Las Vegas, NV Multifamily Market Report | Cushman & Wakefield | Q1 2026

Market Overview

‍Las Vegas's multifamily market entered Q1 2026 with resilient demand against a backdrop of moderating supply. Total inventory reached 177,810 units despite just 312 deliveries during the quarter, a 71% year-over-year decline, as the construction pipeline compressed to 5,487 units, its lowest level since 2021. Net absorption totaled 403 units, outpacing new supply by 91 units, with five of eight submarkets posting occupancy gains. Leasing momentum was strongest in Summerlin/Spring Valley (133 units), Henderson (123 units), and Enterprise/South Paradise (107 units). Vacancy declined 10 basis points quarter-over-quarter to 10.6%, though it remains 210 basis points above the five-year average of 8.5% as the market continues to absorb the significant supply wave of recent years. Effective rents averaged $1,451 per unit, down 2.7% year-over-year, while asking rents fell to $1,498 per unit, with both metrics approaching their five-year averages. The Summerlin/Spring Valley (8.3%) and Northwest (8.6%) submarkets maintained the tightest vacancy in the metro. On the economic side, Las Vegas recorded 1.2 million jobs, unemployment fell 60 basis points year-over-year to 5.5%, and median household income climbed to $84,400, reinforcing the long-term demand outlook.

‍About Cushman & Wakefield

‍Cushman & Wakefield is a leading global commercial real estate services firm with approximately 53,000 employees across more than 350 offices in nearly 60 countries, reporting $10.3 billion in revenue in 2025. Their quarterly Las Vegas Multifamily MarketBeat report tracks vacancy, absorption, effective rents, deliveries, and construction activity across eight submarkets to help owners, developers, and investors assess market conditions and opportunities. To read the full report, click here.

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