May 15, 2025

Las Vegas Valley Sees Surge in Multifamily Apartment Inventory

News Summary

The Las Vegas Valley has experienced a significant increase in multifamily apartment inventory, with 4,600 new units added in the past year. This brings the total to 193,129 units, despite a stable vacancy rate of 9.9%. While new construction starts have declined by 25%, demand for affordable housing remains critical, prompting the development of new affordable units. The local housing market is transitioning to accommodate both current residents and newcomers, addressing ongoing housing challenges in the region.

Las Vegas Valley Sees Surge in Multifamily Apartment Inventory Amid Steady Vacancy Rates

Las Vegas, NV – Over the past year, the Las Vegas Valley has witnessed a significant increase in multifamily apartment inventory, with approximately 4,600 units delivered. The total number of multifamily units in the valley has surged to 193,129, up from 180,165 in the previous year, marking a notable shift in the local housing market.

The city experienced a record high of 9,041 units under contract in 2022, and net deliveries peaked at 6,515 in 2023. This shift indicates a transition from active construction to the absorption of new units, as reported by experts from the CoStar Group. From the beginning of 2023 through April, approximately 13,000 apartments have been built in the Las Vegas Valley, contributing to the increase in total inventory.

Despite the influx of new units, the vacancy rate for multifamily apartments has remained stable, currently sitting at 9.9% since 2024. This stability comes after fluctuations between 8.6% in 2022 and 10.5% in 2023. The net absorption of apartments over the past 12 months has matched the new supply, slightly benefiting the rental market.

Decline in Construction Starts

The first quarter of 2024 has seen a significant drop in new construction starts for multifamily units, with only 342 starts, a 25% decline from last year’s 1,333 starts. This reduction is indicative of a changing market landscape, as the focus appears to be shifting towards managing and filling newly constructed apartments instead of ongoing construction.

Rental Price Trends

Average rent costs have experienced a mix of increases and decreases across the region. In Henderson, the average rent for a one-bedroom apartment has decreased to $1,530, reflecting a 1.3% drop from March and a 0.6% drop year-over-year. Conversely, Las Vegas has seen a 2.5% increase in rent for a one-bedroom apartment to $1,230, which remains unchanged compared to the previous year.

Affordable Housing Demand

The pressing need for affordable housing in Nevada has become increasingly evident, with estimates indicating a shortage of 78,000 affordable units statewide, including 60,000 in Las Vegas. In response to this pressing issue, construction has begun on two new affordable housing communities aimed at adding 201 new apartments designated for low to moderate-income households.

Construction of Silverado, a Class A, 342-unit development in Enterprise, is underway and is projected to be completed by early 2027. Located within 10 miles of key landmarks such as the Las Vegas Strip and Harry Reid International Airport, Silverado aims to meet the growing demand for housing and will feature modern amenities like a swimming pool, sports court, clubhouse, and coworking spaces.

Future Development Efforts

The Las Vegas Planning Commission is actively involved in approving new development projects as a means to address housing shortages while accommodating the city’s growing population. Amid rising living costs and a historical pattern of supply and demand imbalance in Nevada, recent trends show a positive demand for housing in Las Vegas, which continues to attract new residents from various states.

Given these trends, it is apparent that the Las Vegas Valley’s multifamily housing market is evolving to meet both the needs of current residents and the influx of newcomers, while also addressing the ongoing challenge of affordable housing for the community.

Deeper Dive: News & Info About This Topic

HERE Resources

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Additional Resources

Author: STAFF HERE LAS VEGAS WRITER

LAS VEGAS STAFF WRITER The LAS VEGAS STAFF WRITER represents the experienced team at HERELasVegas.com, your go-to source for actionable local news and information in Las Vegas, Clark County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Electric Daisy Carnival, World Series of Poker, and Consumer Electronics Show. Our coverage extends to key organizations like the Las Vegas Chamber of Commerce and Three Square Food Bank, plus leading businesses in hospitality and entertainment that power the local economy such as MGM Resorts International, Caesars Entertainment, and Las Vegas Sands. As part of the broader HERE network, we provide comprehensive, credible insights into Nevada's dynamic landscape.

STAFF HERE LAS VEGAS WRITER

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