📊 The Las Vegas Multifamily Brief — Snap Stats

Las Vegas Multifamily Statistics
Q2 2026

Key metrics for the Las Vegas metro multifamily market — cap rates, vacancy, average rents, price per unit, and submarket breakdown. Compiled and published quarterly by Jason Helliwell.

Updated May 2026 📍 Las Vegas metro, NV 🏠 Multifamily (5+ units) Source: CoStar · Colliers · Nevada State Demographer
Avg cap rate
5.4%
▼ 0.2% vs Q4 2025
Vacancy rate
4.9%
▼ 0.3% vs Q4 2025
Avg price per unit
$148K
▲ 8% YOY
Avg monthly rent
$1,465
▲ 3.2% YOY
Population growth
2.8%
Top 5 US metro
State income tax
0%
vs CA 13.3%
📍 Submarket breakdown

Las Vegas multifamily — by submarket

Key metrics across the four primary Las Vegas multifamily submarkets — Q2 2026.

Submarket Cap rate Avg price/unit Vacancy Avg rent Outlook
Henderson Stable 5.0–6.5% $158,000 3.8% $1,620/mo Strong
Las Vegas / Spring Valley Active 5.2–6.5% $148,000 4.9% $1,465/mo Active
East Las Vegas Value-add 6.5–8.0% $118,000 5.8% $1,280/mo High upside
Downtown / Arts District Emerging 5.5–7.0% $132,000 5.2% $1,350/mo Evolving
North Las Vegas Value-add 6.5–8.5% $108,000 6.1% $1,220/mo Value play
Summerlin / NW Las Vegas Premium 5.0–5.8% $165,000 3.5% $1,720/mo Premium stable
📈 Market trends

Las Vegas multifamily trends — Q2 2026

Cap rates by asset class
Class A stabilised
5.0–5.4%
Class B value-add
5.8–6.5%
Class C / distressed
7.0–8.5%
LA comparison
3.5–4.5%
Vacancy by submarket
Summerlin / NW
3.5%
Henderson
3.8%
LV / Spring Valley
4.9%
Downtown
5.2%
North Las Vegas
6.1%
Average rent by submarket
Summerlin / NW
$1,720
Henderson
$1,620
LV / Spring Valley
$1,465
Downtown
$1,350
North Las Vegas
$1,220
🆚 Nevada vs California

Why California investors are moving capital to Las Vegas

The after-tax yield difference between Las Vegas and Los Angeles multifamily is the most compelling cross-state investment argument in the US right now.

🎲 Las Vegas · Nevada
Cap rate5.4–7.4%
State income tax0%
Price per unit$108K–$165K
Vacancy3.5–6.1%
Population growth+2.8% YOY
Mansion taxNone
VS
☀️ Los Angeles · California
Cap rate3.5–4.5%
State income tax13.3%
Price per unit$300K–$500K+
Vacancy5.0–6.5%
Population growth-0.3% YOY
Mansion tax4–5.5% on $5M+
Jason Helliwell
Jason Helliwell · Las Vegas Multifamily Specialist
These statistics are compiled quarterly from CoStar, Colliers, and Jason's own transaction data. For a property-specific analysis or to discuss what these numbers mean for your investment, call Jason directly.
📞 702-863-6001

Source: CoStar Q2 2026 · Colliers Las Vegas Multifamily Report · Nevada State Demographer · Las Vegas Realtors · Jason Helliwell market analysis. Data represents estimates based on available market information and may vary from final reported figures. For property-specific analysis contact Jason Helliwell directly.

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