Class B Apartments Now Lead Las Vegas Rental Market Recovery – What Investors Need to Know

by Jeremy Hyde

Class B Apartments Now Lead Las Vegas Rental Market Recovery – What Investors Need to Know

The Las Vegas rental market saw a major rebound in 2024, with Class B apartments emerging as the most in-demand option for renters. For the first time, Class B units have higher occupancy than Class C, reflecting a shift toward better-quality, affordable housing.

📈 Key Market Highlights:

✔ Overall occupancy rebounded to 94.8% by the end of 2024

✔ Class B apartments reached 95% occupancy, surpassing Class C (94.8%) and Class A (94.5%)

✔ Strong migration & job growth continue to fuel rental demand

Why Class B Apartments Are Outperforming the Market

Class B apartments have historically ranked below Class C in occupancy, as budget-conscious renters prioritized affordability. However, 2024 marked a shift, with more tenants seeking better amenities, updated units, and improved locations—without the high costs of Class A luxury rentals.

🔹 3 Key Factors Driving Class B Demand:

1️⃣ Affordability vs. Luxury: Class B units offer a balance of quality and affordability, making them attractive to middle-income renters.

2️⃣ New Apartment Supply & Market Adjustments: The record number of new apartments built in early 2024 temporarily drove occupancy rates down, but demand quickly bounced back.

3️⃣ Migration & Job Growth: Las Vegas continues to attract new residents, creating a sustained need for mid-tier rental properties.

2024 Las Vegas Apartment Occupancy Rates by Class

Apartment Class Occupancy Rate (2024)

Class B 95.0% 🚀 (Highest)

Class C 94.8%

Class A 94.5%

📌 Investor Insight: Class B’s higher occupancy rate suggests that mid-tier apartments will continue to be a profitable investment option in 2025 and beyond.

What This Means for Renters & Investors

For Renters: More Demand for Quality at a Fair Price

💡 Class B units offer:

•Better amenities & newer features than Class C

•Lower costs than luxury Class A apartments

•Prime locations near major employment hubs

For Investors: Stability & Growth in Class B Rentals

🏢 Why Invest in Class B Apartments?

✔ High occupancy = consistent rental income

✔ Rising demand from middle-income renters

✔ More affordable than Class A but with strong appreciation potential

Las Vegas Rental Market Outlook: What to Expect in 2025

🔹 Continued demand for Class B units as renters prioritize quality & affordability

🔹 Occupancy rates stabilizing after 2024’s supply surge

🔹 Migration trends & job market growth fueling rental demand

With Las Vegas’ strong economic fundamentals, Class B apartments are set to remain one of the most stable and profitable rental property investments in 2025.

📢 Interested in investing in Class B multifamily properties?

👉 Click here to view available Class B apartments and multifamily listings

Frequently Asked Questions (FAQs)

1. What are Class B apartments?

Class B apartments are mid-tier rental properties, typically 10-30 years old, offering modern amenities at a more affordable price than Class A luxury apartments.

2. Why are Class B apartments in high demand?

Renters prefer a balance between affordability and quality, especially as housing costs rise. Class B units provide updated features, prime locations, and reasonable rents.

3. How do Class B apartments compare to Class C?

Class C units are older and more affordable but may lack amenities and modern upgrades. In 2024, Class B surpassed Class C in occupancy for the first time, showing a shift in renter preferences.

4. Are Class B apartments a good investment in Las Vegas?

Yes. High occupancy, steady rental demand, and affordable acquisition costs make Class B properties a smart choice for investors.

5. What areas in Las Vegas have strong demand for Class B apartments?

Key areas include Spring Valley, Henderson, and parts of Summerlin, where job opportunities and affordability drive rental demand.

6. How can I invest in Class B properties?

Explore available Class B multifamily investments through trusted real estate professionals specializing in Las Vegas rental markets.

Final Thoughts: Why Class B Apartments Are the Smart Choice for 2025

Las Vegas’ rental market is shifting, and Class B apartments are leading the way.

✅ Higher occupancy than Class C & Class A for the first time

✅ Balance of affordability & quality driving rental demand

✅ Excellent investment opportunity for steady cash flow

📢 Want to capitalize on the demand for Class B apartments?