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Market Report

Las Vegas Multifamily Market

3Q 2023

Record Delivery Slate to Extend into Next Year as
Developers Bet on Long-Term Demand Drivers

Bevy of larger deliveries will take time to absorb. Las Vegas entered the second half with its highest vacancy since late 2014. This rate is poised to escalate over the near-term, as at least 18 projects, averaging 265 units in scope, are scheduled to deliver all or a portion of their apartments during the remaining six months of 2023. Rentals whose completion dates are pushed into next year will join another nearly 3,800 units that are currently underway and slated for 2024 addition. Several factors, however, suggest that newly-built units should be absorbed over time. As of June, the gap between the mean Class A rent and the typical monthly mortgage payment on a median priced home stood at roughly $1,160 per month. This dynamic is likely to place more prospective homeowners into the rental pool. Further driving demand for newly-built units, the metro is projected to add more than 20,000 households annually for the foreseeable future. 

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