Las Vegas fundamentals were mixed at the end of the first quarter, according to the latest Las Vegas multifamily market report. Average advertised asking rents ticked up 0.2%, on a trailing three-month basis through March, to $1,468, outperforming the U.S. for the first time in 18 months. On a year-over-year basis, however, rents were down 1.3%, far below the 0.1% national uptick, as reported in the U.S. multifamily market report. The occupancy rate in stabilized properties fell 70 basis points year-over-year, to 92.8% in February.
Employment growth decelerated to 0.1% in 2025, trailing the U.S. rate of 0.6%. The jobless rate was 5.8% in January, above Nevada’s 5.3% and the 4.3% national figure, according to preliminary data from the Bureau of Labor Statistics. The metro lost 8,900 net jobs in 2025, as gains in education and health services, leisure and hospitality and manufacturing were eclipsed by declines across seven sectors. CRE demand drivers broadened, with Boyd Gaming opening Cadence Crossing Casino in Henderson and the West Henderson Fieldhouse topping out in February, ahead of a fall 2026 debut.
Deliveries were modest at the start of the year, with 458 units completed in the first quarter, but this was preceded by more than 12,000 units coming online in the previous two years combined. In March, 6,493 units were underway. Investment was limited, with one $75 million sale through March, while the 2025 average price per unit rose 4% year-over-year, to $218,540.
Read the full Yardi Matrix Multifamily Market Report: May 2025
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