{"id":1028,"date":"2021-05-21T08:40:26","date_gmt":"2021-05-21T08:40:26","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1028"},"modified":"2023-09-12T15:01:26","modified_gmt":"2023-09-12T15:01:26","slug":"las-vegas-multifamily-market-report-spring-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/las-vegas-multifamily-market-report-spring-2021\/","title":{"rendered":"Las Vegas Multifamily Market Report &#8211; Spring 2021"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Strong In-Migration Keeps Demand Elevated<\/h2>\n\n\n\n<p>Las Vegas\u2019 economy took a shattering blow from the pandemic, but its multifamily market bucked expectations\u2014its proximity to high-density California metros and relative affordable status appealed to residents looking to stay put or relocate. In-migration increased demand and pushed up the occupancy rate in stabilized properties by 150 basis points in the 12 months ending in February, to 95.8%. Rents continued to rise, up 0.5% on a trailing three-month basis through March, to $1,187.<\/p>\n\n\n\n<p>Las Vegas unemployment dropped to 9.8% in January, while the 9.3% preliminary February figure pointed to continued recovery. The employment market posted a 11.0% contraction in 2020, nearly twice the -6.8% U.S. rate. The metro\u2019s outlook is promising, however, fueled by the steady reopening of casinos and venues hosting trade shows and related activities, with increased capacity for up to 50% or 250 people. The planned opening of Resorts World Las Vegas this summer, is anticipated to help the leisure and hospitality sector recover after the massive 21.4% contraction recorded in 2020.<\/p>\n\n\n\n<p>Developers delivered 588 units in the first quarter of 2021 and had another 6,410 units underway. Meanwhile, transactions totaled just $84 million in multifamily assets, for a price per unit that dropped a substantial 38.8%, to $113,052, when compared to the first quarter of 2020.<\/p>\n\n\n\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1253-MatrixMultifamilyLasVegasReport-Spring2021?utm_source=Matrix-Blog&amp;utm_medium=Social\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Matrix Multifamily Las Vegas Report-Spring 2021<\/strong><\/a><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Strong In-Migration Keeps Demand Elevated Las Vegas\u2019 economy took a shattering blow from the pandemic, but its multifamily market bucked expectations\u2014its proximity to high-density California metros and relative affordable status appealed to residents looking to stay put or relocate. In-migration increased demand and pushed up the occupancy rate in stabilized properties by 150 basis points [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1029,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[116,221],"class_list":["post-1028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-las-vegas","tag-multifamily-outlook-2021"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Las Vegas Multifamily Market Report - Spring 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Las Vegas rents remained among the top three performers nationally, rising by 0.5% on a trailing three-month basis through March to $1,187, 20 basis points above the U.S. average.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/las-vegas-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Multifamily Market Report - Spring 2021\" \/>\n<meta property=\"og:description\" content=\"Las Vegas rents remained among the top three performers nationally, rising by 0.5% on a trailing three-month basis through March to $1,187, 20 basis points above the U.S. average.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/las-vegas-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-21T08:40:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T15:01:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/05\/Las-Vegas-Matrix-Report-iStock-1218044986.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Las Vegas Multifamily Market Report - Spring 2021 - Yardi Matrix Blog","description":"Las Vegas rents remained among the top three performers nationally, rising by 0.5% on a trailing three-month basis through March to $1,187, 20 basis points above the U.S. average.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/las-vegas-multifamily-market-report-spring-2021\/","og_locale":"en_US","og_type":"article","og_title":"Las Vegas Multifamily Market Report - Spring 2021","og_description":"Las Vegas rents remained among the top three performers nationally, rising by 0.5% on a trailing three-month basis through March to $1,187, 20 basis points above the U.S. average.","og_url":"https:\/\/www.yardimatrix.com\/blog\/las-vegas-multifamily-market-report-spring-2021\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-05-21T08:40:26+00:00","article_modified_time":"2023-09-12T15:01:26+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/05\/Las-Vegas-Matrix-Report-iStock-1218044986.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anca Gagiuc","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/las-vegas-multifamily-market-report-spring-2021\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/las-vegas-multifamily-market-report-spring-2021\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Las Vegas Multifamily Market Report &#8211; 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