Las Vegas Multifamily Report – August 2025
A slowing economy and dwindling demand are making their mark in Sin City.
Halfway through 2025, Las Vegas multifamily fundamentals were steady, albeit slowing. Rent growth softened to a 0.1 percent increase, on a trailing three-month basis through June, to $1,475, while the U.S. rate rose 0.2 percent, to $1,749. The occupancy rate in stabilized properties withstood the elevated supply growth and remained unchanged, at 93.8 percent in May.
The metro’s employment market posted a 0.4 percent increase year-over-year through April, lagging the 0.8 percent U.S. rate. Las Vegas added 4,100 net jobs during the interval, with gains recorded in six sectors, led by education and health services (4,200 jobs), government (1,800) and leisure and hospitality (1,200). Meanwhile, four sectors lost 4,400 jobs combined, with the steepest losses recorded in professional and business services (-2,400 jobs) and trade, transportation and utilities (-1,300 jobs). Notable projects underway in the metro include the Las Vegas Convention Center, which is slated for completion by December 2025, and the expansion of M Resort Spa Casino, which is scheduled to open in early 2026.
Developers completed 2,397 units in 2025 through June. While the construction pipeline had 7,191 units underway, new construction is dwindling. Investment activity remained subdued, totaling just $429 million in the first half of 2025. At this pace, it’s unlikely to reach the $2.2 billion annual average. The price per unit increased 14.7 percent year-to-date to $244,943, ahead the $212,317 U.S. rate.
