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Market Report

Las Vegas Multifamily Market

2Q 2024

In-Migration Projections Provide
Optimism for Developers and Investors

Cost-of-living advantage attracts new residents. Apartment deliveries have ramped up in Las Vegas, with 1,200 to 1,900 units completed in each of the past three quarters. Renter demand, however, has more than kept pace. Class A and B vacancy declined by 20 and 60 basis points, respectively, over the nine-month interval, with a total of 3,150 units absorbed in the first quarter. This performance suggests the 2,200 apartments slated for near-term completion will be well received. Also aiding new and existing properties, Las Vegas' average Class A rent was at least $500 per month below Los Angeles, Orange County and San Diego's mean Class C rents. This cost disparity will motivate a greater number of households to relocate to the metro this year, supporting a moderate decrease in local vacancy.

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