Las Vegas multifamily market report

Q4 2024

Las Vegas multifamily demand remains strong, with 798 units absorbed in Q4 2024, despite an elevated vacancy rate of 9.4% (19,828 units) due to new inventory. After a pandemic-driven low of 4.1% in Q1 2021, development peaked at 10,961 units under construction in Q4 2022. By 2024, the pipeline dropped to 5,614 units, with 5,884 delivered during the year. Key projects include the Capella Apartments, Southern Land Company's 3rd St Assemblage, and Arca.
9.4%

Vacancy

Las Vegas multifamily vacancy remains high at 9.4% compared to the decade average, driven by the influx of new inventory.
798 units

Absorption

Absorption stayed positive throughout 2024, with 798 units absorbed in Q4, reflecting strong demand despite rising vacancies.
1,732 units

Development activity

Las Vegas remains a top destination for domestic migration, with 1,732 units under construction as of Q4 2024 to meet growing demand.

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Get in-depth multifamily market reports and insights from commercial real estate experts in the Greater Las Vegas area. Avison Young advisors look at Nevada's commercial real estate activities and the latest Las Vegas statistics to provide you expert market research on the area's multifamily properties.

Explore different topics like the latest multifamily market pricing trends and analysis of Las Vegas's current multifamily real estate market conditions. Gain a better understanding of the city’s multifamily real estate outlook and stay ahead of current multifamily trends. Make smart decisions when it comes to investing in multifamily properties in Las Vegas's competitive multifamily real estate market. Avison Young is your trusted source for commercial real estate multifamily market insights in Las Vegas.

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