MARKET SNAPSHOT

Las Vegas Q1 2026

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AVERAGE RENT

$1,432 Q1 2026

OCCUPANCY RATE

90.5% Q1 2026

NET ABSORPTION

1,195 T4Q

ANNUAL RENT CHANGE

-2.8% Q1 2026

ANNUAL OCCUPANCY CHANGE

-150 BPS

UNIT COMPLETIONS

3,158 T4Q

KEY TAKEAWAYS
Trailing 12-month deliveries of 3,158 units have outpaced absorption of 1,195 units, sustaining lease-up competition and contributing to the 150 bps annual decline in stabilized occupancy to 90.5%.
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The construction pipeline is clearly decelerating: trailing 12-month starts have fallen to 2,290 units from 3,403 a year ago, and the active pipeline has contracted 16% over four quarters to 5,509 units, or 2.8% of inventory.
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Average effective rents of $1,432 reflect a 2.8% annual decline, though a 1.2% sequential gain in Q1 2026, pointing to an improving near-term trajectory.
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MARKET OUTLOOK

Las Vegas is showing the early hallmarks of a market past its supply peak, even as the correction continues to work through the system. Completions are declining, starts have...

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Thomas Dean

Thomas Dean

Senior Director

thomas.dean@mmgrea.com

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