Las Vegas Multifamily Report – May 2025
Multifamily asking rents are on the rise once more.
Las Vegas’ multifamily fundamentals were stable at the close of the first quarter, pointing to strong demand. Rent growth picked up after seven consecutive months of contractions, up 0.2 percent on a trailing three-month basis through March, to $1,476, while the occupancy rate in stabilized properties rose 30 basis points year-over-year, to 93.5 percent in February. Las Vegas remained among the nation’s more affordable markets, with the average advertised asking rent below the $1,755 U.S. figure.
Employment growth remained slightly above the 1.0 percent U.S. rate, but softened to 1.1 percent on a year-over-year basis through January. Meanwhile, the unemployment rate rose to 6.1 percent in January, trailing both the state (5.8 percent) and the U.S. (4.0 percent) figures, according to data from the Bureau of Labor Statistics. Over the 12-month period ending in January, Las Vegas gained 7,800 net jobs. Education and health services (5,300 jobs) led growth, followed by government (2,300 jobs). Projects slated for completion in 2025 include the $600 million renovation of the Las Vegas Convention Center, and the $165 million Civic Plaza.
Construction activity remained elevated, with 1,142 units delivered during the first quarter of 2025, following 6,482 units in 2024, which marked a new peak. Another 8,400 units were underway as of March. Meanwhile, investment activity remained limited, totaling $160 million in the first quarter.
