Las Vegas Multifamily Market Research Report Q1 2025

Market Overview

The Las Vegas multifamily sector faced downward pressure in Q1 2025, with average asking rents slipping to $1,430—down 1.3% quarter-over-quarter—and vacancy increasing to 9.0%. Deliveries in Spring Valley and Enterprise continued to outpace absorption, leading to greater reliance on concessions. Despite current softness, Las Vegas benefits from one of the fastest-growing populations in the U.S., fueled by in-migration from California and the Pacific Northwest. Job growth remains positive across healthcare, transportation, and logistics, with many residents employed at institutions like UMC, Allegiant Air, and Amazon.

About Colliers

Founded in 1976, Colliers is a publicly traded, Toronto-based global real estate firm with over 19,000 professionals in 65+ countries. The company provides comprehensive services across brokerage, asset management, valuation, and investment advisory. Its Las Vegas multifamily reports combine precise submarket-level data with broader investment trends, making them essential reading for institutional clients and local developers alike. Colliers’ deep market presence supports data-rich forecasts that help clients anticipate shifts in demand and supply.