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Las Vegas Apartment Development Continues to Thrive

CoStar Market Insights: Southern Beltway Continues as Focus of Construction
August 7, 2018
The 398-unit Dune Apts. at 3080 St. Rose Pky. in Henderson, NV.

Las Vegas has seen solid job and population growth this cycle, besting the national rates the past several years. The growing population, along with recent household income gains, has helped boost multifamily demand and development.

More than 2,000 units delivered in both 2015 and 2016, and more than 3,000 units delivered in 2017, but construction continues to accelerate. There are more than 4,000 units under construction in Summerlin/Spring Valley, which continues to be a focal point for development. Of the nearly 9,000 apartment units built in Las Vegas since 2015, around 45 percent of those units are in Summerlin/Spring Valley submarket. Roughly 1,000 additional units are underway there now.

The Enterprise/South Paradise submarket, located along the 215 Beltway between the Summerlin/Spring Valley and Henderson submarkets, has also seen development pick up recently. After more than 1,000 units delivered in 2014, construction slacked off in the submarket, with only a few hundred units delivering annually from 2015 to 2017.

However, with a number of new projects having started in 2017, there are now around 950 units underway in Enterprise/South Paradise. Local developer Nevada West completed construction earlier this year on its 398-unit Dune Apartments and has another project, Trend!, which is underway and slated for delivery later this year.

One submarket not along the beltway that has seen a recent increase in new construction is the Las Vegas Strip. After seeing minimal development since 2010, there are now close to 1,000 units underway in the submarket. Several sizable projects have broken ground this year, including the 280-unit Flamingo apartments, all of which are 4- and 5-Star luxury units--a departure for a submarket where the bulk of inventory has traditionally been more affordable, workforce housing.

All of the new supply has yet to dampen either rent growth, which remains solid, or vacancies, which are well below the metro’s historical average. With continued job and population growth bolstering demand and rents still increasing, it looks unlikely that apartment development will slow considerably in the near term.

CoStar Market Insights provides a snapshot of recent real estate trends. The CoStar Market Analytics team monitors commercial and multifamily real estate across 390 metro areas, with a granular understanding of the projects, players and economic trends that move these markets.

Learn how CoStar Market Analytics can add to your market knowledge, helping to minimize risk and maximize returns.

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