MARKET SNAPSHOT

Las Vegas Q2 2026

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AVERAGE RENT

$1,380 Q2 2026

OCCUPANCY RATE

90.5% Q2 2026

NET ABSORPTION

1,311 T4Q

ANNUAL RENT CHANGE

-4.6% Q2 2026

ANNUAL OCCUPANCY CHANGE

-125 BPS

UNIT COMPLETIONS

3,365 T4Q

KEY TAKEAWAYS

New completions continue to outpace net absorption, contributing to a modest annual occupancy decline. Even so, Las Vegas's occupancy is the second-strongest among its Southwest peer group, trailing only Phoenix, a sign the market's demand base remains more resilient than several regional peers absorbing a similar supply wave.

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The pipeline is contracting rapidly, with starts down sharply and the under construction total shrinking to a small share of inventory, setting up a materially lighter delivery environment by mid-2027.

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Effective rents declined year-over-year across every tracked submarket, though that softness largely mirrors a broader Sun Belt correction rather than a market-specific issue. A rapidly cooling supply pipeline paired with rapid employment growth positions Las Vegas for a gradual turn toward recovery.

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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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