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2021 Q3 Las Vegas Multifamily Market Research Report

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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

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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.

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