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Elevated In-Migration Re-Aligning Market as
Ample Construction Pipeline to Recede in 2026
Standout demographics underpin tightening market. Since yearend 2022, nearly 11,000 apartments have been brought to market across Las Vegas, heightening pressure on both vacancy and rent growth. The vacancy rate rose 110 basis points in 2023, while the mean monthly rent fell 2.6 percent. Despite 2024’s delivery schedule accelerating to a record high, vacancy dropped 200 basis points last year, underpinned by the creation of roughly 23,000 households. Many of these resulted from net in-migration, with the arrival of over 43,000 residents — a figure unrivaled since 2007. As this momentum carries forward amid a favorable cost-of-living regional comparison, Las Vegas is set to see further vacancy compression and renewed rent growth in 2025, despite still-elevated deliveries.