Las Vegas, NV Multifamily Market Report | Colliers | Q4 2025

Market Overview

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New supply picked up in Las Vegas during Q4 2025, with 1,151 units delivered, up from 714 units a year earlier, pushing total inventory to 240,393 units. Vacancy rose to 5.8%, a 40-basis-point increase from both the prior quarter and year-ago levels. Average asking rent slipped to $1,449 per unit, down from $1,462 a year prior, as softer rents and rising operating expenses continued to pressure fundamentals. Sales volume remained subdued, with 1,739 units trading at an average of $163,082 per unit. With over 16,000 units in planned construction and the market still adjusting to higher interest rates, Colliers expects 2026 to remain a transitional year before supply and demand rebalance.

‍About Colliers

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Colliers is a global commercial real estate services firm operating across 70 countries with over $108 billion in assets under management. Their Las Vegas Q4 2025 multifamily market report tracks vacancy rates, average rents, new supply, and sales activity to help investors and owners assess market conditions across Southern Nevada's submarkets. To read the full report, click here.