Historically High Number of New Apartment Units Coming onto Las Vegas Market
LAS VEGAS, NV – According to a new report from real estate analytics company CoStar Group Inc., a historic wave of new apartments is currently hitting the Las Vegas Valley after recently finishing up development, although that number stands to lessen going forward as overall construction statistics are down year-over-year.
CoStar notes that about 4,600 multifamily apartment units have been completed and made available for rent over the past year, which have bolstered the overall number available in the valley to 193,129.
But with this latest glut of new apartments being made available for rent, now the most important thing, according to CoStar Market Analytics Associate Director Danny Khalil, is to get tenants into them.
It is fair to say that Las Vegas recently experienced a wave of deliveries, or project completions, and now the market is shifting to absorption, with less of an emphasis on active construction,” he said. “Apartments have come online throughout the Las Vegas Valley over past two years, particularly in and around Enterprise, Henderson, Spring Valley, and the far southern reaches of the metropolitan area. Central Las Vegas and the northwestern suburbs have also been no slouch either.”
Going back a bit further in time, Khalil noted, illustrates that from January 1, 2023, through April 30, 2025, approximately 13,000 apartments have been delivered throughout the valley, which represents a huge increase in developmental output.
Now the task shifts to absorbing this historic wave of supply and, for now, Vegas appears to be doing a great job at it,” he said. “Demand, measured in terms of net absorption, essentially matched new supply over the past 12 months and the vacancy rate moved down slightly, away from the double-digit territory that many Sun Belt markets find themselves in this year.”
However, as previously stated, construction on new apartments in Southern Nevada has slowed overall during the past year, so that level of output is assured not to be matched next year. For example, construction on only 342 multifamily units began during the first quarter of 2025, which represents a decrease of 25 percent when compared to the first quarter of 2024, when that number was 1,333.
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management