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Market Report

Las Vegas Multifamily Market Report

2Q 2023

Long-Term Growth Prospects Ease Concerns
Surrounding Recent Shift in Market Conditions

Net migration projections provide reasons for optimism. Through 2027, Las Vegas’ populace is expected to expand by 234,000 residents, with many relocating for new jobs or to lower their cost-of-living. Of those that move to the metro, many are likely to fall into the renter pool, as the gap between an average monthly mortgage payment and the mean effective rent widened to $1,600 last year — the largest disparity on record. The strength of these long-term demand drivers indicates that most new units finalized in Las Vegas this year will be leased in the next 12 to 24 months. Still, the upcoming influx of supply will present some near-term hurdles for the market. Fortunately, impending deliveries are well distributed throughout the metro, with the Sovana neighborhood being home to the largest active pipeline among submarkets at roughly 1,800 units. 
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