Investors, Partners, and Friends,

This month’s Rockview Review explores why Las Vegas remains one of the most compelling multifamily investment markets for 2025 and beyond. With supply and demand more balanced than in other Sunbelt metros and a rapidly diversifying economy, we believe Las Vegas is well-positioned for long-term growth and strong multifamily performance.

We hope you find this Rockview Review insightful, and as always, we’re here to answer any questions.

Key Industries Driving Job Growth and Diversification

Las Vegas’ economy has evolved and continues to evolve far beyond gaming and tourism. Healthcare, technology, film production, and advanced manufacturing are fueling economic expansion and strengthening long-term multifamily demand.

• Healthcare & Life Sciences: The Las Vegas Medical District expansion, UNLV medical school, and new specialty hospitals are bringing thousands of high-paying jobs, increasing demand for rental housing.
• Major Corporate & Industrial Investments: Sony Pictures’ Summerlin Studios (136,000 SF film production facility) and Haas Automation’s 2.5M SF manufacturing facility will drive demand for suburban rental housing near employment centers in coveted Las Vegas suburbs – Summerlin and Henderson.
• Sports & Entertainment Expansion: Super Bowl LVIII, Formula 1, and the NCAA Final Four have made Las Vegas a year-round entertainment destination, supporting long-term population growth. A new MLB franchise and a potential NBA franchise further reinforces this shift.
• Infrastructure & Connectivity Growth: The Brightline West high-speed rail will connect Las Vegas to Rancho Cucamonga, a highly popular Inland Empire city in Southern California, while the $12 billion Apex Industrial Park expansion is turning North Las Vegas into a major logistics hub.
• Technology & Clean Energy Investment: Nevada’s lithium battery supply chain, data centers, and fintech growth are attracting white-collar professionals, increasing demand for high-end rentals.

Pictured Below: Las Vegas' economy is diversifying, with strong 2024 growth in Management of Companies and Enterprises (+9.4%) Professional Services (+7.7%), Transportation and Warehousing (+7.6%), and Healthcare (+4.8%).

The State of the Rental & Housing Market in Las Vegas

Unlike overbuilt Sunbelt markets such as Austin, Raleigh, and Nashville, Las Vegas has seen a more measured supply pipeline, keeping fundamentals relatively strong.

Key Supply & Demand Figures (CoStar):

• 5,000 new units delivered in 2024, a ~27% drop from 2023, reflecting a pullback in new development despite strong demand.
• Absorption hit a record 5,800 units, beating the previous all-time high set in 2020, indicating supply is being absorbed.
• Only 4,459 units under construction, a modest 2.3% expansion of inventory, compared to 7–9% in overbuilt markets like Nashville and Charlotte.
• 2024 saw the lowest number of new apartment starts since 2013, signaling a steep drop in future supply.

What This Means for Multifamily Investors:

• High Homeownership Costs Will Continue to Boost Rental Demand: With the median home price remaining high at ~$448K (​RedFin​) and mortgage rates remaining elevated (around 6.63% as of 3/6/25 per FRED), affordability remains a key driver keeping renters in the multifamily market.
• Now is A Great Time to Invest: Supply and demand are rebalancing, and with new construction slowing significantly, vacancy rates will decline and rent growth will return in the next 12–24 months. Now is a prime window to invest, with pricing adjustments creating acquisition opportunities before supply growth tapers and strong market demand drivers cause rents to grow.

Submarket Spotlight: Henderson

Henderson is Las Vegas’ premier suburban submarket, offering high-quality housing, top-tier schools, and a strong employment base beyond gaming and tourism. With a growing population, economic expansion, and increasing demand for Class A and workforce housing, Henderson remains one of the best-performing multifamily submarkets in Southern Nevada.

Why Henderson is a Prime Multifamily Market

• Higher-income, educated resident base: With a median household income of ~$88K (​Henderson City, 2023 per Census​), Henderson attracts professionals, families, and retirees looking for quality schools and suburban living.
• Strong population growth: Now at ~343,000 residents (+7.6% since 2020), Henderson is a top destination for transplants from California and other high-cost metros, and benefits from being situated only 15 minutes from Las Vegas proper.
• Job growth and economic diversification: A diverse job base beyond tourism includes:
  • Barclays’ regional headquarters (finance)
  • Amazon distribution centers (logistics & e-commerce)
  • The Las Vegas Raiders headquarters & training facility (sports)
  • St. Rose Dominican & Henderson Hospital (healthcare)
  • Kroger Distribution Center (food services/logistics)
  • Haas Automation (computerized manufacturing)

Infrastructure and Developments Driving Growth in Henderson

• West Henderson industrial expansion: Haas Automation’s $300 to $400 million manufacturing facility will bring thousands of construction jobs and hundreds of permanent high-tech jobs positioning Henderson as an advanced manufacturing hub. (​HendersonNow​).
• Union Village medical campus: One of the nation’s largest healthcare-focused mixed-use developments, adding jobs and increasing demand for both Class A and workforce housing.
• Water Street District revitalization: The ongoing transformation of Henderson’s downtown corridor with new retail, dining, and multifamily projects is making it more attractive for young professionals.
• Connectivity improvements:
  • The I-11 freeway expansion is improving access to Henderson from Phoenix and other major markets.
  • Reimagine Boulder Highway is a transformational infrastructure project that will modernize a 7.5-mile stretch of Boulder Highway, improving safety, mobility, and connectivity. The project includes center-running transit lanes, enhanced pedestrian walkways, and dedicated bike lanes, ensuring a more efficient and accessible roadway for residents and businesses.

Pictured Below: Project Area for Reimagine Boulder Highway

Investment Outlook: Why We Like Henderson

• High-growth employers expanding in the submarket
• A diverse job base and high-income demographics provide long-term rental stability.
• Master-planned growth strategies ensure new developments are well-integrated with retail, schools, and infrastructure, making submarkets like West Henderson and Green Valley prime for investment.

Henderson continues to be one of the top submarkets for multifamily investment in Las Vegas, with strong economic fundamentals, a growing population, and increasing demand for rental housing.

Rockview Capital’s Investment Focus in Las Vegas

Rockview Capital is deploying capital across a two-pronged multifamily investment strategy, focusing on both new Class A properties and value-add workforce housing.

New Class A Product in High-Growth Corridors

• Acquiring Class A properties (garden-style and build-to-rent) at discounts to replacement cost, allowing for value-insulation and upside from limited new supply.
• Capitalizing on strong in-migration and future rent growth, particularly in high-absorption submarkets like Henderson, Southwest I-215, and North Las Vegas.

Workforce Housing & Value-Add Acquisitions

• Targeting older Class B properties in well-located areas with strong value-add potential.
• Implementing operational efficiencies, unit renovations, and strategic repositioning to capture strong workforce housing demand.

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We look forward to keeping you apprised on our investments in 2025 and beyond. Until next time,

Rockview Capital LLC

About Rockview Capital: Rockview Capital (“Rockview”) is a multifamily real estate investment management firm. We leverage our deep market expertise, disciplined investment approach, and long-term investment horizon to capitalize on compelling opportunities within the multifamily real estate sector.