Q3 2023 Market Trends Newsletter

November 18, 2023

Tourism is flooding into Las Vegas, and renters are flooding into Reno, with both metro areas seeing improvements in sectors driven by increased activity (retail and multifamily respectively). For the first time ever this past November, more than 5 million visitors passed through Harry Reid International Airport in a single month, and air passenger figures remain elevated. Gaming revenue in the state of Nevada eclipsed $1 billion for a record 28 consecutive months. Annual job growth in the Las Vegas metro has averaged 3.2% in the past 10 years, outperforming the national average of 1.4% in that time.

Multifamily investment in Reno is outperforming most metro areas in the region, as in-migration continues to add to the population (many of the newcomers hailing from California’s far more costly housing markets). In the following pages, we outline the major market trends in the Las Vegas and Reno market sectors, along with key indicators. In today’s quickly changing environment, we remain ready to assist you with your commercial real estate valuation needs at any time.

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