Lee & Assosciates 2025 Q3 Las Vegas NV Multifamily

Market Overview

‍As the Q3 2025 multifamily cycle unfolds in the Las Vegas metro, rental market fundamentals are holding steady though demand is moderating. Net absorption through the past 12 months reached 3,953 units while vacancy rose slightly to 9.9 percent. Asking rent averaged $1,464 per unit—a modest dip—while sale prices hovered near $219,700 per unit and cap rates held firm at 5.2 percent. Importantly, new-construction levels have dropped to just 3,514 units under way, representing the lowest figure in more than a year. Together, these trends point to a market in transition—no collapse, but a clear shift from heavy growth toward more measured stability.

‍About Lee & Associates

‍Lee & Associates is a full-service commercial real-estate advisory firm operating across North America. Their Q3 2025 Las Vegas multifamily market report draws together detailed metrics on net absorption, vacancy, rent trends, sale prices, and development pipelines to help owners, developers and investors assess timing, risk and strategic positioning. To read the full report, click here.