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Market Report

Las Vegas Multifamily Market Report

2025 Investment Forecast

Inflow of New Households and Investors Lifts
Apartment Fundamentals and Competition for Assets

Diverse group of new residents poised to fuel demand across property tiers. Home to a growing economy and a significantly lower cost of living compared with major Southern California markets, Las Vegas will once again rank among the nation’s top relocation destinations in 2025. Another influx of new residents is expected to coincide with a collection of large-scale deliveries, with the average project comprising more than 280 rentals. While sizable and likely to impact overall concession usage, near-term completions are dispersed across a greater swath of submarkets than in recent years, when additions were concentrated in Southwest Las Vegas and Henderson. This year’s count of unit deliveries is forecast to trail the near-record volume of apartments that came online last year and strong in-migration will probably minimize this slate’s impact on overall vacancy. Outside the luxury segment, Class B and C demand could receive a boost from the metro’s growing industrial sector, whose workers have historically slotted into the renter pool. Together, these dynamics will support overall vacancy compression, allowing Las Vegas to stand out as the nation’s least vacant secondary apartment market.
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