MARKET SNAPSHOT Las Vegas Q3 2025

Market Overview

‍Momentum in the Las Vegas metropolitan area multifamily market has shifted. Average asking rent stands at $1,436 and occupancy hovers at 91.5 percent, while net absorption slowed to 550 units in Q3 2025. Although deliveries remain elevated with 3,496 units completed year-to-date, weakening labor conditions and softer demand in the gaming, hospitality and service sectors are nudging the market toward a more balanced, tenant-favourable phase.

‍About MMG

‍MMG Real Estate Advisors is a U.S.-based multifamily research and advisory firm that produces quarterly metro-level reports on rent trends, occupancy, absorption, completions and pipeline dynamics. Their Las Vegas Q3 2025 market report offers owners, developers and investors insight into timing, supply risk and strategic positioning. To read the full report, click here.