According to statistics provided by REIS, multifamily vacancy in Southern Nevada increased by 0.2 points in the third quarter of 2017 (the most recent quarter of available data) to 3.2 percent. Vacancy this quarter was 0.3 points higher than it was one year ago. Class A properties were 3.6 percent vacant in the third quarter, 0.3 points higher than one quarter ago. Class B/C properties were 2.8 percent vacant, 0.3 points higher than one quarter ago.
Until the third quarter, the concern that there was too much new construction of multifamily appeared to be unfounded. While net absorption numbers were not as strong in 2017 as in 2015, net absorption was generally keeping pace with new completions and vacancy remained low. This quarter, net absorption fell into negative territory for the first time in a very long time, putting the more than 4,000 units of multifamily under construction and another 11,000 units of multifamily planned to begin construction in the next twelve months in a different perspective.