Las Vegas, NV Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

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Las Vegas delivered 3,989 multifamily units in 2025, down 19% year-over-year but still 21.8% above the 10-year average, keeping supply pressure in place. Vacancy edged up 30 basis points annually to 10.4%, sitting 280 basis points above the long-term quarterly norm, while effective rents fell 2.0% to $1,454 per unit. All unit types have recorded rate declines since 2022, averaging a cumulative 3.4% over three years. The more telling shift is in the pipeline: units under construction fell to 4,707, down 38% from the Q2 2024 peak of 7,606. Demand has held through the cycle, with Las Vegas recording its ninth consecutive quarter of positive absorption and 2,990 units absorbed for the year. Household growth of 1.8% annually and median household income up 3.3% year-over-year provide the demand base needed to absorb remaining supply as development activity continues to moderate heading into 2026.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their Las Vegas Q4 2025 multifamily MarketBeat covers vacancy, effective rents, net absorption, and construction activity across eight submarkets to help owners and investors assess Southern Nevada market conditions. To read the full report, click here.