Nevada Residential Rent and Rental Statistics
The median monthly gross residential rent in Nevada was $1,168 in 2019 according to the Census ACS survey.1 Average gross rent was $1,186 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Nevada median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Nevada (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Nevada Median Gross Rent | $1,168 | +3.55% | +11.24% |
Nevada Real Gross Rent Trends
Median gross rent for Nevada peaked in real terms in 2008 at $1,197 and is now $29 (2.42%) lower. From a recent low of 1003.0 in 2013, real median gross rent has now increased by $165 (16.45%). Average gross rent for Nevada peaked in real terms in 2008 at $1,234 and is now $48 (3.89%) lower. From a recent low of 1044.0 in 2012, real average gross rent has now increased by $142 (13.60%).
Real Gross Rent in Nevada: Median, Average, US Median
Real Gross Rent History for Nevada
| Date | US Median | Nevada Median | Nevada Average |
|---|---|---|---|
| 2019 | $1,097 | $1,168 | $1,186 |
| 2018 | $1,077 | $1,128 | $1,147 |
| 2017 | $1,043 | $1,084 | $1,114 |
| 2016 | $1,027 | $1,050 | $1,087 |
| 2015 | $1,017 | $1,040 | $1,080 |
| 2014 | $986 | $1,008 | $1,056 |
| 2013 | $953 | $1,003 | $1,046 |
| 2012 | $940 | $1,004 | $1,044 |
| 2011 | $941 | $1,011 | $1,062 |
| 2010 | $955 | $1,064 | $1,108 |
| 2009 | $960 | $1,132 | $1,173 |
| 2007 | $927 | $1,151 | $1,182 |
| 2005 | $910 | $1,076 | $1,085 |
Nevada Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Nevada was 7.58% according to Census ACS data.
Rental Vacancy Rate in Nevada
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Nevada | 7.58% | -1.11% | -0.38% |
Trends in Nevada Rental Vacancy Rate
The rental vacancy rate in Nevada peaked in 2009 at 12.58%. Since then it has fallen by 5.00% to 7.58%. Data records for this series originated in 2005. From a 2017 post peak low of 6.90%, the rental vacancy rate has increased by 0.68%.
Rental Vacancy Rate: Nevada, US
Historical Rental Vacancy Rate data for Nevada
| Date | US | Nevada |
|---|---|---|
| 2019 | 5.97% | 7.58% |
| 2018 | 6.15% | 8.69% |
| 2017 | 6.18% | 6.90% |
| 2016 | 5.89% | 7.96% |
| 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% |
| 2007 | 7.87% | 10.10% |
| 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 22.15% in 2019 according to the ACS.
Nevada Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Nevada | 22.15% | -0.52% | +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 0.81% to 22.15%.
Fraction of Income towards Rent: Nevada, US
Historical Data for Annual Rent as a Fraction of Income in Nevada
| Date | US | Nevada |
|---|---|---|
| 2019 | 20.03% | 22.15% |
| 2018 | 20.50% | 22.67% |
| 2017 | 20.13% | 21.74% |
| 2016 | 20.43% | 21.81% |
| 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% |
| 2007 | 18.66% | 21.36% |
| 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 2019 43.38% of households were renters according to Census ACS data.
Nevada Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Nevada | 43.38% | +0.16% | -1.77% |
Trends in the Nevada Renter Fraction
The Nevada household renter fraction peaked in in 2014 at 46.36% and is now 2.98% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Nevada, US
History of Nevada Renter Fraction
| Date | US | Nevada |
|---|---|---|
| 2019 | 35.89% | 43.38% |
| 2018 | 36.05% | 43.22% |
| 2017 | 36.13% | 43.42% |
| 2016 | 36.88% | 45.15% |
| 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% |
| 2007 | 32.80% | 39.59% |
| 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. ↩
