Las Vegas, NV Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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Las Vegas absorbed 2,722 units over the trailing 12 months in Q4 2025, down from 5,684 a year prior as elevated deliveries kept vacancy at 10.3%. Asking rents eased to $1,457 per unit and sale pricing held near $220,000 per unit, with cap rates locked at 5.2% for four consecutive quarters. Despite softer leasing momentum, institutional buyers including Blackstone and Apollo remained active, with several transactions exceeding $70 million. The construction pipeline declined to 4,965 units from a mid-year peak above 6,200, pointing toward reduced supply pressure ahead. A more measured delivery schedule positions the market for gradual absorption recovery through 2026.

‍About Lee Associates

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Lee Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Las Vegas Q4 2025 multifamily market report tracks absorption, vacancy, asking rents, and capital markets activity to help investors and owners assess market conditions. To read the full report, click here.