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.
Highlights
An apartment for rent in Las Vegas, Nevada typically goes for $1,421 per month, while a single-family home for rent in Las Vegas, Nevada has a monthly cost of around $2,811. Renter-occupied units make up 47% of the local housing market, while the rental vacancy rate in Las Vegas, Nevada is at 6.7.
Las Vegas, Nevada
Average Apartment Rent in October 2021
$1,421
Y-o-Y Change in Average
Apartment Rent
22.6%
Average Single-Family Rent in October 2021
$2,811
Compared to a year ago, Las Vegas, Nevada apartments have recorded a 22.6% rent increase.
Las Vegas, Nevada| Average apartment rent
Las Vegas, Nevada | Apartment rent ranges
At 41.9%, 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 109,680 units, while homeowners live in 122,235 properties.
Median number of rooms of renter-occupied housing units**
4.3
Renter median household income**
$39,001
Average household size of renter-occupied housing units**
2.63
Rental vacancy rate**
6.7%
Las Vegas, Nevada | Renter-occupied housing units by no. of bedrooms**
There are 39,729 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 1,892 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 (23%), 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 58,964 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 36,070 units. All in all, the median size of a renter-occupied household in Las Vegas, Nevada is 2.63.
Las Vegas, Nevada | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 19% of the rental market. In contrast, residents with less than a high school degree reside in 18% 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 30% or 33,058 units, were Built 1990 - 1999, followed by those Built 2000 - 2009 (20%, 21,994 units), and the ones Built 1980 - 1989 (19%, 20,718 units).
Las Vegas, Nevada | Renter-occupied units by year householder moved in**
Median year renter moved into unit2015
Most Las Vegas, Nevada renters (36%) moved in 2010 to 2014, 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 2015.
Las Vegas, Nevada | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 45% of Las Vegas, Nevada renters have 1 vehicle available per household, 27% 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, 2019 American Community Survey 5-Year Estimates
