Department of Numbers

Nevada Residential Rent and Rental Statistics

The median monthly gross residential rent in Nevada was $980 in 2015 according to the Census ACS survey.1 Average gross rent was $1,018 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Nevada median and average rent data will be released in September of 2017.

Data is also available below for Nevada rental vacancy rates, Nevada rent as a percent of median income and the fraction of renters in Nevada.

Show dollars as: Nominal Real

Real Gross Rent in Nevada (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Nevada Median Gross Rent $980 +3.16% +3.48%

Nevada Real Gross Rent Trends

Median gross rent for Nevada peaked in real terms in 2008 at $1,129 and is now $149 (13.20%) lower. From a recent low of 945.0 in 2013, real median gross rent has now increased by $35 (3.70%). Average gross rent for Nevada peaked in real terms in 2008 at $1,163 and is now $145 (12.47%) lower. From a recent low of 984.0 in 2012, real average gross rent has now increased by $34 (3.46%).

Real Gross Rent in Nevada: Median, Average, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Nevada

Date US Median Nevada Median Nevada Average
2015 $959 $980 $1,018
2014 $930 $950 $995
2013 $898 $945 $986
2012 $886 $947 $984
2011 $887 $953 $1,001
2010 $901 $1,003 $1,045
2009 $905 $1,067 $1,106
2008 $920 $1,129 $1,163
2007 $874 $1,085 $1,114
2006 $883 $1,061 $1,082
2005 $858 $1,015 $1,023

Nevada Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Nevada was 8.47% according to Census ACS data.

Rental Vacancy Rate in Nevada

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Nevada 8.47% +0.09% -2.49%

Trends in Nevada Rental Vacancy Rate

The rental vacancy rate in Nevada peaked in 2009 at 12.58%. Since then it has fallen by 4.11% to 8.47%. Data records for this series originated in 2005.

Rental Vacancy Rate: Nevada, US

Rental vacancy rate in Nevada

Historical Rental Vacancy Rate data for Nevada

Date US Nevada
2015 5.85% 8.47%
2014 6.32% 8.38%
2013 6.49% 10.51%
2012 6.77% 10.96%
2011 7.40% 11.73%
2010 8.17% 10.71%
2009 8.43% 12.58%
2008 7.86% 11.28%
2007 7.87% 10.10%
2006 7.70% 9.10%
2005 7.74% 7.31%

Nevada Rent as a Fraction of Income

Using median household income data for Nevada, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Nevada, median monthly gross rent as a fraction of median household income was 22.43% in 2015 according to the ACS.

Nevada Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Nevada 22.43% +0.16% -0.34%

Trends in Nevada Rent as a Fraction of Income

The fraction of median Nevada household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 22.96%. Since then it has fallen by 0.53% to 22.43%.

Fraction of Income towards Rent: Nevada, US

Percent of median household income going towards median monthly gross rent in Nevada

Historical Data for Annual Rent as a Fraction of Income in Nevada

Date US Nevada
2015 20.63% 22.43%
2014 20.89% 22.27%
2013 20.78% 22.30%
2012 20.65% 22.77%
2011 20.70% 22.96%
2010 20.50% 22.40%
2009 20.12% 22.34%
2008 19.00% 21.53%
2007 18.66% 21.36%
2006 18.90% 20.76%
2005 18.89% 21.01%

Renter Fraction in Nevada

You can calculate the renter fraction in Nevada in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Nevada as a fraction of total Nevada households. In 2015 45.98% of households were renters according to Census ACS data.

Nevada Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Nevada 45.98% -0.38% +0.85%

Trends in the Nevada Renter Fraction

The Nevada household renter fraction peaked in in 2014 at 46.36% and is now 0.38% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Nevada, US

Fraction of renters in Nevada

History of Nevada Renter Fraction

Date US Nevada
2015 36.97% 45.98%
2014 36.90% 46.36%
2013 36.50% 45.69%
2012 36.09% 45.13%
2011 35.42% 43.71%
2010 34.65% 42.83%
2009 34.13% 40.75%
2008 33.36% 40.35%
2007 32.80% 39.59%
2006 32.73% 38.01%
2005 33.10% 39.33%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.