Las Vegas Multifamily Market
Growth Warrants Inflow of Units; Outlook
Radiant for Lower-Cost Submarkets
Large hospitality and industrial sectors stoke demand. Lower-cost locales in Las Vegas are in a position of strength. Entering the second quarter, unit availability in Central Las Vegas, University-The Strip and West Las Vegas ranged from 2.3 percent to 2.6 percent. Unwavering population growth and an increase in hotel, restaurant, warehousing and logistics positions during 2022 indicates strong demand for apartments priced below the metro average will be preserved in the near term. Furthermore, supply additions will be largely absent from these submarkets during the remainder of this year, suggesting conditions could become even tighter in the coming quarters.