Supply & Demand Fundamentals Continue to Remain Strong
- Vacancy increased by 1.3 points QoQ and 3 points YoY
- Average rent increased $12/unit QoQ and $150/unit YoY
- Deliveries increased to 1,075 units this quarter
According to statistics provided by AXIOMetrics, multifamily vacancy in Southern Nevada increased to 5.5% in the third quarter of 2022. Vacancy was 1.3 points higher than one quarter ago and 3 points higher than one year ago . Average rent per square foot remained stable. Multifamily inventory increased by 1,075 units this quarter, up from one year ago. Asking rental rates increased to $1,516 per unit this quarter, an 11.0% YOY increase.
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