Multifamily well positioned for 2021
- Multifamily sales were down 73 percent year-over-year
- Multifamily inventory increased by 2,615 units in 2020
- Demand surged in the third quarter and fourth quarters
- Vacancy decreased to 3.6 percent at year’s end
According to statistics provided by AXIOMetrics, multifamily vacancy in Southern Nevada decreased to 3.6 percent in the fourth quarter of 2020. Vacancy was 0.1 points lower than one quarter ago, and 1.4 points lower than one year ago. Net absorption remained positive, with 1,052 units absorbed, net, in the fourth quarter of 2020. Net absorption for 2020 as a whole was 4,569 units. Asking rental rates increased in the fourth quarter to $1,153 per unit.
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