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Las Vegas Multifamily Market Research Report | 2022 Q3

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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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Las Vegas Multifamily Market Research Report | 2022 Q3

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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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