Multifamily Vacancy Increases on Higher Rents
- Multifamily vacancy increased to 4.2%
- Deliveries decreased to 654 units this quarter
- Average rent increased to $1,504 per unit
According to statistics provided by AXIOMetrics, multifamily vacancy in Southern Nevada increased to 4.2% in the second quarter of 2022. Vacancy was just 1.3 points higher than one quarter ago and 0.8 points higher than one year ago . Average rent per square foot increased by $0.04 psf over last quarter, and by $0.28 psf over last year. Multifamily inventory increased by 654 units this quarter, down from one year ago. Asking rental rates increased to $1,504 per unit this quarter, a 21.0% YOY increase.
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