Las Vegas multifamily market report Q1 2025

Market Overview

Las Vegas is beginning to stabilize after several quarters of oversupply. In Q1 2025, vacancy rates remained elevated at 9.3%, but absorption improved as new deliveries slowed. Much of the leasing activity is concentrated in newer properties offering generous concessions, while older assets face pressure. Despite these challenges, the outlook is cautiously optimistic. Population growth, employment expansion, and fewer active developments are helping the market move toward equilibrium, particularly in submarkets like Henderson and North Las Vegas.

About Avison Young

Avison Young is a global commercial real estate firm known for its client-first approach and data-driven insights. With offices across North America and beyond, the firm provides market intelligence, investment sales, and advisory services for multifamily and other asset classes. Their research is widely respected for blending macroeconomic context with local market detail, making it a valuable resource for investors, developers, and property operators navigating shifting real estate trends.