Department of Numbers

Las Vegas Nevada Residential Rent and Rental Statistics

The median monthly gross residential rent in Las Vegas, NV (the Las Vegas-Paradise metro area) was $1,007 in 2015 according to the Census ACS survey.1 Average gross rent in Las Vegas was $1,054 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 Las Vegas median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Las Vegas 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%
Las Vegas, NV Median Gross Rent $1,007 +3.18% +3.07%

Las Vegas, NV Real Gross Rent Trends

Median gross rent for Las Vegas peaked in real terms in 2008 at $1,171 and is now $164 (14.01%) lower. From a recent low of 972.0 in 2013, real median gross rent has now increased by $35 (3.60%). Average gross rent for Las Vegas peaked in real terms in 2008 at $1,202 and is now $148 (12.31%) lower. From a recent low of 1017.0 in 2013, real average gross rent has now increased by $37 (3.64%).

Real Gross Rent in Las Vegas: Las Vegas NV Median, Las Vegas NV Average, Nevada Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Las Vegas

Date US
Median
Nevada
Median
Las Vegas, NV
Median
Las Vegas, NV
Average
2015 $959 $980 $1,007 $1,054
2014 $930 $950 $976 $1,026
2013 $898 $945 $972 $1,017
2012 $886 $947 $977 $1,018
2011 $887 $953 $974 $1,032
2010 $901 $1,003 $1,039 $1,088
2009 $905 $1,067 $1,111 $1,153
2008 $920 $1,129 $1,171 $1,202
2007 $874 $1,085 $1,126 $1,161
2006 $883 $1,061 $1,098 $1,132
2005 $858 $1,015 $1,043 $1,059

Las Vegas 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 Las Vegas Nevada was 9.48% according to Census ACS data.

Rental Vacancy Rate in Las Vegas Nevada

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Nevada 8.47% +0.09% -2.49%
Las Vegas, NV 9.48% +0.62% -2.19%

Trends in Las Vegas, NV Rental Vacancy Rate

The rental vacancy rate in Las Vegas peaked in 2011 at 12.61%. Since then it has fallen by 3.13% to 9.48%. Data records for this series originated in 2005.

Rental Vacancy Rate: Las Vegas NV, Nevada, US

Rental vacancy rate in Nevada

Historical Rental Vacancy Rate data for Las Vegas

Date US Nevada Las Vegas, NV
2015 5.85% 8.47% 9.48%
2014 6.32% 8.38% 8.86%
2013 6.49% 10.51% 11.34%
2012 6.77% 10.96% 11.67%
2011 7.40% 11.73% 12.61%
2010 8.17% 10.71% 11.65%
2009 8.43% 12.58% 12.15%
2008 7.86% 11.28% 11.64%
2007 7.87% 10.10% 9.80%
2006 7.70% 9.10% 9.26%
2005 7.74% 7.31% 7.20%

Rent as a Fraction of Income

Using median household income data for Las Vegas, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Las Vegas, median monthly gross rent as a fraction of median household income was 23.44% in 2015 according to the ACS.

Las Vegas 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%
Las Vegas, NV 23.44% +0.45% -0.15%

Trends in Las Vegas, NV Rent as a Fraction of Income

The fraction of median Las Vegas household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 23.82%. Since then it has fallen by 0.38% to 23.44%.

Fraction of Income towards Rent: Las Vegas NV, Nevada, US

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

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

Date US Nevada Las Vegas, NV
2015 20.63% 22.43% 23.44%
2014 20.89% 22.27% 22.99%
2013 20.78% 22.30% 23.01%
2012 20.65% 22.77% 23.59%
2011 20.70% 22.96% 23.82%
2010 20.50% 22.40% 23.00%
2009 20.12% 22.34% 23.19%
2008 19.00% 21.53% 22.20%
2007 18.66% 21.36% 21.79%
2006 18.90% 20.76% 21.27%
2005 18.89% 21.01% 21.42%

Renter Fraction in Las Vegas Nevada

You can calculate the renter fraction in Las Vegas 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 Las Vegas as a fraction of total Las Vegas households. In 2015 48.42% of households were renters according to Census ACS data.

Las Vegas 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%
Las Vegas, NV 48.42% -1.27% +0.96%

Trends in the Las Vegas, NV Renter Fraction

The Las Vegas household renter fraction peaked in in 2014 at 49.69% and is now 1.27% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Las Vegas NV, Nevada, US

Fraction of renters in Las Vegas

History of Las Vegas Renter Fraction

Date US Nevada Las Vegas, NV
2015 36.97% 45.98% 48.42%
2014 36.90% 46.36% 49.69%
2013 36.50% 45.69% 48.09%
2012 36.09% 45.13% 47.46%
2011 35.42% 43.71% 46.40%
2010 34.65% 42.83% 45.01%
2009 34.13% 40.75% 43.12%
2008 33.36% 40.35% 41.80%
2007 32.80% 39.59% 41.38%
2006 32.73% 38.01% 39.45%
2005 33.10% 39.33% 40.53%

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.