Las Vegas Multifamily Market Report
Growth Expectations Elicit Stack of Project Starts;
Lowest-Cost Submarkets Outperform
In-migration projections overshadow recent correction. Las Vegas entered 2022 with record-low vacancy; however, since that time, unit availability has risen by 160 basis points. Fortunately, the metro will add its fewest number of new rentals in eight years, aiding existing properties that are noting declines in lease renewals following rapid rent growth. Longer term, the market is expected to add an average of nearly 47,000 residents annually over the next five years. Developers are counting on this population growth to fuel demand for newly-built rentals, evidenced by the 16 groundbreakings recorded over the past 12 months ended in June. Together these project starts account for 4,500 units, suggesting that an influx of new apartments are slated for completion in the coming two years.