Las Vegas Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Las Vegas, NV. Currently, the overall median rent in the city stands at $1,401, roughly the same as last month. Prices remain down 1.7% year-over-year. Read on to learn more about what’s been happening in the Las Vegas rental market and how it compares to trends throughout the broader Las Vegas metro area and the nation as a whole.

Las Vegas rents are flat month-over-month and down 1.7% year-over-year

The median rent in Las Vegas rose by 0.1% over the course of April, and has now decreased by a total of 1.7% over the past 12 months. Las Vegas’s rent growth over the past year has is similar to both the state (-0.8%) and national averages (-0.8%).

Las Vegas rent growth in 2024 pacing below last year

Four months into the year, rents in Las Vegas have risen 0.7%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 1.2%.

April rent growth in Las Vegas ranked #81 among large U.S. cities

Las Vegas rents went up 0.1% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #81. Similar monthly rent growth took place in Dallas, TX (0.1%) and Tucson, AZ (0.1%).

Las Vegas is the #54 most expensive large city in the U.S., with a median rent of $1,401

Citywide, the median rent currently stands at $1,101 for a 1-bedroom apartment and $1,336 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,401. That ranks #54 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Las Vegas is 0.3% higher than the national, and is similar to the prices you would find in Philadelphia, PA ($1,410) and Minneapolis, MN ($1,399).

Las Vegas rents are 5.8% lower than the metro-wide median

If we expand our view to the wider Las Vegas metro area, the median rent is $1,487 meaning that the median price in Las Vegas proper ($1,401) is 5.8% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -0.8%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 6 cities in the Las Vegas metro area that are included in our database. Among them, Enterprise is currently the most expensive, with a median rent of $1,727. Paradise is the metro’s most affordable city, with a median rent of $1,320. The metro's fastest annual rent growth is occurring in Paradise (3.9%) while the slowest is in Las Vegas (-1.7%).

You can also use the map below to explore the latest rent trends in the Las Vegas metropolitan area.