened in 2019. Sales velocity accelerated, prices rose, and cap rates compressed. The median price topped $150,000 per unit, while cap rates averaged approximately 5 percent.

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