Bromley Living Reports on Las Vegas Multifamily Market Q1 2024: A Story of Challenge and Resilience

Las Vegas, NV — Bromley Living, composed of seasoned experts in the multifamily property management arena, has unveiled an in-depth analysis of the Las Vegas multifamily market for Q1 2024. The figures reveal a market that is facing difficulties yet also displaying promising indications of recovery.

A Vacancy Dilemma

The Las Vegas multifamily sector is navigating through a period of adjustment, with the vacancy rate approaching a concerning high of 9.7%. Class A properties are experiencing the brunt of this trend with a notable vacancy rate of 11.1%. Even the traditionally resilient Class B and C properties are not immune, witnessing significant increases in vacancy rates since the lows of 2021.

Recovery on the Horizon

Despite the vacancies, the market has observed the highest net absorption in the past year, reaching 1,855 units, hinting at recovery. This positive absorption stretches across all submarkets, with Summerlin/Spring Valley and North Las Vegas/Sunrise Manor leading the charge.

Transaction Volume Takes a Hit

In a striking contrast to the absorption rates, transaction volume in the multifamily segment has nosedived, recording a staggering 99% decrease from Q2 of the previous year to a mere $7 million.

Active Sales and Promising Developments:

On a brighter note, sales activity has persevered with significant transactions like the $7 million sale of Sierra Park Apartments. The horizon is lined with promising development projects slated for completion between December 2025 and January 2025, signaling confidence in the market's future.

Rental Market Dynamic

Developers remain bullish with numerous projects under construction. The rental market is responding, as evidenced by a steady climb in direct asking rents, now averaging $1,643 per unit.

Submarket Snapshot

Bromley Living’s analysis provides an intricate view of the submarkets, offering nuanced insights into the inventory, absorption rates, and rental asking prices in key areas such as Central Las Vegas, Henderson, and Summerlin/Spring Valley.

In summary, while the Las Vegas multifamily market faces its share of hurdles, particularly with vacancy rates and transaction volumes, the underlying currents of the market suggest a resilience that is poised for growth. Positive absorption and active development point to a sector that, while cautious, is marching towards recovery and stability.

Bromley Living continues to monitor these trends closely, ensuring that our strategic approach remains at the forefront of market dynamics, ready to adapt and capitalize on emerging opportunities for our clients and residents alike.

---

For more information, please contact:  

Bromley Living

2831 St. Rose Parkway, STE 214  

Henderson, NV 89052  

www.bromleyliving.com

Sources: Avison Young , ALN Apartment Data, CoStar Group, HelloData, KW Commercial McCollough Group