Research - DECEMBER 30, 2021

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Recovery well under way in Vegas

by Andrea Zander

The rental market in the multifamily sector continues to break records, according to Yardi Matrix.

Las Vegas rents rose 2.6 percent on a trailing three-month (T3) basis through October, well above the 1.5 percent national average. Still, despite the hefty rate increase, the average rent clocked in at $1,437, trailing the $1,572 U.S. average. On an annual basis, Las Vegas posted a 23 percent increase, which makes it one of the top three performers in the United States, behind Tampa and Phoenix.

Demand has been robust across segments, with rents rising on a T3 basis through October by 2.7 percent to $1,175 for renter-by-necessity units and by 2.6 percent to $1,649 for lifestyle apartments. This dynamic is mirrored by the occupancy rate in stabilized properties, which marked a 100-basis-point increase in the 12 months ending in September, to 96.8 percent — RBN occupancy increased 110 basis points and the lifestyle rate rose 90 basis points, with both reaching 96.8 perce

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