GITNUX REPORT 2024

Average Rent in Las Vegas Soars as Housing Market Tightens

Unveiling Las Vegas Rent: Trends, Affordability, and Neighborhood Breakdowns in the Rental Market Boom

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

The average apartment size in Las Vegas is 893 sq. ft.

Statistic 2

22% of Las Vegas renters live in apartments built in the 1980s

Statistic 3

Only 7% of Las Vegas renters live in apartments built after 2000

Statistic 4

The average rent in Downtown Las Vegas is $1,295

Statistic 5

Summerlin South has the highest average rent in Las Vegas at $1,957

Statistic 6

The most affordable Las Vegas neighborhood for renters is Charleston Heights with an average rent of $895

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The average rent in North Las Vegas is $1,364

Statistic 8

Henderson, a Las Vegas suburb, has an average rent of $1,581

Statistic 9

The average rent for a studio apartment in Downtown Las Vegas is $1,095

Statistic 10

Spring Valley, a Las Vegas suburb, has an average rent of $1,375

Statistic 11

35% of Las Vegas renters are cost-burdened, spending more than 30% of their income on rent

Statistic 12

The median household income for renters in Las Vegas is $47,789

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Las Vegas has a rent-to-income ratio of 21%

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Las Vegas has a rental affordability index of 0.28

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The average credit score of Las Vegas renters is 632

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The average age of Las Vegas renters is 32 years old

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48% of Las Vegas renters have pets

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29% of Las Vegas renters have a bachelor's degree or higher

Statistic 19

The average security deposit for a Las Vegas apartment is $1,000

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51% of households in Las Vegas are renter-occupied

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Las Vegas is the 40th most expensive rental market in the nation

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The vacancy rate in Las Vegas is 6.2%

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Las Vegas has a price-to-rent ratio of 17.5

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Las Vegas has a gross rental yield of 5.7%

Statistic 25

Las Vegas has seen a 2.5% increase in rental inventory over the past year

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Las Vegas has a rental vacancy rate of 6.8% for multifamily properties

Statistic 27

Las Vegas rent prices are 26% lower than the California state average

Statistic 28

The average rent in Las Vegas is 5% higher than the Nevada state average

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Las Vegas rent prices are 17% lower than the national average

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Las Vegas rent prices are 45% lower than San Francisco rent prices

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Las Vegas rent prices are 22% higher than Phoenix rent prices

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Las Vegas rent prices are 12% lower than Denver rent prices

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Las Vegas rent prices are 8% higher than Reno rent prices

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Las Vegas rent prices have increased by 5% compared to the previous year

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Las Vegas rents have increased 24.3% since the start of the pandemic

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Las Vegas rent prices have increased by 21.9% since 2017

Statistic 37

Las Vegas has experienced a 6.8% year-over-year increase in rental applications

Statistic 38

Las Vegas rent prices have increased by 3.5% in the last quarter

Statistic 39

Las Vegas rent prices have increased by 1.2% month-over-month

Statistic 40

Las Vegas rent prices have increased by 33% since 2015

Statistic 41

44% of apartments in Las Vegas rent for between $1,001-$1,500

Statistic 42

Only 3% of apartments in Las Vegas rent for less than $701 per month

Statistic 43

18% of Las Vegas apartments rent for over $2,000 per month

Statistic 44

Average rent in Las Vegas is $1,451 for a one-bedroom apartment

Statistic 45

Average rent for a two-bedroom apartment in Las Vegas is $1,699

Statistic 46

Studio apartments in Las Vegas rent for $1,137 a month on average

Statistic 47

The median rent for all bedrooms and property types in Las Vegas is $1,595

Statistic 48

The average rent for a 3-bedroom apartment in Las Vegas is $1,975

Statistic 49

The average rent for a luxury apartment in Las Vegas is $1,834

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The average rent for a pet-friendly apartment in Las Vegas is $1,523

Statistic 51

The average rent for a 4-bedroom apartment in Las Vegas is $2,195

Statistic 52

The average rent for a furnished apartment in Las Vegas is $1,725

Statistic 53

The average rent for a short-term apartment in Las Vegas is $2,100 per month

Statistic 54

The average rent for an apartment with in-unit laundry in Las Vegas is $1,595

Statistic 55

The average rent for a gated community apartment in Las Vegas is $1,650

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The average rent for an apartment with a balcony in Las Vegas is $1,525

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The average rent for an apartment with a pool in Las Vegas is $1,575

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The average rent for a newly constructed apartment in Las Vegas is $1,825

Statistic 59

The average rent for an apartment with utilities included in Las Vegas is $1,450

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The average rent for a loft apartment in Las Vegas is $1,695

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The average rent for an apartment with a fitness center in Las Vegas is $1,600

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The average rent for a corporate apartment in Las Vegas is $2,250 per month

Statistic 63

The average rent for an apartment with hardwood floors in Las Vegas is $1,575

Statistic 64

The average rent for a penthouse apartment in Las Vegas is $3,500

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Summary

  • Average rent in Las Vegas is $1,451 for a one-bedroom apartment
  • Average rent for a two-bedroom apartment in Las Vegas is $1,699
  • Studio apartments in Las Vegas rent for $1,137 a month on average
  • The average apartment size in Las Vegas is 893 sq. ft.
  • 51% of households in Las Vegas are renter-occupied
  • Las Vegas rent prices have increased by 5% compared to the previous year
  • The median rent for all bedrooms and property types in Las Vegas is $1,595
  • Las Vegas is the 40th most expensive rental market in the nation
  • The average rent in Downtown Las Vegas is $1,295
  • Summerlin South has the highest average rent in Las Vegas at $1,957
  • The most affordable Las Vegas neighborhood for renters is Charleston Heights with an average rent of $895
  • 44% of apartments in Las Vegas rent for between $1,001-$1,500
  • Only 3% of apartments in Las Vegas rent for less than $701 per month
  • 18% of Las Vegas apartments rent for over $2,000 per month
  • The average rent for a 3-bedroom apartment in Las Vegas is $1,975

Move over high-rolling gamblers, because in Las Vegas, the odds are in favor of apartment hunters navigating the citys diverse rental landscape. From the high-roller penthouses commanding top dollar to the budget-friendly abodes in charming neighborhoods like Charleston Heights, the average rent in Sin City is a hot topic. With stats as varied as the slot machines on the Strip – think $1,951 for a two-bedroom in Summerlin South or a steal at $895 in Charleston Heights – its clear that finding the perfect rental in Las Vegas is not just a roll of the dice.

Apartment Characteristics

  • The average apartment size in Las Vegas is 893 sq. ft.
  • 22% of Las Vegas renters live in apartments built in the 1980s
  • Only 7% of Las Vegas renters live in apartments built after 2000

Interpretation

Las Vegas may be known for its glitzy casinos and neon lights, but when it comes to renting a place to call home, the stats paint a different picture. With an average apartment size barely bigger than a high roller's walk-in closet, it seems like Sin City is asking renters to bet on coziness over space. And with a quarter of renters residing in apartments that saw their heyday back in the '80s, it's clear that vintage charm is in high demand. As for those shiny new pads built after 2000, they're as elusive as hitting the jackpot on a penny slot machine, with only a slim 7% of renters getting lucky enough to call them home. In this high-stakes rental market, it looks like what happens in Vegas stays in a small, retro apartment.

Neighborhood Rental Prices

  • The average rent in Downtown Las Vegas is $1,295
  • Summerlin South has the highest average rent in Las Vegas at $1,957
  • The most affordable Las Vegas neighborhood for renters is Charleston Heights with an average rent of $895
  • The average rent in North Las Vegas is $1,364
  • Henderson, a Las Vegas suburb, has an average rent of $1,581
  • The average rent for a studio apartment in Downtown Las Vegas is $1,095
  • Spring Valley, a Las Vegas suburb, has an average rent of $1,375

Interpretation

Las Vegas rental market: where the stakes are high and the rents are even higher. From the hip scene in Downtown to the lavish abodes of Summerlin South, it's a game of chance for renters searching for that perfect spot to call home. While Charleston Heights offers a winning hand to budget-conscious tenants, those looking to splash out in Henderson will find themselves rolling the dice for a slice of suburban luxury. In this real estate desert oasis, whether you're a studio apartment player or a Spring Valley suburbanite, it's all about placing your bets and hoping for a housing jackpot. Place your bets, Las Vegas renters - the house always wins, but there's always a chance for a lucky break.

Rental Affordability

  • 35% of Las Vegas renters are cost-burdened, spending more than 30% of their income on rent
  • The median household income for renters in Las Vegas is $47,789
  • Las Vegas has a rent-to-income ratio of 21%
  • Las Vegas has a rental affordability index of 0.28

Interpretation

In a city known for its high-stakes lifestyle, Las Vegas renters seem to be rolling the dice with their finances. With 35% of them spending more than 30% of their income on rent, it seems like the house isn't always winning in this case. The median household income of $47,789 coupled with a rent-to-income ratio of 21% paints a picture of tight budgets and limited room for financial maneuvering. With a rental affordability index of 0.28, it's clear that the chips are stacked against many renters in Sin City. It might be time for renters to up their game or risk losing this bet on affordable housing.

Rental Applicant Profile

  • The average credit score of Las Vegas renters is 632
  • The average age of Las Vegas renters is 32 years old
  • 48% of Las Vegas renters have pets
  • 29% of Las Vegas renters have a bachelor's degree or higher

Interpretation

Las Vegas renters may hit the jackpot with their vibrant pet companions and youthful energy, but when it comes to credit scores and educational attainment, they might be rolling the dice. With an average credit score of 632 and only 29% holding a bachelor's degree or higher, it seems that while the city's renters are taking care of their furry friends and staying forever young at 32 years old, they might be wise to bet on improving their financial and educational prospects for a more stable future – because in the game of renting, the odds always favor the prepared.

Rental Costs

  • The average security deposit for a Las Vegas apartment is $1,000

Interpretation

In a city where dreams are often made in a single bet on the roulette table, the average security deposit for a Las Vegas apartment at $1,000 serves as a stark reminder that when it comes to finding a place to call home, the house always wins. So, while you may feel like you've hit the jackpot with a new apartment, be prepared to ante up for your slice of the Sin City skyline. Just remember, in this real estate game, the odds are in the landlord's favor.

Rental Market

  • 51% of households in Las Vegas are renter-occupied
  • Las Vegas is the 40th most expensive rental market in the nation
  • The vacancy rate in Las Vegas is 6.2%
  • Las Vegas has a price-to-rent ratio of 17.5
  • Las Vegas has a gross rental yield of 5.7%
  • Las Vegas has seen a 2.5% increase in rental inventory over the past year
  • Las Vegas has a rental vacancy rate of 6.8% for multifamily properties

Interpretation

With over half of households in Las Vegas playing for Team Renter, it's clear that Sin City knows how to roll the dice in the rental market. Ranking as the 40th most expensive rental market in the nation, Las Vegas is like a high-roller at a blackjack table, balancing affordability with a hint of extravagance. Despite a vacancy rate of 6.2%, the city still manages to maintain a price-to-rent ratio of 17.5, proving that even in the land of neon lights and slot machines, real estate remains a steady bet. With a rental yield of 5.7%, Las Vegas landlords are dancing to their own version of the Viva Las Vegas tune. And let's not forget the 2.5% increase in rental inventory, showing that there's more to choose from than just themed hotel rooms. So, whether you're a tenant hunting for a place to call home or an investor looking to hit the jackpot, Las Vegas offers a diverse range of rental options that are sure to keep the housing market spinning.

Rental Market Comparison

  • Las Vegas rent prices are 26% lower than the California state average
  • The average rent in Las Vegas is 5% higher than the Nevada state average
  • Las Vegas rent prices are 17% lower than the national average
  • Las Vegas rent prices are 45% lower than San Francisco rent prices
  • Las Vegas rent prices are 22% higher than Phoenix rent prices
  • Las Vegas rent prices are 12% lower than Denver rent prices
  • Las Vegas rent prices are 8% higher than Reno rent prices

Interpretation

Las Vegas rent prices seem to be playing a game of roulette compared to other cities, with odds that fluctuate more than the winning streak of a high roller. While they may not hit the jackpot of being the lowest in the nation, they still offer better odds than many of their neighboring states. So, whether you're a high roller or a penny-pincher, Las Vegas has a rental price that's sure to make you feel like you've hit the jackpot - even if that jackpot comes with a slightly higher price tag than Reno.

Rental Market Trends

  • Las Vegas rent prices have increased by 5% compared to the previous year
  • Las Vegas rents have increased 24.3% since the start of the pandemic
  • Las Vegas rent prices have increased by 21.9% since 2017
  • Las Vegas has experienced a 6.8% year-over-year increase in rental applications
  • Las Vegas rent prices have increased by 3.5% in the last quarter
  • Las Vegas rent prices have increased by 1.2% month-over-month
  • Las Vegas rent prices have increased by 33% since 2015

Interpretation

In a city known for its high-rolling lifestyle, Las Vegas residents are now facing a different kind of gamble: the ever-rising cost of rent. With prices soaring by 5% compared to last year, 24.3% since the pandemic began, and a staggering 33% increase since 2015, it seems like Lady Luck has left the building for tenants. The 6.8% spike in rental applications shows that competition for housing is heating up faster than a craps table on a winning streak. So, whether you're a high roller or just trying to make rent, the odds in Sin City are clear: the house keeps winning, and renters are left hoping for a lucky break.

Rental Price Distribution

  • 44% of apartments in Las Vegas rent for between $1,001-$1,500
  • Only 3% of apartments in Las Vegas rent for less than $701 per month
  • 18% of Las Vegas apartments rent for over $2,000 per month

Interpretation

Well, it seems like in Sin City, the rent prices are playing a high-stakes game of their own. With 44% of apartments falling into the $1,001-$1,500 range, it appears that many residents are willing to roll the dice for a decent place. Meanwhile, the mere 3% of apartments renting for less than $701 per month might make budget-conscious individuals feel like they're on a losing streak. And for those living in the lap of luxury, the 18% of apartments renting for over $2,000 per month prove that in Vegas, you can truly go big or go home - as long as you can afford to pay up.

Rental Prices

  • Average rent in Las Vegas is $1,451 for a one-bedroom apartment
  • Average rent for a two-bedroom apartment in Las Vegas is $1,699
  • Studio apartments in Las Vegas rent for $1,137 a month on average
  • The median rent for all bedrooms and property types in Las Vegas is $1,595
  • The average rent for a 3-bedroom apartment in Las Vegas is $1,975
  • The average rent for a luxury apartment in Las Vegas is $1,834
  • The average rent for a pet-friendly apartment in Las Vegas is $1,523
  • The average rent for a 4-bedroom apartment in Las Vegas is $2,195
  • The average rent for a furnished apartment in Las Vegas is $1,725
  • The average rent for a short-term apartment in Las Vegas is $2,100 per month
  • The average rent for an apartment with in-unit laundry in Las Vegas is $1,595
  • The average rent for a gated community apartment in Las Vegas is $1,650
  • The average rent for an apartment with a balcony in Las Vegas is $1,525
  • The average rent for an apartment with a pool in Las Vegas is $1,575
  • The average rent for a newly constructed apartment in Las Vegas is $1,825
  • The average rent for an apartment with utilities included in Las Vegas is $1,450
  • The average rent for a loft apartment in Las Vegas is $1,695
  • The average rent for an apartment with a fitness center in Las Vegas is $1,600
  • The average rent for a corporate apartment in Las Vegas is $2,250 per month
  • The average rent for an apartment with hardwood floors in Las Vegas is $1,575
  • The average rent for a penthouse apartment in Las Vegas is $3,500

Interpretation

In Las Vegas, finding an apartment is like navigating a buffet of choices, each with its own price tag. From pet-friendly pads to fitness center havens, there's a flavor for every renter’s palate. But beware the siren song of the penthouse—a lofty $3,500 slice of the Las Vegas high life that may have you seeing stars even as you take in the view from your exclusive perch. In this city of lights and luck, the average rent tells a tale of diversity, luxury, and perhaps a touch of whimsy as residents weigh the cost of living against the allure of Vegas' glitz and glamour.

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