Las Vegas Q4 Multifamily Market Report: Apartment Market Performs, Despite Steep Job Losses
Highlights:
- The Las Vegas economy dealt with economic turbulence in 2020, but the multifamily market continued to post strong performance. Vacancies remained largely in check, and rents posted steady gains.
- After rising in the first quarter, vacancy stabilized for the remainder of the year. The local vacancy rate finished 2020 at 4.3 percent, up just 20 basis points from the end of 2019. Vacancy rates inched down 10 basis points in the fourth quarter.
- Apartment rents increased 3.1 percent during 2020, propelled by price hikes in the first and fourth quarters. Local asking rents finished the year at $1,181 per month.
- The Las Vegas investment market delivered a mixed performance in 2020. The coronavirus weakened deal flow significantly in the first half of the year, but the decline in activity did not affect valuations. Prices recorded a slight increase from 2019, while cap rates compressed, averaging 4.7 percent in 2020.
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