Read the latest Yardi Matrix Las Vegas Multifamily Market Report.
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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