Matrix Multifamily Las Vegas Report-May 2025

Market Overview

In early 2025, Las Vegas’s multifamily market showed signs of continued resilience amid sustained construction activity. A total of 1,142 units were delivered in Q1, with approximately 8,400 units currently underway. Advertised asking rents rebounded by 0.2 percent on a trailing three-month basis through March to reach $1,476. Occupancy improved by 30 basis points year-over-year, reaching 93.5 percent as of February.

About Yardi Matrix

Yardi Matrix is a leading provider of commercial real estate data and analytics across multifamily, office, industrial, and other asset classes. Their metro-level multifamily reports deliver timely insights on rent trends, occupancy, supply pipelines, and other key market fundamentals to support informed decision-making by investors, operators, and analysts.