MARKET SNAPSHOT

Las Vegas Q3 2025

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AVERAGE RENT

$1,436 Q3 2025

OCCUPANCY RATE

91.5% Q3 2025

NET ABSORPTION

3,009 YTD Q3 2025

ANNUAL RENT CHANGE

-2.0% Q3 2025

ANNUAL OCCUPANCY CHANGE

-40 BPS Q3 2025

UNIT COMPLETIONS

3,496 YTD Q3 2025

KEY TAKEAWAYS

Net absorption slowed to 550 units in Q3 2025, ending a six-quarter streak of 1,000-plus unit gains. The pullback reflects softening labor conditions and weaker consumer sentiment, which have begun to weigh on tourism and apartment demand across the Las Vegas market.

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The supply picture is still competitive and concentrated in larger, high-amenity projects in a few corridors. That concentration keeps pressure on nearby properties while projects further from the core see steadier conditions and more balanced leasing.

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Caution is warranted heading into 2026, as softening consumer sentiment and declining visitor traffic threaten key tourism and service-sector jobs. A prolonged slowdown in leisure spending or hiring could pressure occupancy and rents, especially in core submarkets near the Strip and Downtown.

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MARKET OUTLOOK

The Las Vegas multifamily market enters late 2025 on relatively stable footing following a period of strong absorption and solid leasing activity that helped counterbalance a record wave of new deliveries...

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