— By Justin Neubeck of CBRE —
Las Vegas is approaching an important turning point in its multifamily cycle. After several years of elevated construction, the market is now moving beyond its peak delivery period. The region completed about 7,071 units in 2023 — the highest total in more than 20 years. This was followed by 5,247 units in 2024 and 6,302 units in 2025.
Deliveries are expected to decline again in 2026, to roughly 5,334 units. Meanwhile, 2027 deliveries are
projected to return to the 30-year average of about 3,500 units, including the 3,321 units currently scheduled. This shift marks the beginning of a more balanced supply environment.
At the same time, the region continues to attract new residents at levels that outpace the national average. Clark County reached a population of about 2.4 million in 2024, an increase of 2.1 percent from 2023. It is projected to grow to more than 2.9 million by 2040, and to surpass 3 million by 2045.
Southern Nevada also welcomed more than 40,000 new residents in 2025 alone. Nearly 47 percent came from California. This included 14,200 from Los Angeles County and thousands more from Orange County, San Diego and the Bay Area.
California remains the largest long-term source of new residents, delivering 49,500 movers to Nevada in 2023. This is equal to 136 people per day, with Clark County capturing nine of the top 10 inbound routes. These flows reflect sustained affordability advantages, lower taxes and the continued appeal of Southern Nevada relative to high-cost Western metros.
This population momentum aligns with a job creation period that boasts several major projects scheduled between 2027 and 2030. Some of these projects include the $2 billion Las Vegas A’s stadium opening in 2028, as well as the $1 billion Intermountain Children’s Hospital projected to generate more than 12,000 jobs and an annual economic impact of $841 million by 2030.
The new Hard Rock Hotel and Casino is expected to support roughly 6,000 permanent jobs, while the 2.3-million-square-foot Haas Automation facility will add more than 1,400 advanced manufacturing positions.
With additional suppliers expected to collocate near major projects, employment gains should extend beyond primary development sites. These long-term demand drivers are emerging as the for-sale housing pipeline continues to contract. Southern Nevada only issued 9,734 new home permits in 2025, a 20 percent year-over-year decline and the lowest annual total since 2016. With Nevada’s homeownership rate at roughly 61 percent — one of the lowest in the nation — the region remains highly renter dependent.
The softness in rents recorded in 2025 largely reflects the final phase of elevated supply rather than a shift in underlying demand. During the fourth quarter of 2025, average asking rents decreased by about 2 percent year over year, while 76 percent of surveyed properties offered concessions as new units competed for absorption. As construction moderates and population and job growth continue, these conditions are expected to tighten.
Las Vegas has navigated multiple cycles, each time demonstrating resilience, adaptability and sustained long-term growth. With supply normalizing and demand broadening, the region is well positioned for continued progress in the years ahead.
— By Justin Neubeck, Associate with CBRE. This article was originally published in the April 2026 issue of Western Real Estate Business.