Las Vegas Q3 Multifamily Market Report: Job Losses Linger, but Vacancy Holds Steady

Highlights:

Image

• The Las Vegas multifamily market has held relatively steady, despite the local economy facing significant headwinds. Quarterly vacancy figures have been stable throughout much of the year, and rents have posted modest gains.
• The local vacancy rate finished the third quarter at 4.4 percent, unchanged from the past two quarters. Year over year, vacancy is up 10 basis points.
• Rent trends have been uneven, declining in the second quarter before inching higher in the third quarter. Local asking rents finished the third quarter at $1,166 per month, up 2.5 percent year over year.
• Multifamily property sales gained momentum during the third quarter, following minimal activity in the preceding months. Pricing has closely tracked levels recorded in 2019, while cap rates compressed and averaged approximately 4.7 percent.

Read the full report