Las Vegas multifamily market report

Q3 2022

The Las Vegas multifamily market sales activity is beginning to slow down due to higher interest rates, which is putting upward pressure on capitalization rates.  As the Fed continues to increase interest rates to tackle inflation, with more increases expected going forward, more tenants have been swayed into renting rather than buying.
201.6K

Inventory

There was 201,553 units existing with 9,124 units under construction and 542 units were delivered in the third quarter.
-371 units

Net absorption

Absorption for Q3 registered a negative figure of 371 units, bringing the total number of units given back to 1,510 units YTD to landlords.  
$1,430 per unit

Direct asking rent

Home buying has begun to slow down due to higher interest rates, which should increase demand for renting vs. buying.  Rental rates are up 22.9% since 2020 and the average price per unit is currently $1,430. We anticipate annual increases of 5% to 10% going forward.
181.7K

Occupancy

Total occupancy across the Las Vegas market stands at 181,684 units.
6.8%

Vacancy

Vacancy increased by 50 basis points in Q3. The direct vacancy rate registered at 6.8% at the end of the third quarter for the total inventory.
$393M

Investment sales

Sales activities has slowed down due to increasing interest rates and the ensuing bid-ask gap between buyers and sellers.  Investment sales activity decreased by over 60% quarter-over-quarter in sales volume.
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