Las Vegas Rents Have Dropped Year-Over-Year, According to Redfin Report
LAS VEGAS, NV – According to a new report by Redfin, as of the end of January rents in Las Vegas have dropped year-over-year, indicating they are potentially on a trajectory to becoming more affordable in a market that is currently still seen as very competitive and pricey.
As of January 31, the median rent for all apartment types – regardless of the number of bedrooms – is $1,470, which represents a 1.3 percent decrease from the same period of time one year ago. However, January’s median rent did increase from December 2024 by 1.7 percent.
Redfin notes that Las Vegas’ rent nonetheless remains below the national median price, which is currently $1,599; it is also lower than Phoenix, Arizona’s price of $1,475, but higher than Dallas, Texas’s price of $1,464.
As for the city that experienced the largest year-over-year median rent price decrease, that honor would go to Austin, Texas, whose 16 percent drop was bigger – by a very wide margin – than the second-place city in that regard, which was Tampa, Florida, with 8.2 percent.
Redfin Chief Economist Daryl Fairweather said that there are several factors that are potentially contributing to rent growth in the Las Vegas Valley showing signs of slowing down.
New construction that started during the pandemic is still coming online,” he said. “But demand for rentals is not as high as it was during the pandemic. That has relieved pressure on rents.”
Redfin Senior Economist Sheharyar Bokhari said that this situation is not exclusive to Vegas; indeed, rental supply and demand essentially being in sync with one another is a phenomenon that is taking place in many major metropolitan areas throughout the nation.
This is keeping rent growth at bay, but that may not last long,” he said. “Apartment construction could be further hampered by new tariffs on building materials. At the same time, demand for apartments continues to grow as high mortgage rates and housing prices push homeownership out of reach for many Americans. Rents will tick up if demand starts to outpace supply in a meaningful way.”
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.