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Las Vegas Multifamily Report
Las Vegas Multifamily Report
Las Vegas Multifamily Report
As 2026 presses forward, through the spring, estimates are now showing that the Las Vegas apartment market improved considerably across several measures over the past four quarters. Roughly 1,200 units were absorbed over the past 12 months, highlighting the demand for multifamily product in the Las Vegas Valley.
Las Vegas Industrial Report
Las Vegas Multifamily Report
Las Vegas Multifamily Report
The Las Vegas Industrial Market is currently characterized by supply-side pressures that are outmatching otherwise robust demand in the spring of 2026. The local industrial vacancy rate has inched higher amidst a souring economic backdrop and seemingly relentless construction. Approximately 7.0 million SF delivered between 25Q1 and 26Q1, a large influx of new supply by the historical standards of the local industrial market. However, the pace of quarter-over-quarter completions has decelerated sharply since 2024, with 2026 continuing this trend. Due to the abrupt slowdown in starts over the past two years, quarterly completions are likely to resemble their pre-pandemic average during the balance of 2026.
Las Vegas Office Report
Las Vegas Multifamily Report
Las Vegas has one of the lowest vacancy rates among major U.S. office markets today. The trend of large-scale negative absorption in many office markets over the past half decade has largely bypassed Las Vegas, and vacancy sits at 9.9% today. The local economy's dependence on the leisure and hospitality sector, as well as minimal tech exposure, has served as a bulwark against national downsizing trends.
Las Vegas Retail Report
Growing Las Vegas remains competitive for retail tenants seeking space in 2026. The most recent release from the Census Bureau shows that Las Vegas grew faster than most metros in 2025, setting the stage of retailers who are eager to lease space in the market's expanding suburbs. The estimates for absorption from 26Q1 reflect this, and demand appears to be mitigating pressure from new supply, Between 25Q1 and 26Q1, absorption was quite similar to deliveries in the Las Vegas Retail Market. As a result, the local vacancy rate stands at 4.8% today, near a 15-year low.
Las Vegas Luxury Hospitality Report
Elon Musk's The Boring Co. Expands in Las Vegas in a Bet on Pushing America's Traffic Below Ground
Market fundamentals improved meaningfully in the first quarter of 2026, with RevPAR rising 7.9% year over year, supported by a 2.1% increase in occupancy and 5.6% growth in ADR. Improved visitation trends and the return of a major rotating convention in March drove the rebound. Monthly performance data point to a clear inflection from the sustained weakness that characterized much of 2025, culminating in a sharp March recovery, when RevPAR increased 23%.
Elon Musk's The Boring Co. Expands in Las Vegas in a Bet on Pushing America's Traffic Below Ground
Elon Musk's The Boring Co. Expands in Las Vegas in a Bet on Pushing America's Traffic Below Ground
The Boring Company, a tunnel construction firm founded by billionaire Elon Musk, is expanding a major underground transportation project in Las Vegas and adding a corporate location in Austin, Texas, as the startup tries to test superfast hyperloop transit across the United States that could eventually affect real estate development.
Apartment rent growth in Nevada is positioned to increase in 2025
Apartment rent growth in Nevada is positioned to increase in 2025
Apartment rent growth in Nevada is positioned to increase in 2025
The Nevada rental housing market could turn the corner this year.
Apartment rent growth in the state’s two primary markets is expected to outperform both the United States and recent history in 2025.
The strengthening outlook comes on the heels of wheeling property performance over the past five years. Rent growth surged to historic highs in the 24 months following the onset of the pandemic before a wave of supply and faltering renter demand caused gains to slow precipitously and turn negative.
A slowdown in construction and a rebound in renters leasing apartments allowed rent growth to improve in 2024, a trend expected to continue this year.
Las Vegas rent growth to return to positive territory
Las Vegas is, by far, the largest multifamily market in Nevada with 193,000 apartments in its inventory today. As such, it has also been subjected to the largest multifamily boom in both the state and the history of the market.
At its peak, the multifamily construction pipeline in 2022 and 2023 reached a high of nearly 10,000 units under construction in Clark County, the principal county of the Las Vegas metropolitan area.
The supply-heavy situation in Sin City has understandably made for intense competition between owners of existing complexes, who have cut rents and offered concessions to woo renters over the past couple of years. As a result, rent growth in the Las Vegas multifamily market ended 2024 in the red, as it did the year prior.
Yet, the fall of rents in Las Vegas has been less dramatic than in other Sun Belt markets over the past two years, which have experienced an even more dramatic increase in new units than Clark County. This has left Las Vegas with a considerably smaller hole from which it must dig itself out, at least compared to peer markets in the Southwest, such as Austin and San Antonio in Texas as well as Phoenix.
With roughly 4,000 units under construction as the first quarter of 2025 comes to a close, the supply situation in Las Vegas has moderated substantially. This should lead to a shift in the balance of pricing power between landlords and tenants, with owners regaining some ability to push rents this year and the next, at least on a nominal basis.
Reno apartment recovery in full swing
The pace of rent growth is poised to accelerate in the Reno multifamily market this year as steady underlying demand drivers and a drop-off in new construction support gains.
More than 4,500 net new apartments were completed in 2023 and 2024 combined, the largest two-year period of inventory growth on record. This supply-driven increase in competition caused rent growth to turn negative in 2023, and a historic rebound in renter demand was needed to keep growth positive in 2024.
Looking to this year, less than 1,000 units are now underway in Reno, less than half of which are scheduled for completion in 2025.
The easing of supply-side pressure is expected to drive an improvement in market-wide apartment occupancy, providing landlords with ample leverage to push rents.
As a result, the average asking rent is forecast to rise 3.4% in the Reno apartment market in 2025, outpacing the 2.6% gain expected for the U.S. This would also mark the strongest annual increase since 2021 and could indicate the market is on a sustainable road to recovery.
Source: CoStar Analytics
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