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 $1,187 in 2019 according to the Census ACS survey.1 Average gross rent in Las Vegas was $1,210 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 Las Vegas median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Las Vegas 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% |
| Las Vegas, NV Median Gross Rent | $1,187 | +3.22% | +9.91% |
Las Vegas, NV Real Gross Rent Trends
Median gross rent for Las Vegas peaked in real terms in 2008 at $1,242 and is now $55 (4.43%) lower. From a recent low of 1031.0 in 2013, real median gross rent has now increased by $156 (15.13%). Average gross rent for Las Vegas peaked in real terms in 2008 at $1,276 and is now $66 (5.17%) lower. From a recent low of 1079.0 in 2013, real average gross rent has now increased by $131 (12.14%).
Real Gross Rent in Las Vegas: Las Vegas NV Median, Las Vegas NV Average, Nevada Median, US Median
Real Gross Rent History for Las Vegas
| Date | US Median |
Nevada Median |
Las Vegas, NV Median |
Las Vegas, NV Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,168 | $1,187 | $1,210 |
| 2018 | $1,077 | $1,128 | $1,150 | $1,170 |
| 2017 | $1,043 | $1,084 | $1,113 | $1,139 |
| 2016 | $1,027 | $1,050 | $1,080 | $1,112 |
| 2015 | $1,017 | $1,040 | $1,068 | $1,118 |
| 2014 | $986 | $1,008 | $1,036 | $1,088 |
| 2013 | $953 | $1,003 | $1,031 | $1,079 |
| 2012 | $940 | $1,004 | $1,036 | $1,080 |
| 2011 | $941 | $1,011 | $1,034 | $1,095 |
| 2010 | $955 | $1,064 | $1,102 | $1,154 |
| 2009 | $960 | $1,132 | $1,178 | $1,223 |
| 2007 | $927 | $1,151 | $1,195 | $1,231 |
| 2005 | $910 | $1,076 | $1,106 | $1,124 |
Las Vegas 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 Las Vegas Nevada was 8.85% according to Census ACS data.
Rental Vacancy Rate in Las Vegas Nevada
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Nevada | 7.58% | -1.11% | -0.38% |
| Las Vegas, NV | 8.85% | -1.02% | -0.03% |
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 3.76% to 8.85%. Data records for this series originated in 2005.
Rental Vacancy Rate: Las Vegas NV, Nevada, US
Historical Rental Vacancy Rate data for Las Vegas
| Date | US | Nevada | Las Vegas, NV |
|---|---|---|---|
| 2019 | 5.97% | 7.58% | 8.85% |
| 2018 | 6.15% | 8.69% | 9.87% |
| 2017 | 6.18% | 6.90% | 7.36% |
| 2016 | 5.89% | 7.96% | 8.88% |
| 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% |
| 2007 | 7.87% | 10.10% | 9.80% |
| 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 22.93% in 2019 according to the ACS.
Las Vegas 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% |
| Las Vegas, NV | 22.93% | -0.82% | +0.19% |
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 0.88% to 22.93%.
Fraction of Income towards Rent: Las Vegas NV, Nevada, US
Historical Data for Annual Rent as a Fraction of Income in Las Vegas Nevada
| Date | US | Nevada | Las Vegas, NV |
|---|---|---|---|
| 2019 | 20.03% | 22.15% | 22.93% |
| 2018 | 20.50% | 22.67% | 23.76% |
| 2017 | 20.13% | 21.74% | 22.64% |
| 2016 | 20.43% | 21.81% | 22.75% |
| 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% |
| 2007 | 18.66% | 21.36% | 21.79% |
| 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 2019 45.75% of households were renters according to Census ACS data.
Las Vegas 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% |
| Las Vegas, NV | 45.75% | -0.05% | -1.93% |
Trends in the Las Vegas, NV Renter Fraction
The Las Vegas household renter fraction peaked in in 2014 at 49.69% and is now 3.94% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Las Vegas NV, Nevada, US
History of Las Vegas Renter Fraction
| Date | US | Nevada | Las Vegas, NV |
|---|---|---|---|
| 2019 | 35.89% | 43.38% | 45.75% |
| 2018 | 36.05% | 43.22% | 45.80% |
| 2017 | 36.13% | 43.42% | 45.81% |
| 2016 | 36.88% | 45.15% | 47.68% |
| 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% |
| 2007 | 32.80% | 39.59% | 41.38% |
| 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. ↩
