{"id":8937,"date":"2024-12-18T07:11:00","date_gmt":"2024-12-18T07:11:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8937"},"modified":"2025-06-24T07:33:55","modified_gmt":"2025-06-24T07:33:55","slug":"las-vegas-multifamily-market-report-december-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/las-vegas-multifamily-market-report-december-2024\/","title":{"rendered":"Las Vegas Multifamily Market Report \u2013 December 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/las-vegas-multifamily-market-report\/\">Las Vegas Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>New Construction, Sales Pick Up<\/h2>\n<p>In line with seasonal trends, rent growth softened in Las Vegas at the end of summer and remained on a downward trajectory for the third consecutive month in October, according to the latest Las Vegas multifamily market report. Average advertised asking rents decreased 0.4%, on a T3 basis through October, to $1,472, while the national rate slid 0.1%, to $1,748, as reported in\u00a0the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>U.S. multifamily market report<\/strong><\/a>. Las Vegas occupancy climbed 100 basis points year-over-year through October, to 93.7%, increasing nearly equally across quality segments.<\/p>\n<p><iframe id=\"datawrapper-chart-dzi23\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Las Vegas vs. National Rent Growth \" src=\"https:\/\/datawrapper.dwcdn.net\/dzi23\/1\/\" height=\"328\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Las Vegas continued to lead the U.S. in employment expansion, with the rate at 3.6% as of August, well ahead of the 1.4% U.S. figure. Meanwhile, unemployment stood at 5.9% in September, trailing the U.S. (4.1%) and the state (5.6%), according to data from the Bureau of Labor Statistics. Las Vegas added 41,100 jobs during the 12-month period ending in August, with construction (9,600) and government (9,500) leading gains. Construction is underway at the $206 million expansion of M Resort Spa Casino and is scheduled to be finalized by the summer of 2025. Also underway is the 19-acre mixed-use project NLV Gateway, which is estimated to create more than 1,000 jobs upon completion.<\/p>\n<p><iframe id=\"datawrapper-chart-VZBzr\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Las Vegas Employment Share by Sector  \" src=\"https:\/\/datawrapper.dwcdn.net\/VZBzr\/1\/\" height=\"433\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Development ramped up, with 3,030 of the 9,190 units under construction breaking ground this year through October. Deliveries during the period totaled 4,996 units. Investment activity also surged, totaling $1 billion through October, for a price per unit that increased 0.4% year-to-date, to $204,232<\/p>\n<p>Read the full Yardi Matrix Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/6644-MatrixMultifamilyLasVegasReport-December2024\" rel=\"\"><strong>December 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>New Construction, Sales Pick Up In line with seasonal trends, rent growth softened in Las Vegas at the end of summer and remained on a downward trajectory for the third consecutive month in October, according to the latest Las Vegas multifamily market report. Average advertised asking rents decreased 0.4%, on a T3 basis through October, [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":8226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[116,511],"class_list":["post-8937","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-2024"],"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 December 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Inventory expansion marked a new cycle high in Las Vegas, with 4,996 units delivered through October, Yardi Matrix reports.\" \/>\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-december-2024\/\" \/>\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 December 2024\" \/>\n<meta property=\"og:description\" content=\"Inventory expansion marked a new cycle high in Las Vegas, with 4,996 units delivered through October, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/las-vegas-multifamily-market-report-december-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-18T07:11:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-24T07:33:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/09\/Las-Vegas-iStock-2165799441.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=\"Adina Rogoz\" \/>\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 Multifamily Market Report \u2013 December 2024 - 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