Las Vegas is expected to add about 3,400 multifamily units this year, according to a new Marcus & Millichap report, as the valley’s apartment construction pipeline falls to its lowest level in four years.
What the report says
Marcus & Millichap’s latest report says the Las Vegas Valley is on track to add about 3,400 multifamily units to its housing stock this year. The firm also reports that the local apartment construction pipeline has dropped to its lowest point in four years.
How many apartments are expected this year
The key number for renters, landlords and developers is 3,400: that is the expected number of new multifamily units coming to the Las Vegas Valley this year, according to the report.
Is construction slowing — and why?
Yes. Based on the Marcus & Millichap report, apartment construction activity in Las Vegas has slowed compared with recent years, with the pipeline now at a four-year low. The available source material does not provide a detailed explanation for why the pipeline has fallen.
What it means for the market
A smaller construction pipeline can matter for the broader apartment market because it affects how much new supply is expected to enter the market. The report’s figure points to a more limited wave of new multifamily units this year than Las Vegas has seen during stronger construction periods.
Key Facts
- A new report says the Las Vegas Valley is expected to add about 3,400 multifamily units this year.
- The apartment construction pipeline in Las Vegas has fallen to its lowest level in four years.