Page 34 - Las Vegas LVQR Market Research Report Q1 2024
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Multifamily
Las Vegas 24Q1 Key Takeaways
Vacancy decreased in the first quarter of 2024
Average rent remained stable at $1.58 psf
Inventory increased by 1,130 units this quarter
YOY Average Rental YOY YOY Average Rental YOY
Vacancy Rate Rate/SF New Supply Rate/Unit
6.8% FORECAST $1.58 FORECAST 1,130 FORECAST $1,473 FORECAST
Multifamily Operations Remain Stable Quarter-Over-Quarter
According to statistics provided by AXIOMetrics, multifamily vacancy in Southern Nevada decreased to 6.84% in the first quarter
of 2024. Vacancy was 0.54 points lower than one quarter ago and 0.04-points higher than one year ago. Average rent per square
foot remained flat quarter-over-quarter at $1.58 psf. Multifamily inventory increased by 1,130 units this quarter, higher than one
year ago. Monthly asking rental rates increased slightly to $1,473 per unit this quarter, a 0.4% quarter-over-quarter increase.
Market Indicators Market Graph
6.74% 2.85% 4.192% $1,800 8.0%
Unemployment GDP - Quarterly % U.S. 10 Year $1,600
Rate change yr/yr Treasury Note 7.0%
$1,400 6.0%
Historic Comparison $1,200 5.0%
23Q1 23Q4 24Q1 $1,000 4.0%
$800
Total Inventory $600 3.0%
(in Thousands of Units) 226.4 229.1 231.2
$400 2.0%
New Supply 543 1,542 1,130 $200 1.0%
(in Units)
$0 0.0%
Average Rental Rate $1.60 $1.58 $1.58 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
(per Square Foot)
2021 2022 2023 2024
Vacancy Rate 6.80% 7.38% 6.84% Avg Rent/Unit New Supply Total Vacancy
Under Construction 12,492 9,655 6,625 Rents have shown little movement over the past year, giving the
(in Units) market a chance to adjust and improving vacancy to 6.84%.
Average Rental Rate
(Per Unit) $1,481 $1,467 $1,473
Development
Transportation Energy Hospitality Hospitality Hospitality Industry
Brightline West Gemini Solar Project OVG Casino Resort Majestic Las Vegas Dream Las Vegas Haas Automation
$8.0 BB | TBD $1.2 BB | TBD $1.0 BB | TBD $0.9 BB | 2027 $0.6 BB | TBD $0.3 BB | TBD
