Las Vegas

Las Vegas was the next stop on the 2019 Figure 9 Real Estate Multi-Family Market Tour. As noted below, Las Vegas had the highest Rent Growth in all the markets we visited, so we were hoping to find some Value-Add Multi-Family investment opportunities.

Here is a summary of what we found:


Below are a few of the key market indicators:

  • Rent Growth: 7.8% – HIGHEST
  • Vacancy: 5.5%
  • Jobs: 3.1%
  • Population Growth: 2.0%


Here are some of the PROs and CONs from our impressions:

  • PRO: Lots of recent growth 
  • PRO: Short term outlook is solid
  • PRO: Lots of value add opportunities
  • CON: Some new industry, but still primarily entertainment based
  • CON: Hard to make value add pencil when competing with new inventory
  • CON: Entertainment base could see big swings based on US economy

Our Impressions

We do not feel comfortable with the economic risks of the market.

The are some opportunities in Las Vegas that looked interesting, but overall did not find sufficient Value-Add Multi-Family opportunities on this trip.

Las Vegas continues to grow and expand the overall footprint, so most of the competition is with new development making Value-Add compelling.


We are gong to pass.