- 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.