AUGUST 11 Issue - Vegas Business Digest Recap

AUGUST 11 2023 / ISSUE NO. 84 / ARCHIVE

This Week's Top Stories

Las Vegas Multifamily Housing Trends Shift

welcome to fabulous las vegas nevada signage — Photo by Grant Cai / Unsplash

According to the Nevada State Apartment Association (NVSAA)’s newest report, the Las Vegas valley multifamily housing market has seen a 5.5% increase in new inventory and a 2% increase in vacancy rate from this time last year to now at 8.9%. The average rent decreased by 3.1% to now at $1,430 per month, below the national average of $1,670. The forecast calls for vacancies to approach 10% by the end of 2023.

*UNLV's New Advanced Engineering Building (Becca Schwartz/UNLV)*

UNLV’s Advanced Engineering Building (AEB) is planning to open in January 2024. The vision of this new engineering building started 13 years ago. For the past 18 months, the building has been under construction. The AEB will support research in water resources, environmental engineering, material engineering, biomedical engineering, advanced energy research, cybersecurity, electronics, robotics, Artificial Intelligence, and machine learning.

gray steel 3-door refrigerator near modular kitchen — Photo by Naomi Hébert / Unsplash

RealPage, a software and tech platform for real estate owners and property managers, released its newest research in partnership with The Center for Generational Kinetics. The research surveyed 2,000 American multifamily renters, spanning across four major age demographics - Gen X (ages 44-55), Older Millennials (ages 36-43), Younger Millennials (ages 27-35), and Gen Z (ages 18-26).