Research 1/ 23/ 2019

Las Vegas Q3 Market Report: Rents and Prices Rising as Job Market Strengthens

Highlights

3Q 2018 Market Indicators for Las Vegas
  • The Las Vegas multifamily market is posting strong performance. The vacancy rate is low, even as new units come online, and rents are on the rise. Employment growth across a far-reaching range of industries should continue to support the local apartment market.
  • The local vacancy rate rose 20 basis points to 3.6 percent, up 30 basis points year over year.
  • Asking rents continue to push higher, reaching $1,055 per month in the third quarter. Current asking rents are up 6 percent from one year earlier and additional increases are expected in the coming quarters.
  • Sales of apartment properties accelerated in the middle of 2018 but were down slightly from 2017 levels. Prices rose; the median price reached approximately $104,800 per unit, 13 percent higher than the 2017 median price.

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