Rents Contract, Supply Returns to Average
Las Vegas fundamentals softened at the start of the fourth quarter in 2025, with advertised asking rents down 0.4%, on a trailing three-month basis through October, to $1,456, while the U.S. average slid 0.2%, to $1,743, according to the latest Las Vegas multifamily market report. Year-over-year, rents fell 1.7%, marking the fourth largest decline among Yardi Matrix’s top 30 metros. Vegas’ occupancy rate for stabilized properties inched up to 93.8% in September, which highlighted the strong demand, as last year was the decade peak for deliveries.
Employment growth held at 0.3% year-over-year through August, lagging the 0.8% U.S. rate, as reported in the national multifamily market report. Unemployment stood at 5.6% in August, trailing both Nevada (5.3%) and the U.S. (4.3%), according to preliminary data from the Bureau of Labor Statistics. The metro lost 100 net jobs over the 12-month period ending in August. Gains were led by professional and business services, leisure and hospitality (each 2,700 jobs) and education and health services (900). Four sectors lost a combined 7,400 positions. Notable projects included the opening of Vegas Loop Westgate station, the completion of the Las Vegas Convention Center renovation and the Oakland A’s 33,000-seat ballpark, which broke ground in June.
Developers added 3,269 units through October and had 6,984 units underway, with construction starts declining abruptly. Transactions totaled $1.1 billion in 2025 through October, while the average price per unit rose 15.9% year-to-date, to $243,626.
Read the full Yardi Matrix Multifamily Market Report: December 2025
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