Las Vegas, NV Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

Las Vegas came through its heaviest delivery year in a decade heading into Q4 2025, and the market is now working through the aftermath. Asking rents averaged $1,456 through October, down 1.7% year over year, the fourth steepest decline among Yardi Matrix's top 30 markets. But occupancy in stabilized assets nudged up to 93.8% despite the prior year's peak deliveries, a sign that demand absorbed more than the headline rent figures suggest. Construction starts declined abruptly, with only 6,984 units remaining underway, pointing toward meaningful supply relief ahead. Investment volume reached $1.1 billion through October, and per-unit pricing rose 15.9% to $243,626, reflecting investor confidence that the correction is closer to its end than its beginning.

About Yardi Matrix

Yardi Matrix is a commercial real estate data and research platform serving multifamily investors, developers, and property managers across the U.S. Their Las Vegas Multifamily Market Report for December 2025 tracks asking rents, occupancy, completions, and investment volume to help owners and investors assess market conditions and refine investment timing. To read the full report, click here.