Las Vegas Q4 Multifamily Market Report: Sales Prices Rise as Velocity Accelerates
Highlights:
- The Las Vegas multifamily market strengthened during the fourth quarter. Vacancy tightened late in the year, while the investment market gained momentum throughout 2019.
- Vacancy dipped 30 basis points in the fourth quarter, falling to 4.1 percent. The rate dropped 10 basis points for the full year.
- Rent growth has been very strong in Las Vegas during the past several years, but the pace slowed during the second half of 2019. Asking rents rose 4.3 percent for the year, reaching $1,146 per month.
- The investment market strengthened in 2019. Sales velocity accelerated, particularly during the fourth quarter as 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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