Las Vegas multifamily market report

Q3 2024

While the Las Vegas multifamily sector experienced a construction boom last year, new project starts have recently slowed. In 2024, over 4,000 units have been delivered, with over 7,000 units still in the pipeline. Since early 2023, quarterly deliveries have consistently ranged from 1,000 to 3,000 units, gradually reducing the number of units under construction. Vacancies have remained stable, holding steady since Q2 2024, as absorption rates stay positive and demand for space continues to be robust.

9.0%

Vacancies stabilize as new construction starts decline (%)

The Las Vegas multifamily market has maintained its slightly lower vacancy rates from the previous quarter, stabilizing at 9% in Q3 2024, unchanged from earlier in the year. This follows a peak at the end of 2024, when vacancies reached just below 10%. The increase in vacancies was driven by an influx of new properties between 2023 and 2024. However, with new construction slowing down and many projects nearing completion between 2025 and 2026, vacancy rates are expected to level off.

1325

Continued strong leasing activity creates positive absorption (units)

The Las Vegas multifamily sector recorded its fourth consecutive quarter of positive absorption, with 1,325 units absorbed despite rising inventory and vacancies in recent years. This reflects strong demand driven by shifting housing trends and changing demographics in the valley. Short-term, flexible housing is particularly attractive in this Sunbelt region, known for its transient job market and transitional living.

$574 M

Investment is rebounding in 2024, showing significant growth from 2023 ($)

Las Vegas multifamily investment volume has slowed annually due to various factors, peaking in 2021 after rate cuts in 2020 created favorable conditions. YTD 2024, apartment sales for properties over 50 units have exceeded $800 million, nearly triple the 2023 volume, with an average of $200,000 per unit. Q3 2024 was the strongest quarter, recording $574 million in sales.

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