Las Vegas multifamily market report

Q4 2022

179.8 msf


Las Vegas experienced an increase in inventory during 2022 – adding 15 new multifamily buildings to the market. This added 3,154 units and was the primary driver of the 2,997,224 sf increase in inventory year-over-year, bringing total market inventory to 179,865,860 sf.
-3,207 units

Net absorption

The Las Vegas multifamily market had a 20-year streak of positive absorption broken in 2022. There were 3,207 units of negative absorption in 2022, down from 2021’s total of 3,679 units of positive absorption.

With a slight increase in inventory (in units) and the decrease in net absorption seen in 2022 – Las Vegas’ net absorption as a share of inventory saw its first negative percentage in 20 years, ending the year at -1.6%.
3,154 units

Development activity

Deliveries for 2022 checked in at 15 buildings (3,154 units), giving a total of 18,067 new units delivered to the market over the past five years.

New projects continue to break ground across the Las Vegas market to supplement the influx of renters with 9,905 units under construction at the end of the year.

Total vacancy rate

The total vacancy rate in Las Vegas increased to 8.3% in 2022 – the highest vacancy rate seen in the Las Vegas multifamily market since 2013, and the largest percent increase year-over-year on record.
$1,453 per unit

Rental rates

Rental rates for multifamily properties have decreased to $1,453 per unit in 2022 – down $9 (0.59%) from the prior year. Despite the slight decrease in asking rent year-over-year, rents have rebounded over the past two years increasing by 22.4% since 2020.

Investment sales volume

The multifamily market hit all-time highs in 2021 in multiple sales statistics, with 2022 providing a small healthy pullback in said realized gains from the year prior. Sales volume by dollar amount saw its second-highest reported value on record – ending the year with $3.1B transacted in 2022.
Download Las Vegas Multifamily Market Report

Your source for the latest Las Vegas office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Greater Las Vegas area. Avison Young advisors look at Nevada's commercial real estate activities and the latest Las Vegas statistics to provide you expert market research on the area's office properties.

Explore different topics like the latest office market pricing trends and analysis of Las Vegas's current office real estate market conditions. Gain a better understanding of the city’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Las Vegas's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Las Vegas.

The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.

Get the latest Las Vegas office market reports right in your inbox