The Nevada State Apartment Association recently released a report that credited Nevada multifamily pressures to rising rental rates, a steadily increasing population and the historic effects of demand consistently and heavily outweighing supply.
NVSAA represents 70% of the total multifamily inventory in the Silver State, which accounts for more than 197,000 rental units.
The association’s Executive Director, Robin Crawford, said Nevada has a history of demand outpacing supply, which ultimately created an “upward pressure on home affordability.” She went on to say the problem is exacerbated by increased material costs and a lack of skilled labor. Furthermore, bureaucratic red tape can act as a major obstacle in construction projects and lead to further costs, delays and even cancellations.
The report found average rents in the Las Vegas Valley throughout Q1 2025 sat at $1,490. In contrast, 2023 had an average rent of $1,425. This equates to a 4.6% increase since 2023.
This is significantly lower than the national average, however, which has ballooned to $1,754. Notably, the Las Vegas area has an 88% occupancy rate, which is 0.5% more than the national average. The association reported occupancy has decreased since the end of 2024. At the time of the report, there were 7,901 multifamily units under construction. At the end of 2024 there were 8,126.
Reno’s asking rent has now reached $1,658, which is a 4.5% increase from last year. Its occupancy rate is 87.9%, which is nearly the same as Las Vegas’. The area has 2,983 multifamily units under construction.
Current projections indicate Clark County will add 115 residents every day to its population, a third of which are coming directly from California. If the projections prove true, Clark County will surpass three million residents by 2042.
Crawford called for significant policy changes to allow supply to catch up with demand. Crawford’s recommendations include freeing up land for housing development, streamlining approval processes and removing red tape surrounding construction. (Source)
