Las Vegas multifamily market report
Q3 2025
Las Vegas multifamily rents averaged $1,451 per unit in Q3 2025, marking a slight decline as the market continues to recalibrate following pandemic-driven fluctuations. Demand remains supported by population inflows, a steady labor market, and constrained development activity, with new projects slowed by rising financing and construction expenses. Although some submarkets still rely on concessions to attract tenants, upgraded and well-positioned communities are maintaining healthy leasing momentum.
Vacancy
Absorption
Las Vegas recorded 619 multifamily units absorbed in Q3 2025, signaling a clear pickup in leasing after several quarters of slower demand.
Sales volume
Las Vegas’ multifamily sector saw Q3 2025 sales climb to $357 million, though elevated interest rates and stricter lending requirements continue to suppress overall transaction activity.
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Get in-depth multifamily 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 multifamily properties.
Explore different topics like the latest multifamily market pricing trends and analysis of Las Vegas's current multifamily real estate market conditions. Gain a better understanding of the city’s multifamily real estate outlook and stay ahead of current multifamily trends. Make smart decisions when it comes to investing in multifamily properties in Las Vegas's competitive multifamily real estate market. Avison Young is your trusted source for commercial real estate multifamily market insights in Las Vegas.