38 Apartments under $700 for rent in Las Vegas, NV
December 2019 Las Vegas Rent Report
Welcome to the December 2019 Las Vegas Rent Report. Las Vegas rents increased over the past month. In this report, we'll evaluate trends in the Las Vegas rental market, including comparisons to similar cities nationwide.
December 2019 Las Vegas Rent Report
Welcome to the December 2019 Las Vegas Rent Report. Las Vegas rents increased over the past month. In this report, we'll evaluate trends in the Las Vegas rental market, including comparisons to similar cities nationwide.
Las Vegas rents increased slightly over the past month
Las Vegas rents have increased 0.2% over the past month, and have increased moderately by 3.2% in comparison to the same time last year. Currently, median rents in Las Vegas stand at $960 for a one-bedroom apartment and $1,190 for a two-bedroom. This is the second straight month that the city has seen rent increases after a decline in September. Las Vegas' year-over-year rent growth leads the state average of 2.5%, as well as the national average of 1.4%.
Las Vegas rents more affordable than many comparable cities nationwide
As rents have increased moderately in Las Vegas, a few other large cities nationwide have also seen rents grow modestly. Las Vegas is still more affordable than most similar cities across the country.
- Las Vegas' median two-bedroom rent of $1,190 is slightly below the national average of $1,191. Nationwide, rents have grown by 1.4% over the past year compared to the 3.2% increase in Las Vegas.
- While Las Vegas' rents rose moderately over the past year, many cities nationwide also saw increases, including Phoenix (+3.9%), Austin (+3.1%), and Dallas (+2.2%).
- Renters will find more reasonable prices in Las Vegas than most comparable cities. For example, Los Angeles has a median 2BR rent of $1,760, which is nearly one-and-a-half times the price in Las Vegas.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.