Las Vegas 3Q23 Multifamily Market Insights Report: Vacancy leveling off after rise to start the year

Highlights:

• The Las Vegas multifamily market posted a mixed performance during the third quarter with rents inching lower despite a modest vacancy dip. The pace of multifamily completions accelerated with approximately 1,300 units coming online in the last three months, bringing the year-to-date total to nearly 3,700 units.
• Area vacancy trends have been volatile, but conditions are moving closer to the market’s historical norms. After tightening by 30 basis points in the second quarter, the vacancy rate dipped an additional 10 basis points in the last three months to 6.4%.
• Asking rents ticked lower in recent months, offsetting gains recorded in the previous quarter. Apartment rents declined by 0.3% in the last three months to $1,490 per month. Area rents fell by 1.5% during the past 12 months.
• Transaction volume in the local multifamily investment market has been light to this point in 2023, although a few properties have traded in recent months. The median price thus far in 2023 is $259,600 per unit, up 5% from last year’s figure.

Read the report, or engage with our Las Vegas office to learn more.