The Las Vegas Valley’s rental market is experiencing relatively lower rates compared to similar-sized metro areas, according to a report by Zumper. As of June, the median price for a one-bedroom rental in Clark County is $1,250. This positions Las Vegas below cities like Denver, Sacramento, Austin, and Portland, but above Salt Lake County, where rent is $1,230.
The cost of a two-bedroom rental in the Las Vegas Valley is $1,500, showing a 3.2 percent decrease from the previous month, though it remains unchanged compared to the previous year. Nationwide, Zumper’s report indicates that rental prices are either stable or declining in many major metro areas due to a significant increase in available apartment units.
In July, the median one-bedroom rental rate in the U.S. remained stable, while two-bedroom rates slightly decreased by 0.3 percent to $1,905. Year-over-year, both one- and two-bedroom rents have seen slight declines, but Zumper’s CEO notes the market’s resilience despite economic challenges. The limited decrease in rents, despite new supply, suggests strong renter demand.
Las Vegas ranks as the 65th most expensive rental market in the U.S., slightly decreasing in rank since June. It is positioned just above Knoxville, Tennessee, and below Buffalo, New York. Additionally, the region has experienced a significant increase in senior renters over the past decade, surpassing the national growth rate for this demographic.