Apartment concessions surge locally, outpacing national trends
More than 70% of multifamily properties in Las Vegas are now offering concessions to attract renters, highlighting how strongly the Southern Nevada market has shifted in favor of tenants.
This level of discounting is particularly notable for Las Vegas, both because of how widespread concessions have become and because of the widening gap between local and national trends. As of mid-February, approximately 72% of apartment communities in the Las Vegas area were offering at least one type of concession — significantly higher than the national average of 44%. Even that national figure ranks among the highest levels recorded in the United States.
Although Las Vegas is considered one of the fastest-growing Sun Belt markets, it has historically seen less multifamily development compared to many metro areas across the Southwest and the broader South. A smaller development pipeline typically limits competition among landlords, creating a more balanced rental environment.
As recently as late 2021, the rate of apartment concessions in Las Vegas was roughly half the national average.
However, market conditions began to shift in 2022 when developers launched a major wave of multifamily construction across Southern Nevada. A large portion of these projects was delivered between late 2023 and 2025, reshaping the region’s housing landscape. What was once a market heavily dominated by single-family homes now includes a broader mix of apartment communities.
The influx of new supply has intensified competition among property owners, leading to elevated vacancy pressures and increased incentives for renters. In response, many multifamily operators have reduced asking rents and introduced aggressive concession packages to secure leases. As a result, renters in Las Vegas — along with several other Sun Belt markets — currently hold greater negotiating leverage.
Looking ahead, this tenant-friendly environment may not last indefinitely. Multifamily construction starts in Las Vegas have fallen below historical norms, suggesting that the current supply surge could taper off in the coming years. According to CoStar forecasts, new unit deliveries are expected to remain well below average in 2027 and 2028. If that projection holds, landlords in Southern Nevada could regain stronger pricing power as supply tightens.
Source: Original reporting by Danny Khalil, CoStar News.
