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Multifamily Does Not Falter in the Face of COVID
While Las Vegas’ economy was hit hard by the pandemic, its multifamily market continues to stay at the top of the demand chain this year. With high in-migration, demand for multifamily housing has increased and occupancy is high, according to Steve Nosrat, principal of Avison Young’s Las Vegas office.
“Rental rates are up and vacancy is at a record low of just 2 percent,” says Nosrat. “The multifamily market is strong and trending positively, with more growth predicted for the last half of 2021.”
Average rents increased in second quarter to $1,322 from the first-quarter average of $1,198, and it is predicted by industry professionals that Las Vegas’ rental growth will be one of the highest in the country for 2021, according to an NVSAA Report.
To meet the demand of the rapidly growing population, there are currently 6,410 units under development as of March, according to Yardi Matrix’s Spring 2021 report.
“With these numbers, the multifamily market in Las Vegas is robust and promises to continue to provide excellent investment opportunities,” says Nosrat.
- ◦Lease
- ◦Sale/Acquisition
- ◦Development
