Las Vegas multifamily market soars by a 118% increase in deliveries from 2022 to 2023
Las Vegas multifamily market soars by a 118_Chart
- The Las Vegas multifamily market has experienced significant growth, with 7,059 units added in 2023 and another 1,577 in Q1 2024 alone. Driven by a growing population and a thriving suburban work culture, submarkets such as Summerlin/East Valley, Henderson, North Las Vegas/Sunrise Manor, and Enterprise/South Paradise have consistently seen robust development over the past decade.
- Notably, there was a substantial 118% increase in deliveries from 3,234 units in 2022 to 7,059 units in 2023. The continued influx of new units in Q1 2024 suggests that this year could mirror the previous year’s growth. With 6,487 units still under construction, there's no sign of a slowdown in development.
