Las Vegas multifamily market report

Q1 2025

The multifamily market in Las Vegas is showing signs of stabilization after a period characterized by oversupply. While elevatedvacancy rates continue to be a challenge, positive absorption figures and a decrease in construction indicate that the worst of the supply-demand imbalance may be behind us. As the pace of new developments slows and in-migration supports long-term demand, Las Vegas is positioned for a gradual but steady recovery. However, concessions, particularly at high-end properties, will likely continue to play a significant role in the leasing landscape for the near future.

9.3%

Vacancy

Vacancy sits at 9.3% (19,786 units), remaining above historical norms, even as absorption improves.

1,019 units

Absorption

The market absorbed 1,019 in early 2025, suggesting steady renter demand.

1,083 units

Development activity

1,083 units delivered in Q1 2025, with 5,017 still under construction, although the pace is slowing.

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