Page 35 - Las Vegas LVQR Market Research Report Q1 2024

Multifamily
Las Vegas 24Q1

Construction Sumarket Vacancy
24q1
Multifamily inventory increased by 1,130 units in the first
quarter of 2024, up from 543 units in the first quarter of
2023. New properties this quarter were completed in the West Las Vegas 7.3%
Henderson, North Las Vegas, and Southwest submarkets.
University/Strip 7.1%
A total of 6,625 units were under construction, with all
submarkets except Green Valley and Sunrise Sunrise Manor/NE 7.6%
Manor/Northeast having new projects underway. The
largest inventory expansions will occur in the Southwest Summerlin/Lakes 7.4%
and Henderson submarkets.
Southwest 6.4%
Rents
South 5.1%
The average asking rent for a multifamily unit in Southern
Nevada increased to $1,473 per unit this quarter, while Northwest 6.7%
rent per square foot remained flat at $1.58 psf. The most
expensive submarket this quarter was Southwest at North Las Vegas 7.4%
$1,706/unit ($1.70 psf), followed by Summerlin/The Lakes
at $1,688/unit ($1.64 psf). Henderson 6.4%
Year-over-year rent increases occurred in the Central at Green Valley 6.1%
0.7%, Green Valley at 1.0%, North Las Vegas at 0.1%, and
South at 0.9% submarkets. The largest decrease was in East Las Vegas 7.6%
University/The Strip at -4.6%.
Central 6.3%
Vacancy vs. Rents 0.0% 2.0% 4.0% 6.0% 8.0%
Past five quarters
Vacancy Rate
Vacancy Rate Average Rent
Source: Colliers International
$1,485 8.0%
Sales
$1,480 7.0%
No multifamily complexes were sold this quarter.
$1,475 6.0% The forward-looking supply and demand fundamentals for
Average Rent $1,470 5.0% Vacancy Rate multifamily continue to be strong and will get stronger

through 2025-2026. This is due to a strong economy and
$1,465
4.0%
$1,460 3.0% the current difficulties that persist to start new projects in
this environment. Sales will continue to be slow in the
$1,455 2.0% foreseeable future until we can experience improvements
in the capital markets. But overall, we’re very bullish on
$1,450 1.0%
23q1 23q2 23q3 23q4 24q1 the performance of Las Vegas apartments going forward.
Source: Colliers International
* Note that Colliers only includes properties of 100 units or larger

Colliers | Las Vegas | 24Q1 | Multifamily Report 2