Multifamily Volume in Las Vegas To Pick up After Q1 Logs Just 1 Sale
Unlike what's seen inside the casinos, it has been far from euphoric to start the year for multifamily Las Vegas. From a sales standpoint, the market saw just one transaction, which involved a property that featured 320 rentals, according to a report from Colliers. With the buyer and seller not listed, that price came in at $234,375 per unit.
The CRE firm does expect sales to pick up over the next 12 months. But yet again, it's hard to fare worse than a single transaction in a three-month period.
"We would expect sales volume to increase in the coming quarters, though it remains to be seen how quickly that momentum builds," it admitted.
On a more positive note, Colliers noted that sales prices have rebounded from their previous lows as cap rates have tightened. The weak sales volume came as vacancy spiked by 60 basis points to 5.9 percent.
Meanwhile, the other fundamentals in Las Vegas look stable. For example, rents per square foot dipped by just $4 per square foot to $1,461. The South enjoyed the biggest increase year-over-year (3.9 percent), with the University/The Strip witnessing the biggest drop (-5.7 percent).
Deliveries increased by 1,464 units, versus 1,161 a year ago. Construction followed a similar trend, with 6,116 units underway compared with just the 4,770 units seen in the first quarter of 2025.
Source: GlobeSt/ALM