{"id":236,"date":"2021-01-06T09:30:12","date_gmt":"2021-01-06T09:30:12","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=236"},"modified":"2023-03-10T08:15:16","modified_gmt":"2023-03-10T08:15:16","slug":"las-vegas-real-estate-market-trends-fall-2020","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/las-vegas-real-estate-market-trends-fall-2020\/","title":{"rendered":"Las Vegas Real Estate Market Trends &#8211; Fall 2020"},"content":{"rendered":"<h2>Hospitality Powered Economy Still Ailing<\/h2>\n<p>Even though Las Vegas was one of the metros most severely affected by the current downturn, its multifamily market has shown resilience. Rent development ranked third highest in the country\u2019s Top 30 markets, rising 1.1%, on a trailing three-month basis through October, to $1,163, while the U.S. figure remained flat at $1,464. Its proximity to large gateways made Las Vegas one of the go-to cities for residents searching for more affordable metros.<\/p>\n<p>Heavily dependent on tourism, the current health crisis placed Las Vegas\u2019 economy on the first position in the Top 10 worst performing metros. Still, the unemployment rate appreciated from the all-time high of 34% registered in April to 15.6% in August, while preliminary data for September pointed to sustained recovery to 14.8%. Employment growth in the metro marked a 15.8% decline in the year ending in September, faring much worse than the -9.3% national average. Yet, despite the persisting uncertainty, several developments were completed\u2014including Circa Resort &amp; Casino and Allegiant Stadium\u2014and shows resumed activity. However, Gov. Steve Sisolak\u2019s new order that rolls back occupancy limits in casinos and bars from 50% to 25% will likely reverse the trend.<\/p>\n<p>Developers delivered 1,836 units in 2020 through October and had another 5,205 underway. Meanwhile, transaction activity plummeted, with investors spending only $832 million on multifamily assets.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1165-MatrixMultifamilyLasVegasReport-Fall2020?utm_source=Matrix-Blog&amp;utm_medium=Social\"><span id=\"dnn_ctr905_View_genUC_lbl_DownloadTitle\">Matrix Multifamily Las Vegas Report-Fall 2020\u00a0<\/span><\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hospitality Powered Economy Still Ailing Even though Las Vegas was one of the metros most severely affected by the current downturn, its multifamily market has shown resilience. Rent development ranked third highest in the country\u2019s Top 30 markets, rising 1.1%, on a trailing three-month basis through October, to $1,163, while the U.S. figure remained flat [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[116,16],"class_list":["post-236","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"],"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 Real Estate Market Trends - Fall 2020 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Even though Las Vegas was one of the metros most severely affected by the current downturn, its multifamily market has shown resilience.\" \/>\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-real-estate-market-trends-fall-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Real Estate Market Trends - Fall 2020\" \/>\n<meta property=\"og:description\" content=\"Even though Las Vegas was one of the metros most severely affected by the current downturn, its multifamily market has shown resilience.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/las-vegas-real-estate-market-trends-fall-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-06T09:30:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-10T08:15:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/Las-Vegas-iStock-1075826154.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=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Las Vegas Real Estate Market Trends - Fall 2020 - Yardi Matrix Blog","description":"Even though Las Vegas was one of the metros most severely affected by the current downturn, its multifamily market has shown resilience.","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-real-estate-market-trends-fall-2020\/","og_locale":"en_US","og_type":"article","og_title":"Las Vegas Real Estate Market Trends - Fall 2020","og_description":"Even though Las Vegas was one of the metros most severely affected by the current downturn, its multifamily market has shown resilience.","og_url":"https:\/\/www.yardimatrix.com\/blog\/las-vegas-real-estate-market-trends-fall-2020\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-01-06T09:30:12+00:00","article_modified_time":"2023-03-10T08:15:16+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/Las-Vegas-iStock-1075826154.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anca Gagiuc","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/las-vegas-real-estate-market-trends-fall-2020\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/las-vegas-real-estate-market-trends-fall-2020\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Las Vegas Real Estate Market Trends &#8211; 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