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2021 Q3 Las Vegas Multifamily Market Research Report

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By John Stater

Investment Sales Continue to Surge

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  • Multifamily vacancy decreased to 2.5%
  • New completions totaled 879 units
  • Asking rates increased to $1,366 per unit

According to statistics provided by AXIOMetrics, multifamily vacancy in Southern Nevada decreased to 2.5% in the third quarter of 2021. Vacancy was almost 1.0 point lower than one quarter ago and 1.2 points lower than one year ago . Average rent per square foot increased by $0.13 psf over last quarter, and by $0.24 psf over last year. New completions totaled 879 units this quarter. Asking rental rates increased to $1,366 per unit this quarter, a 24.3% YOY increase.

 

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2021 Q3 Las Vegas Multifamily Market Research Report

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John Stater | Colliers | Las Vegas

John Stater

Research Manager

Las Vegas

+1 702 836 3781
Email

John has managed the research and GIS (Geographic Information Services) departments at Colliers’ Las Vegas office for more than two decades. During that time he has been collecting, analyzing and reporting on the commercial real estate market of Las Vegas, NV, building the research department at Colliers International's Las Vegas from the ground up, establishing a database of properties, availabilities and lease and sales comps with over 20,000 records covering the industrial, office, retail, land, multifamily, hospitality, medical office markets, as well as Southern Nevada's economy in general. He also writes for the Vegas CRE Insider blog. As his office's GIS manager, he produces local, regional and national maps.

In his spare time, John writes, designs and publishes games and does freelance work in the game industry and economic research.

 

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Aaron West | Colliers | Las Vegas

Aaron West

Managing Director

Las Vegas

+1 702 836 3795
Email

Colliers in Las Vegas is a full-service commercial real estate firm, providing integrated services to clients locally and globally.  As Managing Director, Aaron West manages brokerage operations and service lines in Las Vegas with a key focus on new business development, talent recruitment and retention.

Aaron and his  team provide best in class service and results to their clients, including owners, occupiers, investors and developers.  The team accomplishes this through dedication to the constant pursuit of improvement, and by creating unsurpassed intellectual capital within the market.

With more than 10 years of leadership experience in business development and lead generation, he brings a robust skillset and comprehensive industry knowledge to Colliers including technology delivery, platform optimization, marketing and research, labor market intelligence, leasing solutions, and transaction reporting systems.

Prior to joining Colliers, Aaron  served as a Vice President for CBRE where he was a leader on one of the firm's top producing multi-market brokerage teams, representing both national and international corporate clients.

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