Investors Love Multifamily
- Multifamily vacancy ended the year at 2.6%
- Over 3,500 units were completed in 2021
- Asking rates increased to $1,440 per unit
According to statistics provided by AXIOMetrics, multifamily vacancy in Southern Nevada increased to 2.6% in the fourth quarter of 2021. Vacancy was just 0.1 point higher than one quarter ago and 0.9 points lower than one year ago. Average rent per square foot increased by $0.08 psf over last quarter, and by $0.31 psf over last year. Multifamily inventory increased by 3,577 units in 2021. Asking rental rates increased to $1,440 per unit this quarter, a 24.9% YOY increase.
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