Rental demand remains strong, with 4,449 units absorbed over the past four quarters—well above the 10-year average—even as new supply continued to outpace it.
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Construction activity has slowed since peaking in late 2024, with just 2.4% of inventory now underway—the lowest level since 2018. Developers are increasingly shifting focus from traditional beltway submarkets to infill locations such as the Strip and Downtown.
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Rent growth remained soft while occupancy held steady, as operators deploy generous concessions to accelerate lease-up of new deliveries. Class C properties led rent growth, while Class A experienced the sharpest declines due to heightened competition among new developments.
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MARKET OUTLOOK
The Las Vegas apartment market posted meaningful improvements in rental demand over the past four quarters ending in June 2025...
