{"id":1663,"date":"2021-09-06T08:23:35","date_gmt":"2021-09-06T08:23:35","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1663"},"modified":"2024-02-06T11:04:42","modified_gmt":"2024-02-06T11:04:42","slug":"las-vegas-multifamily-market-report-summer-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/las-vegas-multifamily-market-report-summer-2021\/","title":{"rendered":"Las Vegas Multifamily Market Report \u2013 Summer 2021"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">Strong Stock Expansion Dents Occupancy<\/h4>\n\n\n\n<p>April marked the start of recovery for Los Angeles\u2019 multifamily market, with rents rising by 0.1% on a trailing three-month basis, to $2,166. Still, last year\u2019s robust deliveries, coupled with out-migration to neighboring metros, have pushed down the occupancy rate by 100 basis points, to 94.6%.<\/p>\n\n\n\n<p>L.A.\u2019s unemployment stood at 11.0% in April, trailing the 6.1% U.S. average, while the employment market posted an 11.5% decline in the 12 months ending in February, faring worse than the -7.5% national rate. Still, even though all sectors lost jobs during the period, some signs point to a faster recovery: Amazon\u2019s $8.5 billion acquisition of MGM will likely bolster the entertainment industry, while SoFo Stadium has started filling positions. Moreover, significant infrastructure projects are nearly complete and the office sector has 8.7 million square feet of space under construction, with almost half slated to come online in 2021.<\/p>\n\n\n\n<p>Developers marked a record year in deliveries in 2020, and the trend continued this year: Through April, 3,675 units came online and another 28,596 were underway. Meanwhile, transaction activity amounted to $1.1 billion, and the per-unit price rose 30% to $428,607. We expect the positive momentum to persist and rents to appreciate by 1.6% by year-end.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1270-MatrixMultifamilyLosAngelesReport-Summer2021?utm_source=Matrix-Blog&amp;utm_medium=Social\">Matrix Multifamily Los Angeles Report-Summer 2021<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:46px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Strong Stock Expansion Dents Occupancy April marked the start of recovery for Los Angeles\u2019 multifamily market, with rents rising by 0.1% on a trailing three-month basis, to $2,166. Still, last year\u2019s robust deliveries, coupled with out-migration to neighboring metros, have pushed down the occupancy rate by 100 basis points, to 94.6%. L.A.\u2019s unemployment stood at [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1664,"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-1663","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 \u2013 Summer 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"LA\u2019s multifamily market shows its first positive signs, with rents rising 0.1% on a trailing three-month basis through April to $2,166.\" \/>\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-summer-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 \u2013 Summer 2021\" \/>\n<meta property=\"og:description\" content=\"LA\u2019s multifamily market shows its first positive signs, with rents rising 0.1% on a trailing three-month basis through April to $2,166.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/las-vegas-multifamily-market-report-summer-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-06T08:23:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-06T11:04:42+00:00\" 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