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Market Report

Las Vegas Multifamily Market Report

2024 Investment Forecast

Amid Rapid Growth, Housing Cost Dynamics
Favor an Improvement in Local Multifamily Fundamentals

Homeownership hurdles for most new households fuel long-term rental demand. Apartment vacancy in Las Vegas is at a 10-year high; however, the relationship between income and home prices points to this rate reducing over the near term. Entering 2024, the metro’s median household income trailed the national average by $8,000, while its median home price exceeded the U.S. mean by roughly $50,000. This dynamic and the recent lack of for-sale inventory indicate that immediate homeownership will be out of reach for most of the estimated 25,300 households formed this year. Instead, this group will funnel into the rental pool, a boon for developers with upcoming deliveries and operators of Class B and C complexes. Looking beyond 2024, the metro’s regionally lower cost of living and economic growth are expected to support the addition of 500,000 residents over the subsequent 10 years. This 20-plus percent population boost should support tightening vacancy, especially if local construction begins to pull back as expected.
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