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    Las Vegas, Nevada Rental Market Trends

    Disclaimer:

    Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Las Vegas, Nevada rental market.

    Las Vegas, Nevada

    Average Apartment Rent

    $1,469

    Y-o-Y Change in Average
    Apartment Rent

    -2.6%

    As of July 2023

    Compared to a year ago, Las Vegas, Nevada apartments have recorded a -2.6% rent decrease.

    Las Vegas, Nevada |Average apartment rent trend

    Median Rent Aug 2020 Jan 2021 May 2021 Sep 2021 Nov 2021 Mar 2022 Jul 2022 Nov 2022 Mar 2023 Jul 2023
    Las Vegas $1,109 $1,155 $1,192 $1,341 $1,421 $1,471 $1,506 $1,487 $1,460 $1,469
    National $1,391 $1,395 $1,403 $1,488 $1,584 $1,624 $1,696 $1,713 $1,701 $1,726
    Las Vegas
    National
    Aug 2020
    $1,109
    $1,391
    Jan 2021
    $1,155
    $1,395
    May 2021
    $1,192
    $1,403
    Sep 2021
    $1,341
    $1,488
    Nov 2021
    $1,421
    $1,584
    Mar 2022
    $1,471
    $1,624
    Jul 2022
    $1,506
    $1,696
    Nov 2022
    $1,487
    $1,713
    Mar 2023
    $1,460
    $1,701
    Jul 2023
    $1,469
    $1,726
    View as table View as graph
    Access comprehensive real estate data and information on Yardi ® Matrix

    Las Vegas, Nevada| Average apartment rent

    Las Vegas, Nevada | Apartment rent ranges

    Under $500
    $500 - $700
    $700 - $1000
    $1,000 - $1,500
    $1,500 - $2,000
    Over $2,000

    At 48.32%, apartments priced $1,000 - $1,500 represent the bulk of Las Vegas, Nevada rentals, while condos priced Under $500 hold the lowest share of the market – 0.09%.

    Las Vegas, Nevada | Housing tenure**

    Renter occupied housing units
    110,579
    Owner occupied housing units
    126,729

    Renters take up 47% of Las Vegas, Nevada real estate, occupying a total of 110,579 units, while homeowners live in 126,729 properties.

    Median number of rooms of renter-occupied housing units**

    4.3

    Renter median household income**

    $40,842

    Average household size of renter-occupied housing units**

    2.62

    Rental vacancy rate**

    5.3%

    Las Vegas, Nevada | Renter-occupied housing units by no. of bedrooms**

    No bedrooms 7,681
    1 bed 20,509
    2 beds 39,339
    3 beds 31,355
    4 beds 9,782
    5 or more beds 1,913

    There are 39,339 rentals in Las Vegas, Nevada with 2 beds making up the highest share of the market, at 36%. Units with 5 or more beds, on the other hand, hold the lowest percentage (2%), amounting to 1,913 units. Overall, the median number of rooms in Las Vegas, Nevada homes for rent is 4.3.

    Las Vegas, Nevada |Renter-occupied units by age of householder**

    15 - 24 years 6,591
    25 - 34 years 26,094
    35 - 44 years 24,632
    45 - 54 years 19,258
    55 - 59 years 9,310
    60 - 64 years 7,536
    65 - 74 years 11,336
    75 - 84 years 4,103
    85 years and over 1,719

    Most condos for rent in Las Vegas, Nevada are occupied by residents in the 25 - 34 years age group (24%), followed by those in the 35 - 44 years age group (22%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.

    Las Vegas, Nevada | Renter-occupied housing units by family type**

    Family households
    60,223
    Non-Family housesholds
    50,356

    Las Vegas, Nevada | Renter-occupied housing units by the presence of own children**

    With related children of the householder under 18
    36,581
    No related children of the householder under 18
    73,998

    A total of 60,223 apartments for rent in Las Vegas, Nevada, or 54% of all rentals are family households. Additionally, 33% of rental homes include children under the age of 18 – that’s 36,581 units. All in all, the median size of a renter-occupied household in Las Vegas, Nevada is 2.62.

    Las Vegas, Nevada | Renter-occupied housing units by educational attainment**

    Less than high school graduate 18,396
    High school graduate (including equivalency) 31,589
    Some college or associate's degree 38,960
    Bachelor's degree or higher 21,634

    In terms of education, renters holding bachelor degrees or higher make up 20% of the rental market. In contrast, residents with less than a high school degree reside in 17% of the homes for rent in Las Vegas, Nevada.

    Las Vegas, Nevada | Renter-occupied units by year structure built**

    Built 2014 or later 1,811
    Built 2010 - 2013 3,625
    Built 2000 - 2009 21,281
    Built 1990 - 1999 34,236
    Built 1980 - 1989 19,882
    Built 1970 - 1979 13,020
    Built 1960 - 1969 8,992
    Built 1950 - 1959 5,337
    Built 1940 - 1949 1,655
    Built 1939 or earlier 740

    The highest share of Las Vegas, Nevada apartment rentals, namely 31% or 34,236 units, were Built 1990 - 1999, followed by those Built 2000 - 2009 (19%, 21,281 units), and the ones Built 1980 - 1989 (18%, 19,882 units).

    Las Vegas, Nevada | Renter-occupied units by year householder moved in**

    Moved in 2017 or later 11,649
    Moved in 2015 to 2016 59,445
    Moved in 2010 to 2014 28,172
    Moved in 2000 to 2009 8,648
    Moved in 1990 to 1999 2,091
    Moved in 1989 or earlier 574

    Median year renter moved into unit2016

    Most Las Vegas, Nevada renters (54%) moved in 2015 to 2016, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Las Vegas, Nevada condos for rent is 2016.

    Las Vegas, Nevada | Renter-occupied housing units by vehicles available**

    No vehicle available 19,539
    1 vehicle available 49,190
    2 vehicles available 31,374
    3 vehicles available 7,571
    4 vehicles available 2,293
    5 or more vehicles available 612

    When it comes to transportation options, 44% of Las Vegas, Nevada renters have 1 vehicle available per household, 28% of them have 2 vehicles available, and 18% have No vehicle available.

    Las Vegas, Nevada | Means of transportation to work of householders living in renter-occupied housing units**

    Car, truck, or van - drove alone 94,393
    Car, truck, or van - carpooled 13,825
    Public transportation (excluding taxicab) 7,295
    Walked 2,642
    Taxicab, motorcycle, bicycle, or other means 5,535
    Worked at home 5,715

    Las Vegas, Nevada |Geographical mobility in the past year for householders living in renter-occupied housing units**

    Same house as 1 year ago 214,292
    Moved within same county 50,506
    Moved from different state 17,058
    Moved from abroad 2,299

    Las Vegas, Nevada | Average apartment rent by zip codes


    The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Las Vegas, Nevada apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.

    *Average single-family rent calculated from point2homes.com data.

    **Data sourced from U.S. Census Bureau; American Community Survey, 2020 American Community Survey 5-Year Estimates

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