Multifamily Market Overview Q1 2025 | Reno, NV

Market Overview

In Q1 2025, the Las Vegas metro continued to wrestle with elevated vacancies and aggressive lease-up activity from newly delivered projects. With over 4,500 units completed in the past 12 months, supply growth has outpaced demand, prompting landlords to offer greater incentives. Nonetheless, areas like Northeast Las Vegas and North Las Vegas maintained stronger occupancy due to affordability and proximity to logistics and manufacturing job hubs. The local economy, while still hospitality-heavy, is diversifying into tech and e-commerce distribution, supporting long-term housing demand.

About Lee & Associates

Lee & Associates is a national commercial real estate firm founded in 1979, with more than 75 offices across North America. The firm’s Las Vegas office combines brokerage expertise with targeted research across multifamily, office, and industrial sectors. Known for its broker-led market intelligence, Lee produces concise but insightful quarterly updates that spotlight key transactions, leasing dynamics, and new construction trends. Their boots-on-the-ground reporting approach captures the nuance often missed in larger national datasets.