Las Vegas Multifamily Market Research Report Q3 2025

Market Overview

‍Las Vegas multifamily performance is steadying in Q3 2025 as vacancy holds at 5.4 percent and average rent settles at $1,467 per unit. New supply slowed significantly to just 346 units delivered this quarter, well below last year’s pace. Demand remains soft but stable, helped by improving operational conditions and early signs of renewed investor activity. The Southwest, South and Summerlin submarkets continue to post the highest rents, while year-over-year declines were concentrated in Green Valley, East Las Vegas and West Las Vegas. Sales activity totaled 1,421 units with pricing averaging $246,305 per unit, supported by slight cap rate compression and rising sales comps.

‍About Colliers

‍Colliers is a global commercial real estate advisory firm providing research, valuation, leasing and investment-sales services. Their Las Vegas multifamily report offers detailed insights on rents, vacancy, supply, construction, absorption and sales activity to help owners, developers and investors navigate shifting market conditions. To read the full report, click here.