Las Vegas, Nevada Rental Market Trends
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
Las Vegas, Nevada| Average apartment rent
Las Vegas, Nevada | Apartment rent ranges
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**
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**
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**
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**
Las Vegas, Nevada | Renter-occupied housing units by the presence of own children**
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**
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**
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**
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**
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**
Las Vegas, Nevada |Geographical mobility in the past year for householders living in renter-occupied housing units**
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
