Las Vegas multifamily market report
Q4 2023
Three key market themes:
Vacancy rate (%)
The Las Vegas multifamily market is experiencing historically high vacancy rates, with Q4 2023 recording a vacancy rate of 9.6%. This is attributed to the significant influx of new construction and deliveries in 2023, contributing to the ongoing period of elevated vacancy rates in the market.
With 10.8k units in development in Q3 2023, roughly 12% of that development was delivered in Q4 2023, with an addition of 1,327 units to the market.
Net absorption (units)
In 2023, the Las Vegas multifamily market experienced positive net absorption, with Q4 recording 960 units of positive absorption for all class types. This marks a shift from consistent negative absorption in the preceding year. Notably, Class B spaces played a significant role in this positive trend, contributing 476 units to the overall positive absorption for Q4 2023.
Transaction volume ($)
The Las Vegas multifamily market saw a significant drop in transaction volume in 2023, reaching the lowest levels since Q2 2020. Q4 2023 recorded $57.6 million in sales at $141,400 per unit, contributing to an annual total of $383.0 million, notably lower than previous quarters.
Despite this, owners are still pricing their properties at competitive rates, asking tenants for an average rent of $1,413/unit a month.
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